Revenue Management With Product Retirements And Customer Selection
Team Information
Team Members
Harsh Sheth, PhD Candidate, Industrial Engineering and Operations Research, School of Engineering and Applied Science, Columbia University
Faculty Advisors:
Adam Elmachtoub, Assistant Professor of Industrial Engineering and Operations Research, Columbia University
Vineet Goyal, Associate Professor, Industrial Engineering and Operations Research; and Member, Data Science Institute Columbia University
Abstract
We consider a multi-product revenue management problem where a seller has a fixed inventory of each product to sell to a set of customers. The seller sequentially offers the set of available products to the customers and can also choose to retire products at any point. Once a product is retired, it is no longer offered to any subsequent customers. When customers follow a common MNL choice model, we provide an asymptotically optimal policy for product retirement. When customers are heterogeneous, we provide a policy for jointly selecting customers and retiring products that guarantees one fourth of the optimal policy.
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Team Contact: Harsh Sheth (use form to send email)
