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MIT researchers win 2014 INFORMS Revenue Management and Pricing Section Practice Award | MIT News

MIT’s Kris Johnson, Alex Lee, and David Simchi-Levi — along with online retailer Rue La La — have received the 2014 INFORMS Revenue Management and Pricing Section Practice Award for a project that is expected to increase Rue La La’s revenues. The award for the analytics-based pricing-optimization application developed through the Accenture and MIT Alliance in Business Analytics was presented on June 5 at the INFORMS Revenue Management and Pricing Conference in Istanbul.

The Institute for Operations Research and the Management Sciences (INFORMS) is the largest society for professionals in the field of operations research, management science, and analytics. Its annual Revenue Management and Pricing Section Practice Award recognizes outstanding applications of revenue management and pricing techniques. The winner is selected based on impact, originality and innovation, and technical merit.

“Rue La La’s use of the new price-optimization application is an example of how analytics can change the way a company operates. We started this project with the goal of reducing inventory, and ended up with a cutting-edge, demand-shaping application that has a tremendous impact on the retailer’s bottom line,” says David Simchi-Levi, a professor of civil and environmental engineering and engineering systems, and co-chair of the Accenture and MIT Alliance in Business Analytics.

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MIT researchers win 2014 INFORMS Revenue Management and Pricing Section Practice Award.

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