Did you know that the price at which you buy your Coke bottle (pick any brand you'd like here) at your nearest retail store was probably set by a process that involved mathematical optimization? If not, then learn how it was probably done.
Let me first say that the idea of optimizing prices isn't really new. The airline industry has rolled out techniques called revenue management in the 90s, where the number of seats offered at a given rate was modified according to the demand. In a nutshell, if a given... [More]