At this year’s MSOM conference at INSEAD, the 2013 Best Paper Award was given to Center faculty members Omar Besbes, Bob Phillips (Director) and Assaf Zeevi for their MSOM paper “Testing the validity of a demand model: An operations perspective”.
Analytics at Work: AppNexus Leading the Way in Digital Advertising
Michael Rubenstein '04 and Marie-Eve Piche '11, president and director of Business Analytics at AppNexus, spoke at a Center-sponsored event on April 29, 2013. Mr. Rubenstein discussed the ways in which AppNexus is applying new technology to the buying and selling of online and mobile advertisiing. The company recently announced its plans to expand into mobile advertising, which represents uncharted territory with huge potential for growth.
Disney Uses Dynamic Pricing on Broadway
The Lion King, Disney’s Broadway musical, continues to be a box office powerhouse even after 15 years in production. Thanks to the implementation of dynamic pricing and other factors, the show is still experiencing box office growth and increased attendance rates.
Continuous growth in annual attendance since 2009 is due in part to dynamic ticket pricing, which adjusts prices according to demand to keep seats filled. In addition, prices are kept “fair;” tickets to “The Lion King” have never reached the highest average ticket price. Web-based sales have also contributed to better attendance since purchasers can see which seats are available on particular dates. Read more in Variety Magazine's article "Broadway's Lion King Roars Louder."
Disney is a corporate sponsor of the Center for Pricing and Revenue Management.
Professor Phillips attends P&G's Annual Goldmine Conference
Center Director Robert Phillips recently attended P&G's annual GoldMine conference focused on business intelligence and analytics. The event included company executives, industry leaders and academics, who shared how analytics are being integrated into their businesses. The Wall Street Journal reported on the conference in "P&G Finds a Goldmine in Analytics."
Professor Phillips discusses online holiday pricing on NPR
CPRM Director, Professor Robert Phillips, was interviewed on American Public Media's "Marketplace Business Report" on December 20, 2012. Professor Phillips discussed the impact of dynamic picing on online holiday shopping. Download the podcast to hear more.
SymphonyIRI Group, Inc. announced October 10, 2012 that Robert Holston, executive vice president and division lead of Symphony Analytics, will join the Advisory Board of the Center for Pricing and Revenue Management at Columbia University. SymphonyIRI is a leading provider of innovative solutions and services for CPG, retail and healthcare companies.
The Center’s Advisory Board comprises leaders in the field of revenue management, who review activities and consider new opportunities to enhance the Center.
“SymphonyIRI is an innovator in applying analytics solutions to support decisions by product and retail companies,” said Robert Phillips, Director of the Center and professor of Professional Practice, Columbia Business School. “Analytics is also an important discipline as manufacturers and retailers move to create more shopper-centric organizations. We are excited to have SymphonyIRI join our program.”
Omar Besbes, Assistant Professor, Decision Risk and Operations and CPRM Advisory Committee member, was awarded the 2012 Revenue Management and Pricing Section Prize at the INFORMS National Meeting held in Phoenix. The Prize is awarded for the best contribution to the science of pricing and revenue management published in English.
Professor Besbes was awarded the prize for:
“Dynamic pricing without knowing the demand function: risk bounds and near-optimal algorithms”, Operations Research, Vol. 57, 2009, pp. 1407-1420
“Revenue Management for a Make-to-Order Queue in an Uncertain Market Environment”, Operations Research, Vol. 57, 2009, pp. 1407-1450.
Professor Guillermo Gallego has been elected as a 2012 INFORMS Fellow. The prestigious award recognizes Professor Gallego's exceptional achievements and significant contributions to operations research and the management sciences.
Professor Gallego was also awarded the 2012 INFORMS Revenue Management and Pricing Section Practice Award, along with Hewlett Packard, for "Data Driven Market Pricing and Portfolio Management," a new system that helps firms choose products and prices to offer to multiple markets. The Practice Award recognizes outstanding applications of revenue management and pricing techniques.
Guillermo Gallego is a CPRM Advisory Committee Member and Professor, Industrial Engineering and Operations Research, the Fu Foundation School of Engineering and Applied Science.
Congratulations Professor Guillermo Gallego!
Oxford University Press has just published the "Oxford Handbook of Pricing Management.” Edited by Özalp Özer and Robert Phillips (Director of the Center for Pricing and Revenue Management), the book aims to be the first comprehensive reference for all aspects of pricing. It contains 35 chapters written by experts from industry and academia. The first section presents the mechanics of pricing in 15 different industries ranging from airlines and on-line display advertising to wine and pricing in the Grand Bazaar in Istanbul. The second section presents the theoretical foundations of pricing including microeconomics, game theory, and behavioral economics. The following section describes various tactical approaches to pricing including dynamic list pricing, sales promotions, markdown management, revenue management and customized pricing among others. The final section discusses various organizational and process issues involved in implementing improved pricing in the real world. The Oxford Handbook of Pricing Management is available from Oxford University Press or from Barnes and Noble.