SEMINAR: “RISK POOLING AND STOCK ALLOCATION UNDER COST AND DEMAND UNCERTAINTY” BY PROF. DR. REFİK GÜLLÜ

Seminar by Prof. Dr. Refik Güllü on December 21, 2018 Friday 11:00 at F-003

Abstract:

We consider purchasing and distribution decisions for a commodity whose purchase price is random and possibly correlated with its demand. This commodity is ordered and used by a number of demand locations. This situation is encountered, for instance, by airlines operating in the same airport, and placing order for jet fuel from different fuel suppliers. We propose a model where the purchasing decisions of demand locations are pooled and obtain the optimal purchase quantity, optimal timing and quantity of allocation. Furthermore, we show characteristics of the solution and identify cases where pooling may or may not be beneficial.

Short Bio:

Dr. Refik Güllü is a Professor of Industrial Engineering at Boğaziçi University. Prior to joining Boğaziçi IE in 2005, he was a faculty member at Middle East Technical University (METU) IE Department. Refik Güllü obtained B.S. and M.S. degrees from METU IE Department, and M.S. and PhD. degrees from Cornell University School of ORIE. Dr. Güllü is mainly interested in stochastic models of production, inventory and finance. He participated in several applied research projects in the areas of production and inventory planning, logistics and forecasting. He recently completed his service as the chair of IE Department at Boğaziçi University. He currently serves as the Chair of Financial Engineering Program at Bogazici University, and the Chair of the Mathematical Modeling Section of International Society for Inventory Research. He serves as associate editor for OR Spectrum and Naval Research Logistics, and his research appeared in leading journals such as M&SOM, Operations Research, IIE Transactions, OR Letters, NRL, International Journal of Production Economics, and Transportation Science.