competitive ratio

Friday, October 5, 2018 - 11:45am - 12:30pm
Omar Besbes (Columbia University)
Pricing is central to many industries and academic disciplines ranging from Operations Research to Computer Science and Economics. In this talk, we study data-driven optimal pricing in low informational environments. We analyze how a decision-maker should price based on a single sample of the willingness-to-pay (WTP) of customers. The decision-maker's objective is to select a general pricing policy with maximum competitive ratio when the WTP distribution is only known to belong to some broad set.
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