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SUMMARY:Regret Minimization for Robust and Satisficing Monopolists
DTSTART:20230427T150000
DTEND:20230427T170000
DTSTAMP:20260408T060010Z
UID:3be041bde383267ae7d8fc10e6587fd541a8f974a48a6ccdc3997225
CATEGORIES:Conferences - Seminars
DESCRIPTION:Professor Napat Rujeerapaiboon\nAbstract: We study a robust mo
 nopoly pricing problem where a seller aspires to sell an item to a buyer. 
 We assume that the seller\, unaware of the buyer’s willingness to pay\, 
 ambitiously optimizes over a space of all individually rational and incent
 ive compatible mechanisms with a regret-type objective criterion. Using ro
 bust optimization\, a mechanism that minimizes the worst-case regret has b
 een previously derived. In this paper\, we alternatively adopt robust sati
 sficing which minimizes the excess regret that is above the predetermined 
 target level. We analytically show that the optimal mechanism involves the
  seller offering a menu of lotteries that charges a buyer-dependent partic
 ipation fee and allocate the item with a buyer-dependent probability. Then
 \, we consider two additional variants of the problem where the seller res
 tricts her attention to a class of only deterministic posted price mechani
 sms and where the seller is relieved from specifying the target regret in 
 advance. Finally\, we determine a randomized posted price mechanism that i
 s readily implementable and equivalent to the optimal mechanism\, compute 
 its statistics\, and quantify the strength of the entailed randomization. 
 Besides\, we compare the proposed mechanism with a robust benchmark and nu
 merically find that the former is predominantly superior to the latter in 
 terms of the expected regret and the expected revenue when the coefficient
  of variation of the buyer’s value is under a hundred percent.\n\n\n\nBi
 o : Napat Rujeerapaiboon is an alumnus of CDM\, EPFL\, and is currently a
 n assistant professor at the Department of Industrial Systems Engineering 
 and Management\, National University of Singapore. His research interests 
 revolve around risk analytics and decision making under uncertainty\, whic
 h he has applied to several applications in the domain of finance\, econom
 ics\, supply chain and energy.\n 
LOCATION:ODY 4 03 https://plan.epfl.ch/?room==ODY%204%2003
STATUS:CONFIRMED
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