Fundamentals of Revenue Management

3 credits · Graduate

This course will introduce students to the science of engineering demand given a fixed supply of various goods and services when the customer base is heterogeneous and uncertain (a.k.a. Revenue Management). This requires an understanding of customer choice behaviour, different pricing and allocation strategies, and mechanisms for customer and seller interaction. The course will focus on introducing students to (i) Models that capture the key dynamics of these problems and (ii) Algorithmic ideas that turn these models into actionable decisions. The broad usefulness of concepts covered will be demonstrated through several applications such as in airline reservation systems, retail, advertising, e-commerce as well as non-profit applications.