Revenue Management under a Markov Chain Based Choice Model

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Presentation transcript:

Revenue Management under a Markov Chain Based Choice Model Jake Feldman Cornell University School of ORIE Huseyin Topaloglu Cornell University School of ORIE

Problem Description

Markov Chain Based Choice Model

Purchasing Dynamics

Purchasing Dynamics

Purchase Probabilities

Purchase Probabilities

Purchase Probabilities

Motivating the MC Based Choice Model

Static Assortment Optimization

Static Assortment Optimization

Static Assortment Optimization

Static Assortment Optimization

Static Assortment Optimization

Novel LP Formulation

Novel LP Formulation

Property of Extreme Point

Property of Extreme Points

Property of Extreme Points

Network Revenue Management

Network Revenue Management

Deterministic Linear Program

Reduced Deterministic Linear Program

Finding a Policy

Recovering DLP Solution

Recovering DLP Solution

Recovering DLP Solution

Recovering DLP Solution

Recovering DLP Solution

Recovering DLP Solution

Recovering DLP Solution

Computational Experiments

Thank you