Friesz and Yao awarded two NSF grants
Terry Friesz, Marcus Chaired Professor, and Tao Yao, assistant professor, faculty members in the Harold and Inge Marcus Department of Industrial and Manufacturing Engineering,have recently received two grants from the National Science Foundation (NSF).
The duo has been awarded a two-year, $350,000 grant to study stochastic dynamic game-theoretic models of urban freight systems. They will develop new city logistics planning and pricing tools that recognize the intrinsic uncertainty of freight demands, costs and delivery times. A family of mathematical models in the form of stochastic dynamic games, and their robust counterparts, that exploit recent advances in revenue management and nonlinear pricing theory will be created to describe freight systems in a variety of urban settings.
Friesz and Yao have also been awarded a three-year, $331,000 grant to study congestion options. They will study congestion securities, market mechanism design for congestion rights, and dynamic and stochastic models for congestion pricing and derivatives. This award is the first-ever grant from the NSF to study congestion from the financial engineering viewpoint.
Click here to view the award abstract.