Gradual change has been a hallmark of the Chinese reform experience, and China's success in its sequential approach makes it unique among the former command economies. Since 1979, with the inception of the continuing era of reform, the Chinese economy has flourished. Growth has averaged nine...

We construct two operational systems of a perishable firm, the traditional and quick-response systems, selling to strategic consumers with regrets or without regrets over two periods. When strategic consumers buy the product at the full-price period, they may experience high-price regret....