Powell Awarded Project with Yield Planet

Oct. 24, 2014

Yield Planet has just awarded an initial project of $510,000 to Warren Powell in the Department of Operations Research and Financial Engineering to develop online adaptive learning algorithms to dynamically optimize prices for hotel rooms for over 4,000 hotels around the world (a number that is growing quickly). The project will provide access to data for over 100,000 hotels to study consumer demand patterns, allowing us to study how people around the world respond to a range of controllable (prices) and uncontrollable (e.g. weather reports) factors. The project will provide a tremendous source of data to drive new research in statistical machine learning. The focus of the research is the development of online stochastic optimization algorithms that handle both the dynamics of the customer booking process and the uncertainty of the market response, enabling hotels to maximize the use of their resources.