Accounting for the adverse impact of "non-average" events has become essential in many applications involving decision making under uncertainty. Its implementation through decision models, namely stochastic programs, requires careful measurement of risk that reflects one's concern about uncertain outcomes. Important theories such as convex risk measures outline conditions required for risk measurement but provide little guidance for cases not meeting the conditions. Unfortunately, such cases are more than common in real-life situations.
The Operations Research Challenge (TORCH) is a free, one-day contest designed to introduce high school students to Operations Research, a field that tackles many of today's complex decision-making problems through the use of engineering, computer science, and mathematics.
TORCH 2018 will be held on March 17, 2018 at the University of Waterloo with over $1000 in prizes.
Register before March 5, 2018!
Come and explore Management Engineering's Capstone Design Symposium!
Consider a buyer participating in a repeated auction, such as those prevalent in display advertising. How would she test whether the auction is incentive compatible? To bid effectively, she is interested in whether the auction is single-shot incentive compatible—a pure second-price auction, with fixed reserve price, and also dynamically incentive compatible—her bids are not used to set future reserve prices. In this work we develop tests based on simple bid perturbations that a buyer can use to answer these questions, with a focus on dynamic incentive compatibility.
Area of Research
Management of Technology
Sagar Naik, Electrical & Computer Engineering
Frank Safayeni, Management Sciences
Elizabeth Jewkes, Management Sciences
Robert Duimering, Management Sciences
Nada Basir, Conrad Centre - CBET