Seminar by Dr. Ersin Körpeoğlu (UCL School of Management)
Title: Dynamic Development Contests
Time 17/11/2023
Place : EA409
Time: 13:30
Abstract
Public, private, and not-for-profit organizations find advanced technology and product development projects challenging to manage due to the time and budget pressures, and turn to their development partners and suppliers to address their development needs. We study how dynamic development contests with enriched rank-based incentives and carefully-tailored information design can help these organizations leverage their suppliers for their development projects while seeking to minimize project lead time by stimulating competition among them. We find that an organization using dynamically-adjusted flexible rewards can achieve the minimum expected project lead time at a significantly lower cost than a fixed-reward policy. Importantly, the derived flexible-reward policy pays the minimum expected reward (i.e., achieves the first best). We further examine the case where the organization may not have sufficient budget to offer a reward that attains the minimum expected lead time. In this case, the organization uses the whole reward budget and supplements it with strategic information disclosure. Specifically, we derive an optimal information disclosure policy whereby any change in the state of competition is disclosed immediately with some probability that increases over time. Our results indicate that dynamic rewards and strategic information disclosure are powerful tools to help organizations fulfill their development needs swiftly and cost effectively.
Biography
Dr Ersin Korpeoglu is an Associate Professor at UCL School of Management. He received his PhD in Operations Management from Tepper School of Business at Carnegie Mellon University in 2015. He also holds a master’s degree and undergraduate degree of Industrial Engineering from Bilkent University.
Dr Korpeoglu’s research focuses on theoretical, empirical, and experimental analysis of operational problems in various application areas. His primary interest is innovative business models such as online platforms (e.g., crowdfunding, crowdsourcing, e-commerce, hospitality) and their interaction with conventional businesses. He also conducts research related to innovation sourcing and management, technology in healthcare, supply chain economics, socially responsible operations, and business analytics.
Dr Korpeoglu’s work has been published in world-leading academic journals such as Management Science, Operations Research, and Manufacturing & Service Operations Management and practitioner journals such as INTERFACES. His work is also featured in media outlets such as the Financial Times and the Wall Street Journal. He is the recipient of a best dissertation award, two best working paper awards, and one best paper award from the INFORMS Technology, Innovation Management and Entrepreneurship Section (TIMES). He is an active member of INFORMS, MSOM Society, and TIMES, and an associate editor at Management Science.