Vorobeychik receives competitive MURI award
Yevgeniy Vorobeychik, at the McKelvey School of Engineering, is part of a team that received a $6.25 million five-year grant under the U.S. Department of Defense’s highly competitive Multidisciplinary University Research Initiative Program (MURI) Award. The team will work to develop tools to understand and shape both online and on-the-ground networks that drive human decision-making.
Understanding choices adult children make to care for elderly parents should help policymakers
According to a 2005 U.S. Department of Health and Human Services report, nursing homes in the United States in 1999 cost an average of $47,000 per year, with costs rising each year. Choosing a course of care for an elderly family member is both a financial decision and an emotional one. A business and economics professor at Washington University in St. Louis is using game theory to understand these long-term care decisions. More…
Quantitative approach to strategy shakes up “business as usual”
Businesses today are turning to quantifiable analysis to map strategies. According to a professor at the Olin School of Business, companies can address specific problems in a scientific way by using basic principals of game theory.
Washington University business professor elected to Econometric Society
SwinkelsWashington University in St. Louis business professor Jeroen Swinkels, August A. Busch, Jr. Distinguished Professor of Managerial Economics and Strategy at the Olin School of Business, was elected a fellow of the Econometric Society in December 2004. With a worldwide membership, the Econometric Society is the most prestigious society in the field of economics. Over the past decade, only about 15 candidates per year have been elected as new fellows.
Dynamic pricing in retail can boost bottom line
The right pricing strategy can keep the cash register full.Determining the right pricing strategy can make or break the overall profitability of a firm, especially during the all-important December holiday season. One such strategy, dynamic pricing, long practiced in the airline and hotel industries, is showing promise and profitability in the world of retail. When applied to products sold over a short sales season — new toys, skiwear, and the like — dynamic pricing can boost profits for a firm, say two professors of the Olin School of Business at Washington University in St. Louis.