Trading revenue, reputation and trade secrets: a stochastic control framework for business operation View Full Text


Ontology type: schema:ScholarlyArticle     


Article Info

DATE

2017-07-13

AUTHORS

Avhishek Chatterjee, Lei Ying, Sriram Vishwanath

ABSTRACT

In this electronic era, most businesses, especially e-businesses like IT services, business process outsourcing (BPO), online merchants etc. maintain details of daily operations and customer feedback. Relations between different business parameters can be learned from these data, which in turn can be used in decision making. In this work, we develop a stylized mathematical framework for business operations based on the knowledge gathered from past data. Our proposed framework is generic and is close to optimal in terms of long-term profitability. In optimizing long-term profit, we balance between short-term profit and long-term reputation earned based on customer satisfaction while ensuring trade secrecy. Towards this we build on stochastic control and Lyapunov techniques that have been successfully applied in communication networks. More... »

PAGES

247-278

References to SciGraph publications

  • 2010-01. Stochastic Network Optimization with Application to Communication and Queueing Systems in SYNTHESIS LECTURES ON COMMUNICATION NETWORKS
  • 2006-06. The value of reputation on eBay: A controlled experiment in EXPERIMENTAL ECONOMICS
  • Identifiers

    URI

    http://scigraph.springernature.com/pub.10.1007/s12351-017-0323-8

    DOI

    http://dx.doi.org/10.1007/s12351-017-0323-8

    DIMENSIONS

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