Faculty & Research

Gary Eppen

Gary D. Eppen

Ralph and Dorothy Keller Distinguished Service Professor of Economics Emeritus

5807 South Woodlawn Avenue
Chicago, IL 60637

  • Biography
  • Bibliography

Gary D. Eppen is the Ralph and Dorothy Keller Distinguished Service Professor of Operations Management, Emeritus, and former deputy dean for part-time programs at the University of Chicago Booth School of Business. Eppen joined Chicago Booth in 1964 as an assistant professor of industrial administration.

Eppen served as associate dean for six years, director of the International Business Exchange Program for fourteen years, associate dean for PhD studies for seven years, director of the Executive MBA Program for five years, and deputy dean for part-time programs for three years.

Eppen has published across a wide field of subjects: accounting, finance, marketing, purchasing, operations and optimization theory. His paper "Effects of Centralization on Expected Costs in a Multi-Location Newsboy Problem," Management Science 1979 was selected as one of the 50 most influential papers in the first 50 years of Management Science. He is also coauthor of the now-classic texts: Quantitative Concepts for Management: Decision Making without Algorithms; and Introductory Management Science.

He currently serves as an independent director of Hub Group, Inc., and on the advisory board of the Power Cat Group, LLC.  He held the position of director of Landauer Inc. from 1992 until 2007.

Eppen earned a PhD in operations research from Cornell University in 1964, a master of science in industrial engineering from the University of Minnesota in 1960, a bachelor of science from the University of Minnesota in 1958, and an associate in arts degree in pre-engineering from Austin Junior College in 1956.

Eppen was awarded the Francqui Medal by the Katholieke Universiteit Leuven in 1979. He was awarded an honorary doctor of economics by the Stockholm School of Economics in May 1998.


Coauthors: F. J. Gould and C. Schmidt. Introductory Management Science, Prentice-Hall, Inc.; 1993 (4th Edition), 1991 (3rd Edition) , 1989 (2nd Edition), 1984 (1st Edition).

Coauthor: F. J. Gould. Quantitative Concepts for Management-Decision Making without Algorithms, Prentice-Hall, Inc.; 1989 (3rd Edition), 1985 (2nd Edition), 1979 (1st Edition).

Coauthors: D. Metcalfe and M. Walters. The M.B.A. Degree, Chicago Review Press, October 1979.


Coauthor: A. Iyer, "Backup Arrangements in Fashion Buying-The Value of Upstream Flexibility," Management Science, September 1997.

Coauthor: A. Iyer, "Improved Fashion Buying with Bayesian Updates," Operations Research, November-December 1997.

Coauthors: W. A. Hanson and R. K. Martin. "Mining Your Product Line: Creating New Products with Bundliîg," Sloan Management Review, Summer 1991.

Coauthors: R. K. Martin and L. Schrage. "A Scenario Approach to Capacity Planning," Operations Research, July-August 1989.

Coauthor: R. K. Martin. "Determining Safety Stock in the Presence of Stochastic Lead Time and Demand," Management Science, November 1988.

Coauthor: R. K. Martin. "Solving Multi-Item Capacitated Lot Sizing Problems Using Variable Redefinition," Operations Research, November-December 1987.

Coauthors: R. K. Martin and L. Schrage. "A Mixed-Integer Programming Model for Evaluating Distribution Configurations in the Steel Industry," Computers and Operational Research, Volume 13, Pages 575-586, 1986.

Coauthor: R. Antle. "Resource Rationing, Organizational Slack and Project Auditing, Management Science, February 1985.

Coauthor: J. Lieberman. "Why Retailers Deal-An Inventory Explanation," Journal of Business, October 1984.

"Mathematics and Managers," Tijdschrift voor Ekonomie en Management, 1981.

Coauthors: R. Blattberg and J. Lieberman. "A Theoretical and Empirical Evaluation of Price Deals for Consumer Nondurables," Journal of Marketing, Winter 1981.

Coauthor: L. Schrage. "Centralized Ordering Policies in a Multiwarehouse System with Lead Times and Random Demand," Multilevel Production/Inventory Control Systems: Theory and Practice, North Holland Publishing Company, February 1981.

"Effects of Centralization on Expected Costs in a Multi-Location Newsboy Problem," Management Science, May 1979.

Coauthors: H. L. Davis and L. G. Mattson. "Critical Factors in Worldwide Purchasing," Harvard Business School, November-December 1974.

Coauthor: E. G. Hurst, Jr. "Optimal Location of Inspection Stations in a Multistage Production Process," Management Science, April I974.

Coauthor: E. F. Fama. "A Three Asset Dynamic Portfolio Model," Management Science, January 1971.

Coauthors: F. J. Gould and B. P. Pashigian. "Extensions of the Planning Horizon Theorem in the Dynamic Economic Lot Size Model," Management Science, January 1969.

Coauthor: E. F. Fama. "Cash Balance and Simple Dynamic Portfolio Problems wit Proportional Costs," International Economic Review, June 1969.

Coauthor: F. J. Gould. "A Lagrangian Application to Production Models," Operations Research, July-August 1968.

Coauthor: E. F. Fama. "Solutions for Cash Balance and Simple Dynamic Portfolio Problems," Journal of Business, January 1968.

Coauthor: G. de Ghellinck. "Linear Programming Solutions for Separable Markovian Decision Problems," Management Science, January 1967.

"Convexity-Preserving Transformation with Stochastic Matrices," Journal of S.l.A.M., March 1966.

"A Dynamic Analysis of a Class of Deteriorating Systems," Management Science, March 1966.