In the economics literature, the Consumer Surplus is traditionally defined for the case where demand is a deterministic function of the price. However, in most operations management problems, demand is assumed to be stochastic, and hence stock-outs can occur. To measure consumer welfare in such...

We study strategic capacity investment problems in joint ventures (JVs) with fixed-rate revenue sharing contracts. We distinguish two types of JVs, depending on how individual resources determine the effective capacity of a JV. Despite its popularity across many industries, JVs tend to suffer...

The mismatch between newsvendor theory and experimental observations has garnered significant attention in the literature; several theories have been developed to capture the observed behavior. Yet, there has been limited research on the implications of observed behavior, leaving both a...

This paper is motivated from a collaboration with a start-up delivering on-demand health care services. In this setting, nurse practitioners need to be dynamically routed to patients' houses as service requests are received. We solve this problem using approximate dynamic programming and machine...

We study a dynamic pricing problem, where a firm offers a product to be sold over a fixed time horizon. The firm has a given initial inventory level, but there is uncertainty about the demand for the product in each time period. The objective of the firm is to determine a dynamic pricing...