The New Frontier of Data-Driven Price Optimization - He Wang
From Katie Gentilello on November 21st, 2017
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.