; Kalyan T. Talluri, Imperial College Business School ; Garrett J. van Ryzin, Columbia University, Graduate School of Business ; E. Andrew Boyd, University of Houston and Houston Public Media
The 2016 INFORMS IMPACT PRIZE is awarded to Peter Belobaba, E. Andrew Boyd, Tom Cook, Guillermo Gallego, Robert Phillips, Barry C. Smith, Kalyan Talluri and Garrett van Ryzin for contributions in revenue management.
Revenue management is the theory and practice of dynamically managing the price and availability of a portfolio of products or services to maximize profitability. Revenue Management was famously first developed to enable airlines to manage the prices and availability of their seat inventory following deregulation in 1978. During the 1980’s it spread from the airlines to other capacity-constrained service industries such as hotels, rental cars, and cruise lines. From the 1990’s through today it has become a mainstream business practice across a wide range of industries including not only airlines and hotels but also freight transportation, media, retailing, entertainment, consumer finance, and manufacturing. As the internet and the information economy has grown, revenue management has become even more critical to many businesses including Amazon, Airbnb, Google, Microsoft and UBER.
From its earliest days, the field of revenue management has been characterized by an active interchange between industry and academia. Revenue management has proven to be a deep and enduring topic for research. There are two specialty journals devoted the field of revenue management, as well as a Pricing and Revenue Management Section of INFORMS and an INFORMS Revenue Management and Pricing Conference which is attended by more than 100 practitioners and academics each year. Furthermore, academic research has resulted in approaches and algorithms that are routinely used to improve revenue-management systems used in industry that deliver additional revenues to companies while enabling access of scarce resources to customers.
For their pivotal role in the creation and wide-spread adoption of revenue management, INFORMS is pleased to award the 2016 Impact Prize to Peter Belobaba, E. Andrew Boyd, Tom Cook, Guillermo Gallego, Robert Phillips, Barry C. Smith, Kalyan Talluri, and Garrett van Ryzin.
Purpose of the Award
The Impact Prize, awarded once every two years, is intended to recognize contributions that have had a broad impact on the field. The contribution could be an idea or technique that is widely used, or it could be someone who played a major role in bringing significant methodology into widespread use (e.g. by playing a major role in the design of a software package that is now widely used, or through extensive writings and lectures aimed at practitioners). The award complements the Edelman Prize. Instead of focusing on a single large application with quantifiable impact, we are looking for ideas that are widely used. The award may go to some combination of the originator of the idea and/or the people or group who played a significant role in bringing the idea to a community who uses it.
This is not a research award. The awards committee is not judging the quality of a body of work. Instead, emphasis will be placed on evaluating the breadth of the impact of an idea or body of research. If the major contribution of the individual or group is bringing an idea to a practice community, the precise nature of this contribution needs to be understood (leading a software company; lectures and writings).
The prize consists of a framed citation and a cash award of $1000.
Kalyan T. Talluri, Imperial College Business School Garrett J. van Ryzin, Columbia University, Graduate School of Business E. Andrew Boyd, University of Houston and Houston Public Media