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Wait Time Based Pricing For Queueing Systems
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Book Synopsis Wait-Time Based Pricing for Queueing Systems by : Chen-An Lin
Download or read book Wait-Time Based Pricing for Queueing Systems written by Chen-An Lin and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation studies dynamic pricing in service systems where the system state is defined as the wait time. The first essay studies a single-server queue where customers arrive according to a Poisson process. The service provider announces the price rate and current system wait time to incoming customers, who decide whether to join the queue and determine their service duration. The objective is to maximize either the long-run average revenue or social welfare. The problem is formulated as a continuous-time control model, and we develop an innovative method to obtain the optimal control policy. The optimal dynamic pricing policy reveals the compensation effect, where the service provider lowers the price rate when the wait time exceeds a threshold, in addition to the usual congestion effect. A numerical study demonstrates the superiority of the revenue-maximizing pricing policy over static pricing policies, especially for low arrival rates and impatient customers. The extension to nonlinear pricing and heterogeneous customers yields similar policy insights, showcasing the value of considering customer characteristics in dynamic pricing models. The proposed model can be utilized to design dynamic pricing schemes for fast-charging stations. The second essay addresses a mechanism design problem for a single-server queue with customers arriving according to a Poisson process and possessing private information about their wait time sensitivity. Following a direct mechanism, where the service provider announces the system wait time and offers a menu of options to each arriving customer. By choosing an option or opting out, customers aim to maximize their utility. The objective is to design a mechanism that maximizes the long-run average revenue. The optimal mechanism is wait-time dependent and admits customers with lower wait-time sensitivities. The model reveals strategic complementarity between admission decisions and service times which became the admission threshold, and offered service time decreases as the wait time increases. Comparisons with simpler heuristic mechanisms quantify the value of the optimal mechanism, showing significantly higher revenue generation, particularly for moderate service costs and arrival rates. Modifying service times becomes crucial when considering the different customer types and their interaction with wait time.The third essay investigates a queueing system where the firm strategically determines the release time of each arriving request. We consider a first-come-first-serve single-server system, with customer requests arriving according to a Poisson process. The base model includes two types of customers: impatient and patient, characterized by their privately known service valuations and time sensitivities. The chapter explores the potential of strategically delaying the release of products to improve system performance. It reveals that such a delay occurs when the proportion of impatient customers is high and the system wait time is shorter than the threshold. Importantly, the optimal inflated release time does not vary with the system wait time, facilitating practical implementation. The extension to continuous-type customers confirms the tangible impact of strategic delay on revenue improvement, particularly when faced with uncertainty in the types of arriving requests.
Book Synopsis Wait Time Based Pricing for Queues with Customer-Chosen Service Times by : Chen-An Lin
Download or read book Wait Time Based Pricing for Queues with Customer-Chosen Service Times written by Chen-An Lin and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies a pricing problem for a single-server queue where customers arrive according to a Poisson process. For each arriving customer, the service provider announces a price rate and a system wait time, and the customer decides whether to join the queue, and, if so, the duration of the service time. The objective is to maximize either the long-run average revenue or social welfare. We formulate this problem as a continuous-time control model whose optimality conditions involve solving a set of delay differential equations. We develop an innovative method to obtain the optimal control policy, whose structure reveals interesting insights. The optimal dynamic price rate policy is not monotonic in wait time. In particular, in addition to the congestion effect often reported in the literature, i.e., the optimal price rate increases in the queue length (measured by the wait time in our setting), we find a compensation effect, meaning that the service provider should lower the price rate when the wait time is longer than a threshold. Compared with the prevalent flat pricing policy, our optimal dynamic pricing policy improves the objective value through admission control, which, in turn, increases the utilization of the server. We use a real data set obtained from a public charging station to calibrate our model with an objective of maximizing the average revenue. We find that our optimal pricing policy outperforms the best flat pricing policy, especially when the arrival rate is low and drivers are impatient. Interestingly, our revenue-maximizing pricing policy also improves social welfare over the flat pricing policy in most of the tested cases.
Book Synopsis Static Decision Models for Queueing Systems with Nonlinear Waiting Costs by : Stanford University. Department of Operations Research
Download or read book Static Decision Models for Queueing Systems with Nonlinear Waiting Costs written by Stanford University. Department of Operations Research and published by . This book was released on 1968 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Optimal Information Price in Queuing Systems by : Igor Rochlin
Download or read book Optimal Information Price in Queuing Systems written by Igor Rochlin and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Service systems with queues are all around us in our daily life. It is commonly found that in service queuing systems known, the decision whether to join the system made prior to the observation of the queue. If offered the opportunity, customers may rather pay a price for inspecting the queue prior to the decision to join, lowering their chance of encountering a busy queue and spending precious time on waiting. The provider's dilemma is for what price to reveal this information, and whether there is an optimal price which can maximize system's throughput or provider's revenue. The main purpose in this work, is obtaining the optimal pricing mechanism of queue statues prior to the decision to join with general service time distribution. The first step is to formalize the optimization problem. The lack of assumptions regarding the service time distribution makes the analysis complex. This is because, unlike the memoryless case, the information regarding the queue length plays a role in assessing the residual service time. The second step is presenting an example of anumerical solution, which has to depend on the service time distribution. -- abstract.
Book Synopsis Control Mechanisms in Queueing Systems with Nonlinear Waiting Costs by : Ata Ghareh Aghaji Zare
Download or read book Control Mechanisms in Queueing Systems with Nonlinear Waiting Costs written by Ata Ghareh Aghaji Zare and published by . This book was released on 2017 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: In many queueing systems, customers have been observed to exhibit strategic behavior. Each customer gains a value when receiving a product or getting served and suffers when incurring a delay. We consider a nonlinear waiting cost function to capture the sensitivity of customers toward delay. We investigate customers' behavior and system manager's strategy in two different settings: (1) customers are served in a service system, or (2) they receive a product in a supply chain. In the first model, we study an unobservable queueing system. We consider that customers are impatient, and are faced with decision problems whether to join a service system upon arrival, and whether to remain or renege at a later time. The goal is to address two important elements of queueing analysis and control: (1) customer characteristics and behavior, and (2) queueing control. The literature on customer strategic behavior in queues predominately focuses on the effects of waiting time and largely ignores the mixed risk attitude of customer behavior. Empirical studies have found that customers' risk attitudes, their anticipated time, and their wait time affect their decision to join or abandon a queue. To explore this relationship, we analyze the mixed risk attitude together with a non-linear waiting cost function that includes the degree of risk aversion. Considering this behavior, we analyze individuals' joint balking and reneging strategy and characterize socially optimal strategy. To determine the optimal queue control policy from a revenue-maximizer perspective, which induces socially optimal behavior and eliminates customer externalities, we propose a joint entrance-fee/abandonment-threshold mechanism. We show that using a pricing policy without abandonment threshold is not sufficient to induce socially optimal behavior and in many cases results in a profit lower than the maximum social welfare the system can generate. Also, considering both customer characteristics and queue control policy, our findings suggest that customers with a moderate anticipation time provide higher expected revenue, acknowledging the importance of understanding customer behavior with respect to both wait time and risk attitude in the presence of anticipation time. In the second model, we consider a two-echelon production inventory system with a single manufacturer and a single distribution center (DC) where the manufacturer has a finite production capacity. There is a positive transportation time between the manufacturer and the DC. Each customer gains a value when receiving the product and suffers a waiting cost when incurring a delay. We assume that customers' waiting cost depends on their degree of impatience with respect to delay (delay sensitivity). We consider a nonlinear waiting cost function to show the degree of risk aversion (impatience intensity) of customers. We assume that customers follow the strategy p where they join the system and place an order with probability p. We analyze the inventory system with a base-stock policy in both the DC and the manufacturer. Since customers and supply chain holder are strategic, we study the Stackelberg equilibrium assuming that the DC acts as a Stackelberg leader and customers are the followers. We first obtain the total expected revenue and then derive the optimal base-stock level as well as the optimal price at the DC.
Book Synopsis Price Scheduling in a Time-sharing Queueing System by : J. M. Babad
Download or read book Price Scheduling in a Time-sharing Queueing System written by J. M. Babad and published by . This book was released on 1973 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis deals with a time-sharing system in which users may join after paying an appropriate toll and are subjected to service and waiting charges. The form of an optimal joining policy that minimizes the expected loss of users who may join the system at some of its queues is derived, and is shown to be a control-limit policy with a single control number for every possible entry queue; a newly arriving user will join the minimal-priority entry queue that is not filled up to its contrl number. Tolls and charges that maximize the average expected revenue of the system, as well as the control numbers, are determined for a round-robin time-sharing system. A multi-entrance foreground-background time-sharing system with random entrance is analyzed and the characteristics of the system, such as expected waiting times and expected number of waiting users in each queue, are given. It is shown that when the entry into this system is based on tolls and charges, there exists a set of prices (and associated control numbers) that maximizes the discounted expected revenues of the system.
Book Synopsis Recent Advances in Stochastic Operations Research II by : Tadashi Dohi
Download or read book Recent Advances in Stochastic Operations Research II written by Tadashi Dohi and published by World Scientific. This book was released on 2009 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: Operations research uses quantitative models to analyze and predict the behavior of systems and to provide information for decision makers. Two key concepts in such research are optimization and uncertainty. Typical models in stochastic operations research include queueing models, inventory models, financial engineering models, reliability models, and simulation models. This book contains a collection of peer-reviewed papers from the International Workshop on Recent Advances in Stochastic Operations Research (2007 RASOR Nanzan) held on March 5OCo6, 2007, at Nanzan University, Nagoya, Japan. It enables advanced readers to understand the recent topics and results in stochastic operations research.
Book Synopsis The Handbook of Behavioral Operations by : Karen Donohue
Download or read book The Handbook of Behavioral Operations written by Karen Donohue and published by John Wiley & Sons. This book was released on 2018-10-16 with total page 631 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive review of behavioral operations management that puts the focus on new and trending research in the field The Handbook of Behavioral Operations offers a comprehensive resource that fills the gap in the behavioral operations management literature. This vital text highlights best practices in behavioral operations research and identifies the most current research directions and their applications. A volume in the Wiley Series in Operations Research and Management Science, this book contains contributions from an international panel of scholars from a wide variety of backgrounds who are conducting behavioral research. The handbook provides succinct tutorials on common methods used to conduct behavioral research, serves as a resource for current topics in behavioral operations research, and as a guide to the use of new research methods. The authors review the fundamental theories and offer frameworks from a psychological, systems dynamics, and behavioral economic standpoint. They provide a crucial grounding for behavioral operations as well as an entry point for new areas of behavioral research. The handbook also presents a variety of behavioral operations applications that focus on specific areas of study and includes a survey of current and future research needs. This important resource: Contains a summary of the methodological foundations and in-depth treatment of research best practices in behavioral research. Provides a comprehensive review of the research conducted over the past two decades in behavioral operations, including such classic topics as inventory management, supply chain contracting, forecasting, and competitive sourcing. Covers a wide-range of current topics and applications including supply chain risk, responsible and sustainable supply chain, health care operations, culture and trust. Connects existing bodies of behavioral operations literature with related fields, including psychology and economics. Provides a vision for future behavioral research in operations. Written for academicians within the operations management community as well as for behavioral researchers, The Handbook of Behavioral Operations offers a comprehensive resource for the study of how individuals make decisions in an operational context with contributions from experts in the field.
Book Synopsis To Queue or Not to Queue by : Refael Hassin
Download or read book To Queue or Not to Queue written by Refael Hassin and published by Springer Science & Business Media. This book was released on 2003 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: To Queue Or Not To Queue: Equilibrium Behavior in Queueing Systems focuses on the highly interesting, practical viewpoint of customer behavior and its effect on the performance of the queueing system. The book's objectives are threefold: (1) It is a comprehensive survey of the literature on equilibrium behavior of customers and servers in queueing systems. The literature is rich and considerable, but lacks continuity. This book will provide the needed continuity and cover some issues that have not been adequately treated. (2) In addition, it will examine the known results of the field, classify them and identify where and how they relate to each other. (3) And finally, it seeks to fill a number of the gaps in the literature with new results while explicitly outlining open problems in other areas. With this book, it is the authors' paramount purpose is to motivate further research and to help researchers identify new and interesting open problems.
Book Synopsis Cost Allocation for Queueing Systems with Nonexponential Service Times by : Chun-I. Pedro Lee
Download or read book Cost Allocation for Queueing Systems with Nonexponential Service Times written by Chun-I. Pedro Lee and published by . This book was released on 1985 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Recent Advances in Stochastic Operations Research by : Tadashi Dohi
Download or read book Recent Advances in Stochastic Operations Research written by Tadashi Dohi and published by World Scientific. This book was released on 2007 with total page 325 pages. Available in PDF, EPUB and Kindle. Book excerpt: Operations research uses quantitative models to analyze and predict the behavior of systems and to provide information for decision makers. Two key concepts in operations research are optimization and uncertainty. This volume consists of a collection of peer reviewed papers from the International Workshop on Recent Advances in Stochastic Operations Research (RASOR 2005), August 25OCo26, 2005, Canmore, Alberta, Canada. In particular, the book focusses on models in stochastic operations research, including queueing models, inventory models, financial engineering models, reliability models, and simulations models."
Book Synopsis Stochastic Models in Queueing Theory by : Jyotiprasad Medhi
Download or read book Stochastic Models in Queueing Theory written by Jyotiprasad Medhi and published by Elsevier. This book was released on 2002-11-06 with total page 501 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a graduate level textbook that covers the fundamental topics in queuing theory. The book has a broad coverage of methods to calculate important probabilities, and gives attention to proving the general theorems. It includes many recent topics, such as server-vacation models, diffusion approximations and optimal operating policies, and more about bulk-arrival and bull-service models than other general texts. - Current, clear and comprehensive coverage - A wealth of interesting and relevant examples and exercises to reinforce concepts - Reference lists provided after each chapter for further investigation
Book Synopsis System Simulation and Modeling by : Sankar Sengupta
Download or read book System Simulation and Modeling written by Sankar Sengupta and published by Pearson Education India. This book was released on 2014 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt: Computer simulation models a real-life or hypothetical situation on a computer to study how the system works. System Simulation and Modelingdiscusses system modeling and simulation through examples and applications from computer systems, statistics, manufacturing and insurance. It discusses materials for building a simulation model, evaluating results and taking decisions based on results. Also, Arena and step-by-step approach to convert a problem statement into an Arena simulation model are discussed along with commercially-available software on simulation like GPSS, SIMSCRIPT and DYNAMO.
Book Synopsis Queueing Methods by : Randolph W. Hall
Download or read book Queueing Methods written by Randolph W. Hall and published by . This book was released on 1991 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt: M->CREATED
Book Synopsis An Elementary Introduction To Queueing Systems by : Wah Chun Chan
Download or read book An Elementary Introduction To Queueing Systems written by Wah Chun Chan and published by World Scientific. This book was released on 2014-05-29 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book aims to highlight the fundamental concepts of queueing systems. It starts with the mathematical modeling of the arrival process (input) of customers to the system. It is shown that the arrival process can be described mathematically either by the number of arrival customers in a fixed time interval, or by the interarrival time between two consecutive arrivals. In the analysis of queueing systems, the book emphasizes the importance of exponential service time of customers. With this assumption of exponential service time, the analysis can be simplified by using the birth and death process as a model. Many queueing systems can then be analyzed by choosing the proper arrival rate and service rate. This facilitates the analysis of many queueing systems.Drawing on the author's 30 years of experience in teaching and research, the book uses a simple yet effective model of thinking to illustrate the fundamental principles and rationale behind complex mathematical concepts. Explanations of key concepts are provided, while avoiding unnecessary details or extensive mathematical formulas. As a result, the text is easy to read and understand for students wishing to master the core principles of queueing theory.
Book Synopsis Fundamentals of Queuing Systems by : Nick T. Thomopoulos
Download or read book Fundamentals of Queuing Systems written by Nick T. Thomopoulos and published by Springer Science & Business Media. This book was released on 2012-03-27 with total page 187 pages. Available in PDF, EPUB and Kindle. Book excerpt: Waiting in lines is a staple of everyday human life. Without really noticing, we are doing it when we go to buy a ticket at a movie theater, stop at a bank to make an account withdrawal, or proceed to checkout a purchase from one of our favorite department stores. Oftentimes, waiting lines are due to overcrowded, overfilling, or congestion; any time there is more customer demand for a service than can be provided, a waiting line forms. Queuing systems is a term used to describe the methods and techniques most ideal for measuring the probability and statistics of a wide variety of waiting line models. This book provides an introduction to basic queuing systems, such as M/M/1 and its variants, as well as newer concepts like systems with priorities, networks of queues, and general service policies. Numerical examples are presented to guide readers into thinking about practical real-world applications, and students and researchers will be able to apply the methods learned to designing queuing systems that extend beyond the classroom. Very little has been published in the area of queuing systems, and this volume will appeal to graduate-level students, researchers, and practitioners in the areas of management science, applied mathematics, engineering, computer science, and statistics.
Book Synopsis Quantitative Methods in Transportation by : Dušan Teodorović
Download or read book Quantitative Methods in Transportation written by Dušan Teodorović and published by CRC Press. This book was released on 2020-08-20 with total page 377 pages. Available in PDF, EPUB and Kindle. Book excerpt: Quantitative Methods in Transportation provides the most useful, simple, and advanced quantitative techniques for solving real-life transportation engineering problems. It aims to help transportation engineers and analysts to predict travel and freight demand, plan new transportation networks, and develop various traffic control strategies that are safer, more cost effective, and greener. Transportation networks can be exceptionally large, and this makes many transportation problems combinatorial, and the challenges are compounded by the stochastic and independent nature of trip-planners decision making. Methods outlined in this book range from linear programming, multi-attribute decision making, data envelopment analysis, probability theory, and simulation to computer techniques such as genetic algorithms, simulated annealing, tabu search, ant colony optimization, and bee colony optimization. The book is supported with problems and has a solutions manual to aid course instructors.
