December 9th, 2010 by Joern Meissner
The Kingsman Prize for 2010 has been awarded to Management Science PhD graduate Arne Strauss. The prize was established in memory of the long-standing scholar of Management Science, Professor Brian Kingsman.
Arne has completed his PhD in three years after obtaining a MSc in Mathematics at Virgina Tech and a Diploma in Mathematics from the University of Trier in Germany. His supervisor, Dr Joern Meissner, identifies him as the most capable PhD student he has worked with so far.
Arne’s thesis advances state-of-the-art models in revenue management (RM), an application area concerned with maximising expected revenue from the sale of products that use perishable resources. For example, products might refer to flight tickets and resources to flight legs in an airline network. RM approaches also arise in many other practical industries such as train, hotel, car rental, etc. For any application, a decision maker needs to formulate a decision rule (policy) that determines which products to offer at any point in time throughout the selling horizon. In recent years, increasing effort has been devoted to incorporating the choice behaviour of customers into network RM since demand for a particular product is often observed to be dependent on the offered alternatives. In this context, Arne’s thesis addresses important optimization questions that lead to improved policies by taking the dependence of the offered products into account. His research is of great practical importance and has already attracted the interest of revenue management professionals, leading to a project with Lufthansa Systems.
Posted in Lancaster University
Tags: Arne Strauss, Brian Kingsman, Choice Behaviour, Choice Model, Department of Management Science, Dissertation, Doctoral Prize, Doctorate, Joern Meissner, Kingsman Prize, Lancaster University Management School, LANCS Initiative, Lufthansa Systems, LUMS, Management Science, Operational Research, PhD, Prize, Revenue Management, Thesis