The New Frontier of Data-Driven Price Optimization
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Abstract
In practice, firms are often faced with pricing challenges including high demand uncertainty, limited inventory, and restrictions to conduct price experimentation. In this talk, I will discuss models and algorithms that combine machine learning and price optimization. The key idea of these algorithms is to use real-time sales data to improve pricing decisions. I will report simulation and field experiment results that show significant revenue improvement using these methods.
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Date
2017-11-15
Extent
67:47 minutes
Resource Type
Moving Image
Resource Subtype
Lecture