Efficient Frontier and Applications in Product Offering and Pricing
时间：2025年4月4日（周五）上午 10：00 - 11：30
地点：管理学院 A523
主讲人： 卢立建 助理教授，香港科技大学
主持人：王明征 教授，米兰体育（MLsports）
摘要:
The joint assortment and pricing problem is notoriously challenging to solve, especially for large problems under various operational constraints arising from business practices. In this paper, we consider joint optimization problems under the constrained logit choice models with product-differentiated price sensitivities in static, randomized and dynamic settings. We develop a unified optimization methodology that applies efficient frontier and dimensional reduction and transforms the joint optimization into a single-variable problem with the aggregate resource consumption rate. We show that the optimal prices are uniquely determined by the target adjusted markup. In the randomized assortment and pricing problem where the product offer set and prices follow certain distribution, we show that randomization can further increase the total revenue to the exact efficient frontier that is the best possible solution which the static problem may fail to achieve. For dynamic joint product selection and pricing, we find that the optimal policy adopts a simple time-threshold structure that can be pre-computed. The proposed methodology contributes to the increasingly popular topic in retail management by significantly reducing the computational complexity of joint product offering and pricing under different constraints. Our results for the impacts of product set constraints and price bounds provide insightful guidance to practitioners on product offerings and pricing in various business scenarios.
主讲人简介:
Dr. Lu is an Assistant Professor at HKUST School of Business and Management. His primary research interests are in the area of data-driven decision-making with a focus on applications in e-commerce, pricing and revenue management, supply chain management, healthcare and service systems, finance-operations interface. His work has been recognized by world leading journals such as Management Science, Manufacturing & Service Operations Management, Mathematics of Operations Research, Production and Operations Management. He is recipient of Finalist of INFORMS George Nicholson Student Paper Competition and Second place of POMS College of Supply Chain Management Student Paper Competition.Prior to joining HKUST Business School, Professor Lu took senior leadship in three sectors: finance, e-commerce, and online display advertising. Professor Lu was Founder and CIO at UniQuant Capital, where he lead quantitative research team and manage 3 billions quantitative long-short hedge funds; Executive Director at China Innovation Fund leading PE/VC investment in TMT area with 150 billions AUM; Vice President at Goldman Sachs Asset Management leading quantitative factor portfolio research and management with 15 billions USD AUM; Senior Research Scientist at Knight Capital Group on high frequency trading, at Amazon.com on e-commerce and logistic optimization, at AppNexus.com on online display advertising market.
欢迎广大师生前来参加！
