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Using consumer choice models as a basis for revenue management (RM) is appealing on many levels. Choice models can naturally model important buy-up and diversion phenomenon and can be applied to newer, undifferentiated low-fare structures and dynamic pricing problems. Yet despite its potential, choice-based RM is
a significant departure from current practice and the task of revamping RM technology to
incorporate choice models has been a challenging prospect. However, recent research advances
have now brought choice-based RM within striking distance of being practical. In this talk, we survey the recent research results in this area and discuss their implications for RM research and
practice.
ABOUT THE SPEAKER
Garrett Van Ryzin is the Paul M. Montrone Professor of Private Enterprise at the Columbia University Graduate School of Business. His research interests
include stochastic optimization, pricing and revenue management and supply chain management. He is co-author (with Kalyan Talluri) of the forthcoming book, The Theory and Practice of Revenue Management and is Editor in Chief of M&SOM. He received the B.S.E.E. degree from Columbia University, and
the degrees of S.M. (E.E.C.S.) and Ph.D in Operations Research from MIT.
