{"178801":{"#nid":"178801","#data":{"type":"event","title":"William A. Massey, Princeton University","body":[{"value":"\u003Cp\u003E\u003Cstrong\u003ESpeaker\u003C\/strong\u003E\u003C\/p\u003E\u003Cp\u003EWilliam A. Massey\u003Cbr \/\u003EDepartment of Operations Research and Financial Engineering\u003Cbr \/\u003EPrinceton University\u003C\/p\u003E\u003Cp\u003E\u003Cstrong\u003EAbstract\u003C\/strong\u003E\u003C\/p\u003E\u003Cp\u003EConsider a real time service where arriving customers make their decision to join the system based on both the availability of resources and the current service price. Given a fixed number resources, the manager can use price as a mechanism to control the utilization of the system. A manager\u0027s goal is to find a pricing policy that maximizes total revenue while meeting the quality of service targets (i.e. the probability of congestion) desired by the customers.\u003C\/p\u003E\u003Cp\u003EUsing variational calculus techniques, we solve the dynamic optimal control problem that results by approximating a dynamic rate, multi-server loss model as one with a constrained offered load. We do this by using customer demand forecasts to anticipate future service blocking and then implement a congestion pricing algorithm.\u0026nbsp;\u003C\/p\u003E\u003Cp\u003EThis is joint work with Robert C. Hampshire of Carnegie Mellon University and Qiong Wang of Bell Labs.\u003C\/p\u003E","summary":null,"format":"limited_html"}],"field_subtitle":"","field_summary":[{"value":"\u003Cp\u003EConsider a real time service where arriving customers make their decision to join the system based on both the availability of resources and the current service price. Given a fixed number resources, the manager can use price as a mechanism to control the utilization of the system. A manager\u0027s goal is to find a pricing policy that maximizes total revenue while meeting the quality of service targets (i.e. the probability of congestion) desired by the customers.\u003C\/p\u003E","format":"limited_html"}],"field_summary_sentence":[{"value":"Dynamic Pricing to Control Loss Systems with Quality of Service Targets"}],"uid":"27215","created_gmt":"2012-12-20 15:05:20","changed_gmt":"2016-10-08 02:01:35","author":"Mike Alberghini","boilerplate_text":"","field_publication":"","field_article_url":"","field_event_time":{"event_time_start":"2011-03-18T12:00:00-04:00","event_time_end":"2011-03-18T13:00:00-04:00","event_time_end_last":"2011-03-18T13:00:00-04:00","gmt_time_start":"2011-03-18 16:00:00","gmt_time_end":"2011-03-18 17:00:00","gmt_time_end_last":"2011-03-18 17:00:00","rrule":null,"timezone":"America\/New_York"},"extras":[],"groups":[{"id":"1242","name":"School of Industrial and Systems Engineering (ISYE)"}],"categories":[],"keywords":[{"id":"53661","name":"dynamic pricing"},{"id":"53671","name":"quality of service targets"}],"core_research_areas":[],"news_room_topics":[],"event_categories":[{"id":"1795","name":"Seminar\/Lecture\/Colloquium"}],"invited_audience":[],"affiliations":[],"classification":[],"areas_of_expertise":[],"news_and_recent_appearances":[],"phone":[],"contact":[{"value":"\u003Cp\u003ETon Dieker, ISyE\u003Cbr \/\u003E\u003Ca href=\u0022http:\/\/www.gatech.edu\/contact\/?id=e6587\u0022\u003EContact Ton Dieker\u003C\/a\u003E\u003Cbr \/\u003E404-385-3140\u003C\/p\u003E","format":"limited_html"}],"email":[],"slides":[],"orientation":[],"userdata":""}}}