讲座：Managing Self-Replicating Innovative Goods
题 目：Managing Self-Replicating Innovative Goods
嘉 宾：Bin Hu, Associate Professor, the University of Texas at Dallas
主持人：李成璋 助理教授 上海交通大学安泰经济与管理学院
Inspired by self-replicating 3D printers and innovative agricultural and husbandry goods, we study optimal production and sales policies for a manufacturer of self-replicating innovative goods with a focus on the unique “keep-or-sell" trade-off, namely whether a newly produced unit should be sold to satisfy demand and stimulate future demand or added to inventory to increase production capacity. We adopt the continuous-time optimal control framework and marry a self-replication model on the production side to the canonical innovation diffusion model on the demand side. By analyzing the model, we identify a condition that differentiates Strong and Weak Replicability regimes wherein production and sales respectively take priority over the other, and fully characterize their distinct optimal policies. These insights prove robust and helpful in several extensions, including backlogged demand, liquidity constraints, stochastic innovation diffusion, launch inventory decision, and exogenous demand. We also fund that social marketing strategies are particularly well-suited for self-replicating innovative goods under Strong Replication.
Dr. Bin Hu is an Associate Professor in the Naveen Jindal School of Management at the University of Texas at Dallas. He received his PhD in Business Administration from the University of Michigan, and his BS in Mathematics from Peking University. Before joining UT Dallas in 2018, he caught for 7 years at the University of North Carolina at Chapel Hill. Dr. Hu’s research interest is in supply chain management, procurement and sourcing, and innovative operations, and primarily employs analytical economic, game-theoretic, and optimization models in his research. He currently serves as a Senior Editor at Production and Operations Management and an Associate Editor at Naval Research Logistics.