关键词: 灰色市场, Stackelberg博弈, 市场差异, 广告激励

Abstract: Based on the background of gray market,this paper investigates a two-stage supply chain structure composed of amanufacturer and two retailers. According to difference of valuation of product, the two markets are divided into high-end market and low-end market. Due to price difference, the retailer in the low-end market diverts product that isunauthorized by the manufacturer to the high-end market for arbitrage. We examinethe influence of the gray market and the manufacturer’s advertising incentive strategy on the supply chain. We find that if consumers in the low-end market have low valuation of product, manufacturers will obtain higher profitby the presence of gray markets; if consumers in the low-end market have high valuation of product, the profit of manufacturersis hurt by the presence of gray market. Interestingly, we also find that the advertising incentive strategy of manufacturers increases the profit of manufacturers and retailers in the low-end marketand does not always decrease the retailer in the high-end marketprofit. In addition, the profit of gray market will be decreased because of the advertising incentive strategy of manufacturers.

Key words: gray market, Stackelberg game, market difference, advertising incentives