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IOE 899 Seminar Series: Adam Elmachtoub, Columbia University

Pricing Analytics for Reusable Resources

U-M Industrial & Operations Engineering wordmark U-M Industrial & Operations Engineering wordmark
The IOE 899 Seminar Series is open to all. U-M Industrial and Operations Engineering graduate students and faculty are especially encouraged to attend.

The seminar will be followed by a reception in the IOE Commons (Room 1709) from 4:00 pm-5:00 pm.

Title: Pricing Analytics for Reusable Resources

Abstract:
We consider the problem of pricing for reusable resources, which are items that can be consumed and reused afterwards such as hotel rooms, cloud computing, shared vehicles, and rotable parts. We develop a model to maximize a combination of profit rate, market share, and service level, which also captures the special dynamics of reusable resources. We prove that a static pricing policy achieves strong performance guarantees compared to a fully dynamic pricing policy. We also discuss the a large scale implementation of our pricing model at at Dassault Falcon Jet in the context of rotable spare parts.

Bio:
Adam Elmachtoub is an Assistant Professor of Industrial Engineering and Operations Research at Columbia University, where he is also a member of the Data Science Institute. In 2014-2015, he spent one year at the IBM T.J. Watson Research Center working in the area of Smarter Commerce. He previously received his B.S. degree from Cornell ORIE in 2009, and his Ph.D. from MIT ORC in 2014. In 2016, he received an IBM Faculty Award and was named Forbes 30 under 30 in science. http://www.columbia.edu/~ae2516/
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When and Where

Map Industrial and Operations Engineering Building - 1680

March 2019

3:00pm - 5:00pm

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