Abstract: Three pricing strategies, i.e., basic pricing, constant pricing, and dynamic pricing considering the reference effect were studied, respectively. Besides, conditions for the existence and uniqueness of the solutions were given. Moreover, optimal prices and advertising volumes were obtained for the three cases. The numerical study indicates that the optimal dynamic price is affected by the initial reference price. The optimal advertising is decreasing and the profit is increasing in the initial reference price. The optimal advertisement layout decreases with the increase of consumer’s memory coefficient, the increase of the sensitivity coefficient of subscription to reference price, and the decrease of the negative effect of advertisement on subscription. The total return under dynamic pricing is always higher than that under fixed pricing. The reference effect has a greater impact on the profit of enterprises. When the initial reference price is higher, the total return when not considering the reference effect is lower than that when considering the reference effect. However, when the initial reference price is lower, the total return when considering the reference effect is higher than that when not considering the reference effect.

Key words: dynamic pricing, advertising, reference effect, online content, two-market

摘要： 在考虑参照效应的基础上，研究了网络内容提供商的3种定价策略：基本定价策略、考虑参照效应时的固定定价策略以及考虑参照效应时的动态定价策略。得到了最优解存在唯一性的条件，并给出了3种情况下最优价格和广告版面的显式解。数值模拟发现：初始参照价格影响最优动态定价，初始参照价格越高，最优广告版面越小，总收益越大；最优广告版面随着消费者记忆系数的增大而减小，随着订阅量关于参照价格的敏感系数的增大而增大，随着广告对订阅量的负效应的增大而减小；动态定价下的总收益总是高于固定定价下的总收益；参照效应对于企业的收益有较大影响，当初始参照价格较高时，不考虑参照效应时的总收益低于考虑参照效应时的总收益；但当初始参照价格较低时，不考虑参照效应时的总收益高于考虑参照效应时的总收益。

关键词: 动态定价, 广告, 参照效应, 网络内容, 双边市场