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SB36 3 - Survey of Dynamic Pricing Research on Selling a Given Inventory over a Finite Horizon Ming Chen, Assistant Professor, California State University, School of Business Administration, Long Beach, CA, 90840, United States of America, Ming.Chen@csulb.edu We present a review of existing research on dynamic pricing problems involve selling a given amount of inventory over a finite time horizon without inventory replenishment. We classify these problems into several classes based on a number of problem attributes and summarize main findings and managerial insights. ■ SB36 36- North 225 B- CC New Directions in Revenue Management Sponsor: Revenue Management & Pricing Sponsored Session Chair: Omar Besbes, Columbia Business School, 3022 Broadway, New York, NY, 10027, United States of America, ob2105@columbia.edu Co-Chair: Gabriel Weintraub, Columbia Business School, 3022 Broadway, New York, NY, 10027, United States of America, gyw2105@columbia.edu 1 - Intertemporal Price Discrimination: Structure and Computation of Optimal Policies Ilan Lobel, New York University, Stern Business, 44 W 4th St., New York, NY, United States of America, ilobel@stern.nyu.edu, Omar Besbes We consider the problem of a firm selling goods over time to customers with heterogeneous patience levels. We let customer valuations be correlated with their willingness-to-wait and look for a dynamic pricing policy that maximizes the long-term revenue of the firm. We prove several structural properties of the optimal pricing policy and develop a dynamic programming algorithm that computes the optimal policy in polynomial time. 2 - ADP For (Very) High Dimensional Resource Allocation Vivek Farias, Massachusetts Institute of Technology, 77 Massachusetts Avenue, Cambridge, MA, United States of America, vivekf@mit.edu, Dragos Florin Ciocan Due to the heterogeneous nature of the resource being allocated (impressions), online Ad Display allocation presents a challenge to traditional revenue management approaches. We present a novel ADP inspired clustering technique that allows for real time resource allocation in such problems. Since this scheme is calibrated through solving a natural, but massive linear program, we also deploy a scheme that can solve effectively arbitrarily large LPs in a decentralized manner. 3 - Optimal Timing of New Product Introduction using Preliminary Market Testing Rene Caldentey, New York University, 44 West Fourth Street, New York, NY, United States of America, rcaldent@stern.nyu.edu, Victor Araman Introducing new products into the marketplace is a risky bet that manufacturers must continuously take. As a result, it is not uncommon to witness major manufacturers discontinuing a product shortly after its introduction. In this talk, we consider a seller who first tests the market and learns more about the demand before deciding whether or not to launch a product (or set of products). We also discuss current e-commerce practices that have increase companies’ ability to do such market testing. 4 - Auctions Design for Online Display Advertising Exchanges Santiago Balseiro, Columbia Business School, 3022 Broadway, New York, NY, 10027, United States of America, srb2155@columbia.edu, Omar Besbes, Gabriel Weintraub Ad Exchanges are emerging markets where advertisers may purchase display ad placements directly from publishers via a simple auction mechanism. Using the novel notion of a Fluid Mean Field Equilibrium we study key auction design decisions that publishers face in these markets. In particular, we provide sharp prescriptions regarding the reserve price, the allocation of impressions to the exchange versus an alternative channel, and the disclosure of viewers’ information. INFORMS Phoenix – 2012 92 ■ SB37 37- North 226 A- CC Dynamic Pricing in Supply Chains Sponsor: Revenue Management & Pricing Sponsored Session Chair: Jian Li, Assistant Professor, Northeastern Illinois University, 5500 N. St. Louis Ave, Chicago, IL, 60625, United States of America, j-li3@neiu.edu 1 - The Inventory Billboard Effect on Information Sharing in Competing Supply Chains Zhengping Wu, Assistant Professor, Singapore Management University, 50 Stamford Road, Singapore, Singapore, zpwu@smu.edu.sg, Rong Li, Xin Wei The inventory billboard effect in operations management indicates that the increasing shelf-space allocated to a product has a positive effect on the product demand. This paper studies the billboard effect on the vertical information sharing strategy of competing supply chains in an environment with production diseconomies. We analyze how equilibrium information sharing strategy, wholesale price and retail quantity are affected by the billboard effect coefficient. 2 - Price Trends in Dynamic Pricing Models Xiaowei Xu, Associate Professor, Rutgers Business School, 1 Washington Park, Room 958, Newark, NJ, 07102-3122, United States of America, xiaoweix@business.rutgers.edu We consider a seller that has a limited amount of asset to liquidate in a finite time horizon. Demand signals are updated at preset time spots and the seller can adjust the product price accordingly. We offer the managerial insights of how probabilistic price trends are affected by time-varying and price-sensitive demand forms via exploring the recursive structure of the optimal pricing policy and the implied martingale decomposition. 3 - Dynamic Pricing with Random Replenishment Capacity Jian Li, Assistant Professor, Northeastern Illinois University, 5500 N. St. Louis Ave., Chicago, IL, 60625, United States of America, j-li3@neiu.edu, Xiaowei Xu In this research, we study the decision problem facing a retailer who sells a short seasonal product inventory in a stylized model. The retailer has an uncertain second chance to refill its inventory. We analytically derive the structure of the optimal dynamic pricing policy and procurement decisions. We also explore the properties of the optimal dynamic pricing and the expected profit function. ■ SB38 38- North 226 B- CC Service Innovations in the Global Marketplace Sponsor: Service Science Sponsored Session Chair: Christian Wernz, Assistant Professor, Virginia Tech, 205 Durham Hall (0118), Blacksburg, VA, 24061, United States of America, cwernz@vt.edu 1 - Service Engineering – Trends, Perspectives and the Contribution to Service Science Walter Ganz, Director, Fraunhofer IAO, Nobelstr. 12, Stuttgart, 70569, Germany, Walter.Ganz@iao.fraunhofer.de, Thomas Meiren A large amount of work has been done in relation to the definitions, typologies of services. It is noticeable that the development of fundamental models for services has tended to be neglected. Discussing the options of model creation as well as the simulation of services was a central topic of our expert study “MARS”. It becomes obvious that the creation of models as well as simulation has gained an importance within the last years and it could make a relevant contribution for Service Science 2 - Firm Value of Product Innovation in Service Ecosystems: A Study of Smartphones Rahul Basole, Associate Director and Senior Research Scientist, Tennenbaum Institute, Georgia Institute of Technology, 75 Fifth Street NW, Suite 600, Atlanta, GA, 30308, United States of America, rahul.basole@ti.gatech.edu, Hyunwoo Park We examine the asymmetric impact of product innovation on the market value of manufacturers (e.g. device manufacturers) and service providers (e.g. mobile network operators) in the mobile service ecosystem. Our analysis is based on a comprehensive dataset comprising over 1,500 smartphones and considers the influence of product characteristics, the frequency and timing of product innovation, and the network structure of the service ecosystem. Theoretical and managerial implications are discussed.
3 - The Design of Experiential Services Uday Karmarkar, Professor, UCLA, 110 Westwood Plaza, Los Angeles, CA, 90095, United States of America, uday.karmarkar@anderson.ucla.edu, Aparupa Das Gupta, Guillaume Roels We address sequencing and resource allocation of stages in a multi-stage service encounter where customer perceptions of experience are important, as in the hospitality industry. We employ evidence from behavioral studies about how people evaluate and retain memories of experiences. We model these phenomena parsimoniously, and use the models to design service processes so as to maximize ex-post customer satisfaction. 4 - Service Convergence: A New Phenomenon? Christian Wernz, Assistant Professor, Virginia Tech, 205 Durham Hall (0118), Blacksburg, VA, 24061, United States of America, cwernz@vt.edu, Pooja Thakur, Kongkiti Phusavat We investigate the phenomenon of service convergence. Service convergence is defined as the tendency of previously separate service offerings to evolve towards an integrated product. We analyzed the business strategy of a Thai hospital and identified service convergence as a result of the firm’s quality improvement and innovation initiative. We discuss how the integration of medical services with hospitality services contributed to the hospital’s success in the medical tourism industry. ■ SB39 39- North 226 C- CC Service Quality Evaluation and Customer Retention Sponsor: Service Science Sponsored Session Chair: Gregory Heim, Associate Professor, Mays Business School at Texas A&M University, 320 Wehner Building, 4217 TAMU, College Station, TX, 77843-4217, United States of America, gheim@mays.tamu.edu 1 - Development of a Service Quality Evaluation Scheme in a Service Laboratory Environment Ryeok-Hwan Kwon, Pohang University of Science and Technology, Engineering Buliding #4-316, Hyoja-Dong, Nam-Gu, Pohang, Kyungbuk, Pohang, Korea, Republic of, rh_kwon@postech.ac.kr, Hyun-Jin Kim, Kwang-Jae Kim A virtual reality (VR) laboratory for service testing has been constructed in Korea. One issue associated with its operation is how to evaluate the quality of a service tested in a laboratory environment. We present a service quality evaluation scheme for a service laboratory environment, consisting of two parts: a repository of service evaluation criteria and a guideline to select pertinent criteria for a particular case study. The result of a case study will also be presented. 2 - Factors Affecting Students’ Perceptions of Quality in Higher Education Martha Ramírez-Valdivia, Assistant Professor, Universidad de La Frontera, Avenida Francisco Salazar 01145, Temuco 4780000, Chile, marthar@ufro.cl, Favia Catrileo, Horacio Miranda This study identified which background dimensions influences student perceptions of quality in higher education. A questionnaire was applied to 27,182 chilean university students; 687 responses were received, 223 valid ones. A factorial analysis verified accuracy and validity. The main findings indicate that the lecturer¥s competencies and the lecturer¥s attitude and behavior are the main determinants in the provision of quality education. The perception of the quality service is medium to low. 3 - Dynamic Customer Acquisition and Retention Management Greg King, PhD Candidate, University of Michigan, Department of Industrial and Operations, Ann Arbor, MI, United States of America, gjking@umich.edu, Xiuli Chao, Izak Duenyas In consulting, finance, and other service industries, customers represent a revenue stream, and must be acquired and retained over time. In this paper, we study the resource allocation problem of a profit maximizing service firm that dynamically allocates its resources towards acquiring new clients and retaining unsatisfied existing ones. We formulate the problem as a dynamic program and characterize the structure of the optimal acquisition and retention strategy. INFORMS Phoenix – 2012 93 ■ SB40 40- North 227 A- CC Stochastic Hydro-Thermal Scheduling I Sponsor: Energy, Natural Res & the Environment/Energy Sponsored Session Chair: Steffen Rebennack, Assistant Professor of Operations Research, Colorado School of Mines, 1500 Illinois St., Golden, CO, 80401, United States of America, srebenna@mines.edu Co-Chair: Timo Lohmann, PhD Student, Colorado School of Mines, 816 15th Street, Golden, CO, 80401, United States of America, tlohmann@mines.edu 1 - A Dynamic Piecewise Linear SDDP Algorithm Applied to Stochastic Nonlinear Hydrothermal Scheduling Andre Luiz Diniz, Researcher, CEPEL-Brazilian Electric Energy Research Center, Av. Horacio Macedo 354, Cidade Universitária, Ilha do Fundão, Rio de Janeiro, RJ, 22220040, Brazil, diniz@cepel.br, Michel Ennes, Renato Cabral We propose dynamic piecewise linear models to represent nonlinear constraints and objective function in stochastic multi-stage convex optimization problems solved by stochastic dual dynamic programming (SDDP). The proposed approach provides valid cuts and convergence bounds and yields more accurate results as compared to standard piecewise linear models, in lower CPU times. We present results of its application for the generation planning of the real large-scale Brazilian hydrothermal system. 2 - Representation of Nonconvexities in Stochastic Dual Dynamic Programming (SDDP) Fernanda Thomé, Research Engineer, PSR, Praia de Botafogo 228/1701-A, Rio de Janeiro, RJ, 22250145, Brazil, fernanda@psr-inc.com, Mario Veiga Pereira, Sérgio Granville, Marcia Fampa This work describes an extension of the SDDP algorithm to represent nonconvexities such as variation of hydro production coefficient with storage and thermal unit commitment. The proposed methodology uses a Lagrangean relaxation on the water balance equation to generate convex Benders cuts during the backward recursion phase, with a special procedure to find the optimal multiplier. The approach will be illustrated with a realistic hydrothermal scheduling problem. 3 - Optimizing Trading Decisions for Hydro Storage Systems using Approximate Dual Dynamic Programming Nils Löhndorf, Vienna University of Economics and Business, Nordbergstr 15/3/A, Vienna, 1090, Austria, nils.loehndorf@wu.ac.at, David Wozabal, Stefan Minner Optimal operation of hydro storage systems in electricity markets is a complex stochastic optimization problem. We formulate this problem as a Markov decision process where a stochastic mixed-integer program is solved in each time period. To find a near-optimal policy, we propose a solution approach that computes a polyhedral approximation of the value function. We describe how we applied the approach to optimize the operation of a real-world hydro storage system in the Austrian Alps. ■ SB41 41- North 227 B- CC Regulation in Energy Contributed Session SB41 Chair: Eric O’Rear, Graduate Student, Purdue University, 403 W. State Steet, West Lafayette, IN, 47907, United States of America, eorear@purdue.edu 1 - A Decision Support Tool for Evaluating Regional Greenhouse Gas Emission Reduction Strategies Rick Olson, University of San Diego, 5998 Alcala Park, San Diego, CA, 92110, United States of America, r_olson@sandiego.edu, Scott Anders, Andrew Narwold, Nilmini Silva-Send Cities and counties planning policies to meet GHG reduction goals often focus on the direct impact of specific policy changes, e.g. increasing the use of mass transit. The interactions between factors, such as mass transit and telecommuting, are more difficult to understand. The paper presents a DSS that can be used by regional planners to develop strategies for meeting GHG reduction targets while considering the relationships between factors and the costs of the policies.
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