{"64873":{"#nid":"64873","#data":{"type":"event","title":"Dynamic Pricing  to Control Loss Systems with Quality of Service Targets","body":[{"value":"\u003Cp\u003E\u003Cstrong\u003ETITLE:\u003C\/strong\u003E\u0026nbsp; Dynamic Pricing\u0026nbsp; to Control Loss Systems with Quality of\n      Service Targets\u003C\/p\u003E\u003Cp\u003E\u003Cstrong\u003ESPEAKER:\u003C\/strong\u003E\u0026nbsp; William A. Massey\u003C\/p\u003E\u003Cp\u003E\u003Cstrong\u003EABSTRACT:\u003C\/strong\u003E\u003C\/p\u003E\u003Cp\u003EConsider a real time service where arriving customers make\n      their decision to join the system based on both the\n      availability of resources and the current service price. Given\n      a fixed number resources, the manager can use price as a mechanism\n      to control the utilization of the system. A manager goal\n      is to find a pricing policy that maximizes total revenue\n      while meeting the quality of service targets (i.e. the probability\n      of congestion) desired by the customers. \u003Cbr \/\u003E\n    \u003Cbr \/\u003E\n     Using variational calculus techniques, we solve the dynamic\n      optimal control problem that results by approximating a\n      dynamic rate, multi-server loss model as one with a\n      constrained offered load . We do this by using customer demand\n      forecasts to anticipate future service blocking and then\n      implement a congestion pricing algorithm. \u003Cbr \/\u003E\n    \u003Cbr \/\u003E\n    This is joint work with Robert C. Hampshire of\n      Carnegie Mellon University and Qiong Wang of Bell Labs. \u003Cbr \/\u003E\n    \u003Cbr \/\u003E\n    Bio:  \u003Cbr \/\u003E\n    Dr. William A. Massey is Edwin S.\n            Wilsey Professor of Operations Research and Financial\n            Engineering at Princeton University.\n      He received his PhD in 1981 from Stanford University. Prior to\n      joining Princeton University, Bill has been a member of technical\n      staff\n      in the Mathematical Sciences Research Center at Bell Laboratories.\n    \u003Cbr \/\u003E\n    His research interests include\n      Queueing Theory, Applied Probability, Stochastic Processes,\n      Special\n      Functions, and the Performance Modelling of Telecommunication\n      Systems. He has published 50 papers in areas such as nonstationary\n      queues, stochastic ordering, queueing networks, database theory,\n      and wireless communications.  \u003Cbr \/\u003E\n    \u003Cstrong\u003E\u0026nbsp;\u003C\/strong\u003E\u003C\/p\u003E\n  \u003Cbr \/\u003E","summary":null,"format":"limited_html"}],"field_subtitle":"","field_summary":"","field_summary_sentence":[{"value":"Dynamic Pricing  to Control Loss Systems with Quality of Service Targets"}],"uid":"27187","created_gmt":"2011-03-10 11:01:57","changed_gmt":"2016-10-08 01:54:30","author":"Anita Race","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":[],"core_research_areas":[],"news_room_topics":[],"event_categories":[],"invited_audience":[],"affiliations":[],"classification":[],"areas_of_expertise":[],"news_and_recent_appearances":[],"phone":[],"contact":[],"email":[],"slides":[],"orientation":[],"userdata":""}}}