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Mathematics & Statistics: The NewsVendor Problem

  • Thursday, January 27, 2022
  • 3:45 PM–4:45 PM
  • NH 276

The Mathematics and Statistics Department invites you to attend the January 27 Colloquium, where Dr. Mike Veatch will speak about "The Newsvendor Problem, Revenue Management, and Market Information."

Dr. Veatch is a Professor of Mathematics at Gordon College.  Students are invited to join in a social reception at 3:30 pm in the Reading Room, immediately followed by the lecture in NH 276

The newsvendor problem is an application of optimization to business: how many items (e.g., newspapers) should you make when you are unsure how many you will sell? In more sophisticated markets for expiring goods, like airline seats, demand is matched to supply by changing the price. We will look at the kind of optimization that is done to dynamically set the price, known as revenue management. Some calculus, probability, and optimization will be used.

Snacks will not be served as a safety precaution.

Location details

North Hall 276

January 2022
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