【主题】A Combined Risk and Revenue Analysis for Managing Perishable Products 【时间】2004-6-30 13:00
【地点】经管学院伟伦楼南431
【语言】中文/英文
【内容摘要】
This article presents a new model that combines revenue management with risk analysis to manage perishable products. To reflect an individual's risk preference, the model uses the exponential utility function instead of revenue maximization. We show that (i) the new model retains the monotone properties and threshold control exhibited in traditional revenue management models; (ii) risk-averse management tends to sacrifice revenues to lower business risk by ordering discount prices; and (iii) the model explains the rationale of the discount policy for group demand and provides tools to price group reservations. The proposed model can be applied to airlines, hotels and other service industries where pricing perishable products over a finite horizon is critical. Numerical experiments illustrate the theoretical development through constructive examples.
【主讲人简介】
Youyi Feng received his B.S degree and M.S degree in Mathematics from Nanjing university in 1982 and 1985 respectively, and his M.S. degree in Industrial Engineering and Ph.D. degree in Operation Research from Columbia university in 1993 and 1994 respectively. During 1995-2000, he was an assistant professor in the Department of Information Systems at the National University of Singapore. Before he joined the Chinese University of Hong Kong as associate professor in 2001, he had held visiting professor positions at the Kyushu Institute of Technology and Northwestern University. Professor Feng had also worked as a research manager in Enron North America and a financial analyst in Baring Securities Inc. and Lasser Marshall Inc.
Research Interests
1. Electronic Commerce
2.Dynamic Pricing and On-line Auction
3.Supply Chain Management
4.Finance Engineering
5.Service Management
6.Revenue Management
7.Stochastic Processes and Models
8.Production Optimal Control
9.Risk and Revenue Management on Energy Industry
Recent Publications (Partial)
1. "Optimal Stopping Times for End of Seasons Sales and Optimal Stopping Times for Promotional Fares" (with G. Gallego), Management Science, 41 (1995),1372-1391.
2. "Optimal Policies of Yield Management with Multiple Predetermined Prices" (with B. Xiao), Operations Research, 48, No.2, (2000), 332-343.
3. "Maximizing Revenues of Perishable Assets with Risk Analysis" (with B.Xiao), Operations Research, 47, (1999), 337-341.
4. "Perishable Asset Revenue Management with Markovian Time Dependent Demand Intensities" (with G.Gallego), Management Science, 46, No.7, (2000), 941-956.
5. "New Algorithms for Computing Optimal (s,S) Policies in a Stochastic Single Item/Location Inventory System" (with B.Xiao), IIE Transaction, (2000)
6. "Optimal Production Control in a Discrete Manufacturing System with Unreliable Machines and Random Demands" (with Y. Yan), IEEE Transactions, Automatic Control, Dec. (2000).
7. "A Continuous-Time Yield Management Model with Multiple Prices and Reversible Price Changes" (with B. Xiao), Management Sciences, 46,No.5,(2000),644-657.
8. "Computing the Optimal Replenishment Policy for Inventory Systems with Random Discount Opportunities," (with J. Sun), forthcoming in Operations Research.
9. "A Dynamic Airline Seat Inventory Control Model and Its Optimal Policy" (with B. Xiao), forthcoming in Operations Research.
10. "Optimal Threshold Control in Discrete Failure-Prone Manufacturing Systems" (with B. Xiao). Forthcoming in IEEE Transaction, Automatic Control. | 
