The Power of Opaque Products in Pricing

2021 ◽  
Author(s):  
Adam N. Elmachtoub ◽  
Michael L. Hamilton
Keyword(s):  
Revenue Management ◽  
Service Providers ◽  
Numerical Study ◽  
Upper Bounds ◽  
Price Discount ◽  
Online Retailers ◽  
Risk Neutral ◽  
Selling Strategies ◽  
Opaque Products

We study the power of selling opaque products, that is, products where a feature (such as color) is hidden from the customer until after purchase. Opaque products, which are sold with a price discount, have emerged as a powerful vehicle to increase revenue for many online retailers and service providers that offer horizontally differentiated items. In the opaque selling models we consider, all of the items are sold at a single common price alongside opaque products that may correspond to various subsets of the items. We consider two types of customers, risk-neutral ones, who assume they will receive a truly random item of the opaque product, and pessimistic ones, who assume they will receive their least favorite item of the opaque product. We benchmark opaque selling against two common selling strategies: discriminatory pricing, where one explicitly charges different prices for each item, and single pricing, where a single price is charged for all the items. We give a sharp characterization of when opaque selling outperforms discriminatory pricing; namely, this result holds for situations where all customers are pessimistic or the item valuations are supported on two points. In the latter case, we also show that opaque selling with just one opaque product guarantees at least 71.9% of the revenue from discriminatory pricing. We then provide upper bounds on the potential revenue increase from opaque selling strategies over single pricing and describe cases where the increase can be significantly more than that of discriminatory pricing. Finally, we provide pricing algorithms and conduct an extensive numerical study to assess the power of opaque selling for a variety valuation distributions and model extensions. This paper was accepted by Gabriel Weintraub, revenue management and market analytics.

scholarly journals Characterization of aerodynamic performance of ducted wind turbines: A numerical study

Wind Energy ◽  
2019 ◽  
Vol 22 (12) ◽  
pp. 1655-1666 ◽  
Author(s):  
Vinit V. Dighe ◽  
Gael Oliveira ◽  
Francesco Avallone ◽  
Gerard J. W. Bussel
Keyword(s):  
Wind Turbines ◽  
Numerical Study ◽  
Aerodynamic Performance

Numerical Characterization of Hot Gas Ingestion Through Turbine Rim Seals

2016 ◽  
Author(s):  
Riccardo Da Soghe ◽  
Cosimo Bianchini ◽  
Carl M. Sangan ◽  
James A. Scobie ◽  
Gary D. Lock
Keyword(s):  
Flow Rate ◽  
Numerical Study ◽  
Axial Flow ◽  
Radial Clearance ◽  
Buffering Effect ◽  
Hot Gas ◽  
Numerical Predictions ◽  
Wide Range ◽  
Thermal Buffering

This paper deals with a numerical study aimed at the characterization of hot gas ingestion through turbine rim seals. The numerical campaign focused on an experimental facility which models ingress through the rim seal into the upstream wheel-space of an axial-turbine stage. Single-clearance arrangements were considered in the form of axial- and radial-seal gap configurations. With the radial-seal clearance configuration, CFD steady-state solutions were able to predict the system sealing effectiveness over a wide range of coolant mass flow rates reasonably well. The greater insight of flow field provided by the computations illustrates the thermal buffering effect when ingress occurs: for a given sealing flow rate, the effectiveness on the rotor was significantly higher than that on the stator due to the axial flow of hot gases from stator to rotor caused by pumping effects. The predicted effectiveness on the rotor was compared with a theoretical model for the thermal buffering effect showing good agreement. When the axial-seal clearance arrangement is considered, the agreement between CFD and experiments worsens; the variation of sealing effectiveness with coolant flow rate calculated by means of the simulations display a distinct kink. It was found that the “kink phenomenon” can be ascribed to an over-estimation of the egress spoiling effects due to turbulence modelling limitations. Despite some weaknesses in the numerical predictions, the paper shows that CFD can be used to characterize the sealing performance of axial- and radial-clearance turbine rim seals.

Characterization of the Uncertainties in the Inspection Results of Ultrasonic Intelligent Pigs

2013 ◽  
Author(s):  
Mamdouh M. Salama ◽  
Bruce J. Nestleroth ◽  
Marc A. Maes ◽  
Chris Dash
Keyword(s):  
Probabilistic Models ◽  
Service Providers ◽  
Quantitative Risk Assessment ◽  
Life Extension ◽  
Internal Corrosion ◽  
Integrity Assessment ◽  
Diameter Pipe ◽  
Length Width ◽  
Pull Through

In-Line Inspections using magnetic flux leakage (MFL) and the Ultrasonic (UT) intelligent pigs are the most common tools used to assess the integrity of pipelines. But, both MFL and UT inspection results are subject to various sources of uncertainties which must be quantified and accounted for in the integrity assessment of the inspected pipeline. A series of pull-through tests (PTT) of seven MFL tools and two UT tools from five service providers was performed on a 12-inch diameter pipe containing pre-existing internal corrosion defects of various length, width, and depth, and located in a variety of circumferential and longitudinal positions. The results of these tests are used to quantify the detectability statistics and the sizing uncertainties of the different tools for future use in developing calibrated probabilistic models for reliability based inspection, quantitative risk assessment and life extension studies for pipelines. The results of the MFL tools were presented in 2012 OMAE conference and this paper presents the results of the two UT tools.

On the crack characterization of reinforced concrete structures: Experimental and data-driven numerical study

Structures ◽  
2021 ◽  
Vol 30 ◽  
pp. 134-145
Author(s):  
Sandeep Das ◽  
Subhrajit Dutta ◽  
Dibyendu Adak ◽  
Shubhankar Majumdar
Keyword(s):  
Reinforced Concrete ◽  
Numerical Study ◽  
Concrete Structures ◽  
Data Driven ◽  
Reinforced Concrete Structures

Numerical Characterization of Flow and Heat Transfer in Pre-Swirl Systems

2017 ◽  
Author(s):  
Riccardo Da Soghe ◽  
Cosimo Bianchini ◽  
Jacopo D’Errico
Keyword(s):  
Heat Transfer ◽  
Gas Turbines ◽  
Numerical Study ◽  
Physical Phenomenon ◽  
Computational Procedure ◽  
Operating Conditions ◽  
Simulation Techniques ◽  
Numerical Characterization ◽  
Unsteady Simulation

This paper deals with a numerical study aimed at the validation of a computational procedure for the aerothermal characterization of pre-swirl systems employed in axial gas turbines. The numerical campaign focused on an experimental facility which models the flow field inside a direct-flow pre-swirl system. Steady and unsteady simulation techniques were adopted in conjunction with both a standard two-equations RANS/URANS modelling and more advanced approaches such as the Scale-Adaptive-Simulation principle, the SBES and LES. The comparisons between CFD and experiments were done in terms of swirl number development, static and total pressure distributions, receiving holes discharge coefficient and heat transfer on the rotor disc surface. Several operating conditions were accounted for, spanning 0.78·106<Reφ<1.21·106 and 0.123<λt<0.376. Overall the steady-state CFD predictions are in good agreement with the experimental evidences even though it is not able to confidently mimic the experimental swirl and pressure behaviour in some regions. Although the use of unsteady sliding mesh and direct turbulence modelling, would in principle increase the insight in the physical phenomenon, from a design perspective the tradeoff between accuracy and computational costs is not always favourable.

scholarly journals Tight Quotients and Double Quotients in the Bruhat Order

10.37236/1871 ◽  
2005 ◽  
Vol 11 (2) ◽  
Author(s):  
John R. Stembridge
Keyword(s):  
Coxeter Groups ◽  
Upper Bounds ◽  
Bruhat Order ◽  
Weyl Groups ◽  
Order Dimension ◽  
Parabolic Subgroups ◽  
Affine Weyl Groups ◽  
Positive Side ◽  
Maximal Parabolic Subgroups

It is a well-known theorem of Deodhar that the Bruhat ordering of a Coxeter group is the conjunction of its projections onto quotients by maximal parabolic subgroups. Similarly, the Bruhat order is also the conjunction of a larger number of simpler quotients obtained by projecting onto two-sided (i.e., "double") quotients by pairs of maximal parabolic subgroups. Each one-sided quotient may be represented as an orbit in the reflection representation, and each double quotient corresponds to the portion of an orbit on the positive side of certain hyperplanes. In some cases, these orbit representations are "tight" in the sense that the root system induces an ordering on the orbit that yields effective coordinates for the Bruhat order, and hence also provides upper bounds for the order dimension. In this paper, we (1) provide a general characterization of tightness for one-sided quotients, (2) classify all tight one-sided quotients of finite Coxeter groups, and (3) classify all tight double quotients of affine Weyl groups.

Numerical Characterization of Hot-Gas Ingestion Through Turbine Rim Seals

2016 ◽  
Vol 139 (3) ◽  
Author(s):  
Riccardo Da Soghe ◽  
Cosimo Bianchini ◽  
Carl M. Sangan ◽  
James A. Scobie ◽  
Gary D. Lock
Keyword(s):  
Flow Rate ◽  
Numerical Study ◽  
Axial Flow ◽  
Radial Clearance ◽  
Buffering Effect ◽  
Hot Gas ◽  
Numerical Predictions ◽  
Wide Range ◽  
Thermal Buffering

This paper deals with a numerical study aimed at the characterization of hot-gas ingestion through turbine rim seals. The numerical campaign focused on an experimental facility which models ingress through the rim seal into the upstream wheel-space of an axial-turbine stage. Single-clearance arrangements were considered in the form of axial- and radial-seal gap configurations. With the radial-seal clearance configuration, computational fluid dynamics (CFD) steady-state solutions were able to predict the system sealing effectiveness over a wide range of coolant mass flow rates reasonably well. The greater insight of flow field provided by the computations illustrates the thermal buffering effect when ingress occurs: For a given sealing flow rate, the effectiveness on the rotor was significantly higher than that on the stator due to the axial flow of hot gases from stator to rotor caused by pumping effects. The predicted effectiveness on the rotor was compared with a theoretical model for the thermal buffering effect showing good agreement. When the axial-seal clearance arrangement is considered, the agreement between CFD and experiments worsens; the variation of sealing effectiveness with coolant flow rate calculated by means of the simulations displays a distinct kink. It was found that the “kink phenomenon” can be ascribed to an overestimation of the egress spoiling effects due to turbulence modeling limitations. Despite some weaknesses in the numerical predictions, the paper shows that CFD can be used to characterize the sealing performance of axial- and radial-clearance turbine rim seals.

The Effect of Injection and Suction on the Interfacial Mass Transport Resistance in a Proton Exchange Membrane Fuel Cell Air Channel

2014 ◽  
Author(s):  
Mustafa Koz ◽  
Satish G. Kandlikar
Keyword(s):  
Proton Exchange Membrane ◽  
Numerical Study ◽  
Gas Diffusion ◽  
Proton Exchange ◽  
Channel Cross Section ◽  
Flow Through ◽  
Air Channel ◽  
Air Channels ◽  
Exchange Membrane

Proton exchange membrane fuel cells are efficient and environmentally friendly electrochemical engines. The present work focuses on air channels that bring the oxidant air into the cell. Characterization of the oxygen concentration drop from the channel to the gas diffusion layer (GDL)-channel interface is a need in the modeling community. This concentration drop is expressed with the non-dimensional Sherwood number (Sh). At the aforementioned interface, the air can have a non-zero velocity normal to the interface: injection of air to the channel and suction of air from the channel. A water droplet in the channel can constrict the channel cross section and lead to a flow through the GDL. In this numerical study, a rectangular air channel, GDL, and a stationary droplet on the GDL-channel interface are simulated to investigate the Sh under droplet induced injection/suction conditions. The simulations are conducted with a commercially available software package, COMSOL Multiphysics.

A tabulation of information technology and consumer behavior in hospitality revenue management research

2020 ◽  
Vol 11 (3) ◽  
pp. 575-587
Author(s):  
Tevfik Demirciftci ◽  
ChihChien Chen ◽  
Mehmet Erdem
Keyword(s):  
Information Technology ◽  
Consumer Behavior ◽  
Revenue Management ◽  
Design Methodology ◽  
Service Providers ◽  
Business Environment ◽  
Content Type ◽  
The Past ◽  
Consumer Perspective ◽  
Practical Implications

Purpose The purpose of this paper is to present an overview of revenue management (RM) studies that focus on information technology (IT) and consumer behavior published between 2008 and 2018. Design/methodology/approach In total, 112 articles published in 17 journals were identified and analyzed. Findings This study shows the importance of IT and RM and focuses on the consumer perspective. It also emphasizes that technology is not the enemy of humans: it complements and adds value to their existing jobs. Research limitations/implications Book chapters and conference proceedings related to IT and RM were not included in this study. Besides, only journal papers published in English were included in the study. The categorizing of subjects can be seen as subjective. Practical implications This study helps researchers discover articles from 2008 to 2018 and helps hospitality executives interested in RM technologies from the demand side to use these findings in their business environment. Originality/value Based on the interaction between service providers (hotels) and users (consumers) on IT and RM platforms, the paper identified eight key components that have been relevant over the past decade.

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