Service innovation: converting Pareto loss into revenue

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Service innovation: converting Pareto loss into revenue

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dc.contributor.author Ng, Irene C. L. en_GB
dc.contributor.department University of Exeter en_GB
dc.date.accessioned 2008-07-18T09:52:39Z en_GB
dc.date.accessioned 2011-01-25T10:27:19Z en_US
dc.date.accessioned 2013-03-19T16:01:11Z
dc.date.issued 2007-07 en_GB
dc.description.abstract Consumers' choices depend on the net value they get after taking into account both monetary and non-monetary costs incurred from the purchase. This paper looks at the need to revise the understanding of value relating to price, that is replacing consumer surplus with net value and incorporating price and non-price outlays into the expected outlay to gain a better understanding of buyers' choices and the role of price within that choice. The term Pareto loss was coined to describe the situation where neither the buyer nor the seller benefits from the non-monetary costs incurred by the buyer. The ability to identify Pareto losses in a firm's service enables the firm to innovate, resulting in its ability to increase price, increase demand or improve customer satisfaction. Furthermore, technology has given rise to new distribution channels for selling, thus different Pareto losses exist for different channels and converting such Pareto losses would give rise to many permutations in pricing. en_GB
dc.identifier.citation Journal of Revenue and Pricing Management, Vol. 6, No. 4, pp279–283 en_GB
dc.identifier.doi 10.1057/palgrave.rpm.5160097 en_GB
dc.identifier.uri http://hdl.handle.net/10036/32415 en_GB
dc.language.iso en en_GB
dc.publisher Palgrave en_GB
dc.relation.url http://www.palgrave-journals.com/rpm/index.html en_GB
dc.subject price en_GB
dc.subject net value en_GB
dc.subject Pareto loss en_GB
dc.subject service en_GB
dc.subject outlay en_GB
dc.subject buyers' choice en_GB
dc.title Service innovation: converting Pareto loss into revenue en_GB
dc.type Article en_GB
dc.date.available 2008-07-18T09:52:39Z en_GB
dc.date.available 2011-01-25T10:27:19Z en_US
dc.date.available 2013-03-19T16:01:11Z
dc.identifier.issn 14766930 en_GB
dc.identifier.issn 1477657X en_GB
dc.description Pre-print; author's draft en_GB
dc.identifier.journal Journal of Revenue and Pricing Management en_GB


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