Department Events

  • May
    23

    IEMS Seminar: Nonparametric Learning Algorithms for Pricing and Inventory Control Problems

    Department of Industrial Engineering and Management Sciences

    11:00 AM M228 Technological Institute

    EVENT DETAILS

    Cong Shi

    University of Michigan

    Title: Nonparametric Learning Algorithms for Pricing and Inventory Control Problems

    Abstract: In recent years, online retailing firms have been experimenting and implementing innovative dynamic pricing strategies and inventory policies to better match demand with supply. In many cases, the decision maker may not know the demand distributional information of a given product a priori, and can only collect observed sales data or censored demand data over time. The key challenge is that the collected data is affected by the operational decisions by the decision maker, which then affects the decision maker's understanding of the underlying system in making new operational decisions. In this talk, we propose new nonparametric learning algorithms for several fundamental models with unknown demand functions under censored demand information, including the periodic-review perishable inventory problem, the lost-sales inventory problem, and the joint pricing and inventory control problem. The performance measure is regret, which is the revenue or cost difference between a feasible learning algorithm and the clairvoyant (full-information) benchmark. We show that the proposed algorithms converge to the clairvoyant optimal policies as the planning horizon increases, and obtain the convergence rate of regret. The techniques developed are effective for learning a stochastic system with complex systems dynamics and lasting impact on decisions.

    This talk is based on joint work with Xiuli Chao, Beryl Chen, and Huanan Zhang.

    Short Bio: Cong Shi is an assistant professor in the Department of Industrial and Operations Engineering at the University of Michigan. Before that, he obtained his Ph.D. from the Operations Research Center at Massachusetts Institute of Technology (MIT ORC), and received the first place in INFORMS George Nicholson Student Paper Competition. He is interested in developing algorithmic approaches to inventory and supply chain management, revenue management, and service operations.

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    TIME Tuesday, May 23, 2017 at 11:00 AM - 12:00 PM

    LOCATION M228 Technological Institute    map it

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    CONTACT Agnes Kaminski    a-kaminski@northwestern.edu EMAIL

    CALENDAR Department of Industrial Engineering and Management Sciences

  • Oct
    24

    Abraham Cruzvillegas: Self-Construction

    McCormick School of Engineering and Applied Science

    4:00 PM 1-350, ITW classroom, Ford Motor Company Engineering Design Center

    EVENT DETAILS

    TIME Tuesday, October 24, 2017 at 4:00 PM - 5:00 PM

    LOCATION 1-350, ITW classroom, Ford Motor Company Engineering Design Center    map it

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    CONTACT Northwestern Engineering Events    northwestern-engineering-events@northwestern.edu EMAIL

    CALENDAR McCormick School of Engineering and Applied Science

  • Nov
    9

    McCormick Global Initiatives Fair

    McCormick School of Engineering and Applied Science

    11:00 AM Main Lobby, Technological Institute

    EVENT DETAILSmore info

    TIME Thursday, November 9, 2017 at 11:00 AM - 2:00 PM

    LOCATION Main Lobby, Technological Institute    map it

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    CONTACT Ana Maria Andras    ana.andras@northwestern.edu EMAIL

    CALENDAR McCormick School of Engineering and Applied Science