Wednesday, November 15, 2017 - 12:00pm to 1:30pm
GTMI: 1st floor Auditorium
The Supply Chain and Logistics Institute hosts a series of monthly seminars open to interested faculty, students and corporate partners as well as the general public. If you are interested in attending any of the sessions, please review the below information and register online.
The New Frontier of Data-Driven Price Optimization
RSVP by November 10, 2017
In practice, firms are often faced with pricing challenges including high demand uncertainty, limited inventory, and restrictions to conduct price experimentation. In this talk, I will discuss models and algorithms that combine machine learning and price optimization. The key idea of these algorithms is to use real-time sales data to improve pricing decisions. I will report simulation and field experiment results that show significant revenue improvement using these methods.