本研究分析價券轉售市場對獨佔製造商最適訂價、促銷與產品策略之影響。分析結果顯示折價券轉售市場的影響效果決定於高低端消費者是否有不同的機會接觸折價券轉售市場。當兩種消費者有相同的機會進入折價券轉售市場時，折價券轉售的活動就會對廠商造成傷害，且當折價券轉售活動對社會效率有越大的助益時，廠商所受到的傷害越大，此時折價券轉售市場的出現將會鼓勵廠商發展高端產品。反之，當高低端消費者有不同的機會接觸折價券轉售市場，且低端消費者較高端消費者在接觸折價券轉售市場上更具成本優勢時，折價券轉售活動可能有助於廠商區辨消費者，因而鼓勵廠商提供低端產品。

This paper analyzes the optimal coupon and product strategies in the presence of coupon resale markets for a monopolist facing high-valuation and low-valuation consumers. The results show that the effects of coupon resale on the firm's product and coupon strategies depend crucially on whether the highs and the lows have differential access to the coupon resale market. When they have equal access, coupon resale hurts the manufacturer by reducing the optimal coupon face value, and the higher the social value of coupon resale, the more the manufacturer gets hurt. In this case, coupon resale encourages the manufacturer to develop a high-end item. When it is more difficult for the highs than for the lows to access the coupon resale market, coupon resale may facilitate screening for the manufacturer by reducing the effective redemption cost of lows, and may encourage the latter to offer a low-end item.

折價券轉售; 產品品質設計; 賽局理論

coupon resale; product strategy; game theory