ISyE Seminar - Xin Chen

Event Details
  • Date/Time:
    • Wednesday October 12, 2016
      3:00 pm
  • Location: Advisory Boardroom Groseclose 402
  • Phone:
  • URL:
  • Email:
  • Fee(s):
    N/A
  • Extras:
Contact

Alejandro Toriello

Summaries

Summary Sentence: ISyE Seminar - Xin Chen

Full Summary: No summary paragraph submitted.

TITLE: Stochastic Optimization with Decisions Truncated by Random Variables and Its Applications

ABSTRACT:

A common technical challenge encountered in many operations management optimization models is that decision variables are truncated by some random variables and the decisions are made before these random variables are realized, leading to non-convex minimization problems due to the truncation. To address this challenge, we develop a powerful transformation technique which converts a non-convex minimization problem to an equivalent convex minimization problem. We show that the transformation enables us to establish the preservation of some desired structural properties, such as convexity, submodularity and L-Natural-convexity, under optimization operations, which are critical for deriving structures of optimal policies and developing efficient algorithms. We then apply our approach to several operations models: inventory control with random capacity, and revenue management using booking limits.

Bio: Xin Chen is a professor, an Abel Bliss Faculty Scholar and the Jerry S. Dobrovolny Faculty Scholar at the University of Illinois at Urbana-Champaign. He obtained his PhD from MIT in 2003, MS from Chinese Academy of Sciences in 1998 and BS from Xiangtan University in 1995. His research interest lies in optimization, data analytics, revenue management and supply chain management. He received the Informs revenue management and pricing section prize in 2009. He is the coauthor of the book “The Logic of Logistics: Theory, Algorithms, and Applications for Logistics and Supply Chain Management (Second Edition & Third Edition, 2005 & 2014)”. 

Additional Information

In Campus Calendar
No
Groups

School of Industrial and Systems Engineering (ISYE)

Invited Audience
Faculty/Staff, Undergraduate students, Graduate students
Categories
Seminar/Lecture/Colloquium
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Status
  • Created By: Anita Race
  • Workflow Status: Draft
  • Created On: Sep 1, 2016 - 6:17am
  • Last Updated: Apr 13, 2017 - 5:14pm