4
$\begingroup$

I have been asked to determine the optimal ticket prices for live-events. Strictly speaking, I'm working as a data scientist for this company, so this question is a outside my field of expertise. I have a PhD in physics, and I've been trying to learn Micro-econ by watching MIT/Coursera videos.

Separately, from reading articles online, I know that given the inventory (which is similar to airline tickets or hotel rooms) I don't want to find the optimal prices by solving a revenue maximization type problem but rather through yield management. Is this correct?

There are already questions on SE (Where to start learning economics as a mathematician?, Introductory or Primer text on Economics?), about resources for learning intro economics.

But what I would like is a set of books, or online tools that would take someone like me with NO formal training in economics from zero to a firm grasp with the concepts of yield management and revenue maximization.

$\endgroup$
1
$\begingroup$

You should seek for topics under Industrial Economics then. I have these books has reference (see below list). Keep in mind that Industrial Economics is highly focus on competition and market power.

I find them both easy to read and understand concepts, mainly the first one. When I first had to work with it, my common problem was with the math, but if your background is in Physics, I'm sure you'll have no problems understanding the functions transformations.

Coursera also has some courses that slightly approach Industrial Economics, like this one, but I guess this will not suffice to you.

$\endgroup$
  • $\begingroup$ Thank you...I notice the books do not have very many reviews on Amazon, is that simply because they are new-ish?I think the very first of the set of coursera courses might be helpful (at least interesting) $\endgroup$ – tau1777 Jan 10 '16 at 21:51
  • $\begingroup$ Both are relatively used in the academic world, not sure if that is somehow connected. The first one has been released 11 times (11th is the most recent, I think), so it is not properly new :) I found the other one while searching for PhD programs in economics, so I guess it isn't new as well $\endgroup$ – gsilvapt Jan 10 '16 at 21:57
  • $\begingroup$ Ahh, yes, I see what you mean, i just searched for Micro Thry from school library and most of the newest editions are checked out. I'll have to stick with 7th edition. I'm assuming that's not a problem. Still weird that such a "classic" text wouldn't have more ratings on Amazon. $\endgroup$ – tau1777 Jan 10 '16 at 22:05
  • $\begingroup$ I don't want to mention this out loud here, but both are very expensive books. I would not be surprised if many students used the PDF versions everyone can find online. Maybe that explains why there aren't many reviews on Amazon. Also, it's an European book. Not sure if it is used as well in American colleges. In regard to the 7th edition, I believe there is no problem $\endgroup$ – gsilvapt Jan 10 '16 at 22:26
  • $\begingroup$ Yes, they do seem expensive, I'll try to find them at a local library. Otherwise might try and get my company to pay out.Thanks again. $\endgroup$ – tau1777 Jan 11 '16 at 4:17
0
$\begingroup$

Given your background, I'd recommend you to skip directly to Mas-Collel's Microeconomic Theory, which is used internationally as a standard first year PhD textbook and is quite clear. Compared to Nicholson's book, it both covers more ground and is more rigorous in its treatment.

$\endgroup$
  • $\begingroup$ Thanks, I've just skimmed through the first three chapters. While I do enjoy seeing the Mathematical rigor, the talk of hyper-planes, and tons of differential equations, in this presentation. I think this might not be what I'm looking for, its very definition heavy, and without an econ background I'm not sure how quickly I can get through it. Also, I'm a bit worried about it being published in 1995. In general how quickly is economic theory changing? How quickly is how its being taught changing? $\endgroup$ – tau1777 May 10 '16 at 16:26
0
$\begingroup$

The Belleflamme-Peitz book on markets and strategies (already suggested above) is a good broad starter on IO. This book can be used for advanced undergrads. Masters students and MBA students - so it is perfectly fine for someone with your background. The MWG only makes sense if you want to do your PhD in Economics or if you insist on rigor.

For your particular case, I see no reason not to go to Talluri & van Ryzin directly. The book is easy to read and it will directly address your questions.

$\endgroup$

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.