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"time_zone":"America\/Detroit", "event_title":"IOE 899: Huseyin Topaloglu", "occurrence_title":"", "combined_title":"IOE 899: Huseyin Topaloglu: Revenue Management with Calendar-Aware and Dependent Demands: Asymptotically Tight Fluid Approximations", "event_subtitle":"Revenue Management with Calendar-Aware and Dependent Demands: Asymptotically Tight Fluid Approximations", "event_type":"Workshop \/ Seminar", "event_type_id":"21", "description":"About the speaker: Huseyin Topaloglu is the Howard and Eleanor Morgan Professor in the School of Operations Research and Information Engineering at Cornell Tech. He holds a Ph.D. in Operations Research and Financial Engineering from Princeton. His recent research focuses on constructing tractable solution methods for large-scale network revenue management problems and building approximation strategies for retail assortment planning.\r\n\r\nAbstract: When modeling the demand in revenue management systems, a natural approach is to focus on a canonical interval of time, such as a week, so that we forecast the demand over each week in the selling horizon. Ideally, we would like to use random variables with general distributions to model the demand over each week. The current demand can give a signal for the future demand, so we also would like to capture the dependence between the demands over different weeks. Prevalent demand models in the literature, which are based on a discrete-time approximation to a Poisson process, are not compatible with these needs. In this talk, we focus on revenue management models that are compatible with a natural approach for forecasting the demand. Building such models through dynamic programming is not difficult. We divide the selling horizon into multiple stages, each stage being a canonical interval of time on the calendar. We have random number of customer arrivals in each stage, whose distribution is arbitrary and depends on the number of arrivals in the previous stage. The question we seek to answer is the form of the corresponding fluid approximation. We give the correct fluid approximation in the sense that it yields asymptotically optimal policies. The form of our fluid approximation is surprising as its constraints use expected capacity consumption of a resource up to a certain time period, conditional on the demand in the stage just before the time period in question.", "occurrence_notes":null, "guid":"133624-21873317@events.umich.edu", "permalink":"http:\/\/events.umich.edu\/event\/133624", "building_id":"1000429", "building_name":"Industrial and Operations Engineering Building", "campus_maps_id":"73", "room":"G690", "location_name":"Industrial and Operations Engineering Building", "has_livestream":0, "cost":"", "tags":["899 Seminar Series","Industrial And Operations Engineering","Michigan Engineering","seminar"], "website":"", "sponsors":[ { "group_name":"Industrial & Operations Engineering", "group_id":"3301", "website":"http:\/\/ioe.engin.umich.edu\/" } ], "image_url":"https:\/\/events.umich.edu\/media\/attachments\/2025\/03\/event_133624_original-1.jpg", "styled_images":{ "event_thumb":"https:\/\/events.umich.edu\/media\/cache\/event_thumb\/media\/attachments\/2025\/03\/event_133624_original-1.jpg", "event_large":"https:\/\/events.umich.edu\/media\/cache\/event_large\/media\/attachments\/2025\/03\/event_133624_original-1.jpg", "event_large_2x":"https:\/\/events.umich.edu\/media\/cache\/event_large_2x\/media\/attachments\/2025\/03\/event_133624_original-1.jpg", "event_large_lightbox":"https:\/\/events.umich.edu\/media\/cache\/event_large_lightbox\/media\/attachments\/2025\/03\/event_133624_original-1.jpg", "group_thumb":"https:\/\/events.umich.edu\/media\/cache\/group_thumb\/media\/attachments\/2025\/03\/event_133624_original-1.jpg", "group_thumb_square":"https:\/\/events.umich.edu\/media\/cache\/group_thumb_square\/media\/attachments\/2025\/03\/event_133624_original-1.jpg", "group_large":"https:\/\/events.umich.edu\/media\/cache\/group_large\/media\/attachments\/2025\/03\/event_133624_original-1.jpg", "group_large_lightbox":"https:\/\/events.umich.edu\/media\/cache\/group_large_lightbox\/media\/attachments\/2025\/03\/event_133624_original-1.jpg", "event_large_crop":"https:\/\/events.umich.edu\/media\/cache\/event_large_crop\/media\/attachments\/2025\/03\/event_133624_original-1.jpg", "event_list":"https:\/\/events.umich.edu\/media\/cache\/event_list\/media\/attachments\/2025\/03\/event_133624_original-1.jpg", "event_list_2x":"https:\/\/events.umich.edu\/media\/cache\/event_list_2x\/media\/attachments\/2025\/03\/event_133624_original-1.jpg", "event_grid":"https:\/\/events.umich.edu\/media\/cache\/event_grid\/media\/attachments\/2025\/03\/event_133624_original-1.jpg", "event_grid_2x":"https:\/\/events.umich.edu\/media\/cache\/event_grid_2x\/media\/attachments\/2025\/03\/event_133624_original-1.jpg", "event_feature_large":"https:\/\/events.umich.edu\/media\/cache\/event_feature_large\/media\/attachments\/2025\/03\/event_133624_original-1.jpg", "event_feature_thumb":"https:\/\/events.umich.edu\/media\/cache\/event_feature_thumb\/media\/attachments\/2025\/03\/event_133624_original-1.jpg" }, "occurrence_count":1, "first_occurrence":21873317 } }