Assortment optimization over time

James M. Davis; Huseyin Topaloglu; David P. Williamson

doi:10.1016/j.orl.2015.08.007

Assortment optimization over time

James M. Davis, Huseyin Topaloglu, David P. Williamson

Industrial and Enterprise Systems Engineering

Research output: Contribution to journal › Article › peer-review

Abstract

In this note we introduce the problem of assortment optimization over time. We have a sequence of time steps and can introduce one new product per time step. Once introduced a product cannot be removed. The goal is to determine which products to introduce so as to maximize revenue over all time steps under some choice model. Given a 1/α-approximation algorithm for the capacitated assortment optimization problem we give a 1/2α-approximation algorithm for this problem.

Original language	English (US)
Article number	5986
Pages (from-to)	608-611
Number of pages	4
Journal	Operations Research Letters
Volume	43
Issue number	6
DOIs	https://doi.org/10.1016/j.orl.2015.08.007
State	Published - Sep 26 2015

Keywords

Approximation algorithms
Assortment optimization
Choice models
Revenue management

ASJC Scopus subject areas

Software
Management Science and Operations Research
Industrial and Manufacturing Engineering
Applied Mathematics

Online availability

10.1016/j.orl.2015.08.007

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title = "Assortment optimization over time",

abstract = "In this note we introduce the problem of assortment optimization over time. We have a sequence of time steps and can introduce one new product per time step. Once introduced a product cannot be removed. The goal is to determine which products to introduce so as to maximize revenue over all time steps under some choice model. Given a 1/α-approximation algorithm for the capacitated assortment optimization problem we give a 1/2α-approximation algorithm for this problem.",

keywords = "Approximation algorithms, Assortment optimization, Choice models, Revenue management",

author = "Davis, {James M.} and Huseyin Topaloglu and Williamson, {David P.}",

note = "The first author was supported in part by National Science Foundation grant DGE-0707428 . The second author was supported in part by National Science Foundation grant CMMI-1433398 and CMMI-0969113 . The third author was supported in part by National Science Foundation grant CCF-1115256 .",

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AU - Topaloglu, Huseyin

AU - Williamson, David P.

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Y1 - 2015/9/26

N2 - In this note we introduce the problem of assortment optimization over time. We have a sequence of time steps and can introduce one new product per time step. Once introduced a product cannot be removed. The goal is to determine which products to introduce so as to maximize revenue over all time steps under some choice model. Given a 1/α-approximation algorithm for the capacitated assortment optimization problem we give a 1/2α-approximation algorithm for this problem.

AB - In this note we introduce the problem of assortment optimization over time. We have a sequence of time steps and can introduce one new product per time step. Once introduced a product cannot be removed. The goal is to determine which products to introduce so as to maximize revenue over all time steps under some choice model. Given a 1/α-approximation algorithm for the capacitated assortment optimization problem we give a 1/2α-approximation algorithm for this problem.

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KW - Choice models

KW - Revenue management

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Assortment optimization over time

Abstract

Keywords

ASJC Scopus subject areas

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