IORA Seminar on "Dynamic Pricing and Learning with Online Product Reviews"

IORA Seminar on "Dynamic Pricing and Learning with Online Product Reviews" IORA held held its first Research Seminar on "Dynamic Pricing and Learning with Online Product Reviews" on 7 Feb 2017 at the NUS Business School chair by Professor Teo Chung Piaw. Our invited speaker Mr Dongwook Shin from Columbia Business School shared his experiences and research in dynamic pricing behavior. Then, Mr Dongwook provided various statistics of customer behavior collected through e-commerce sites and introduced the optimal pricing strategy. The seminar attracted around 30 staff and students.

As in the real world, we rarely find products that have such pricing pattern. The discussion has bought up various topics, which one of them was on strategic behavior, examples of customer behavior in purchasing decision to determine to set the maximizing price strategy.

In the question-and-answer session at the end of the session, questions asked about such matters as unknown demand for new products, uncertain values and setting prices to optimal. We are grateful to Mr Dongwook Shin for the time and effort took to share his thoughts and experiences with the staffs and students.