AI Simulation, Reinforcement Learning, Stochastic Optimization, Service Operations Management, FinTech

Xiaowei Zhang is an Associate Professor in the Department of Industrial Engineering and Decision Analytics at the Hong Kong University of Science and Technology. He re-joined the department in June 2023, after serving on the faculty of HKU Business School for four years. He earned his Ph.D. in Management Science and Engineering in 2011 and M.S. in Financial Mathematics in 2010, both from Stanford University, and his B.S. in Mathematics in 2006 from Nankai University.

Prof. Zhang's research focuses on methodological advances in stochastic simulation and optimization, decision analytics, and reinforcement learning, with applications in service operations management, financial technology, and digital economy. He is currently serving as an Associate Editor for Management Science and Operations Research.

1. Hanzhe Li, Jin Li, Ye Luo, and Xiaowei Zhang (2026). When interpretations undermine persuasion: The paradox of interpretable AI. Management Science, forthcoming.


2. L. Jeff Hong, Yanxi Hou, Qingkai Zhang, Xiaowei Zhang (2026).Learning to Simulate: Generative Metamodeling via Quantile Regression. INFORMS Journal on Computing, forthcoming


3. Wenjia Wang, Yanyuan Wang, Xiaowei Zhang (2024). Smooth Nested Simulation: Bridging Cubic and Square Root Convergence Rates in High Dimensions. Management Science, 70(12):9031–9057.


4. Liao Wang, Jin Yao, Xiaowei Zhang (2024). How Does Risk Hedging Impact Operations? Insights from a Price-Setting Newsvendor Model. Management Science, 70(7):4912–4931.


5. Liang Ding, Xiaowei Zhang (2024). Sample and Computationally Efficient Stochastic Kriging in High Dimensions. Operations Research, 72(2):660–683.


6. Liang Ding, L. Jeff Hong, Haihui Shen, Xiaowei Zhang (2022). Knowledge Gradient for Selection with Covariates: Consistency and Computation. Naval Research Logistics, 69(3):496–507.


7. Haihui Shen, L. Jeff Hong, Xiaowei Zhang (2021). Ranking and Selection with Covariates for Personalized Decision Making. INFORMS Journal on Computing, 33(4):1500–1519.


8. L. Jeff Hong, Xiaowei Zhang (2021). Surrogate-Based Simulation Optimization. Emerging Optimization Methods and Modeling Techniques with Applications, 287–311, INFORMS. (Book Chapter)


9. Weiwei Fan, L. Jeff Hong, Xiaowei Zhang (2020). Distributionally Robust Selection of the Best. Management Science, 66(1):190–208.


10. Haihui Shen, L. Jeff Hong, Xiaowei Zhang (2018). Enhancing Stochastic Kriging for Queueing Simulation with Stylized Models. IISE Transactions, 50(11):943–958.


11. Xiaowei Zhang, Jose Blanchet, Kay Giesecke, Peter W. Glynn (2015). Affine Point Processes: Approximation and Efficient Simulation. Mathematics of Operations Research, 40(4):797–819.


12. Xiaowei Zhang, Peter W. Glynn (2010). On the Dynamics of a Finite Buffer Queue Conditioned on the Amount of Loss. Queueing Systems, 67(2):91–110.

•    Associate Editor, Operations Research, 2024 – present
•    Associate Editor, Management Science, 2023 – present
•    Associate Editor, Queueing Systems, 2022 – present
•    Associate Editor, Navel Logistics Research, 2020 – present
•    Associate Editor, Asian-Pacific Journal of Operational Research, 2019 – 2025
 

•    Service Operations Management with AI-powered Agent-based Simulation. Research Grants Council of Hong Kong, General Research Fund, Project No. 16510826, Sep. 2026 – Aug. 2029, Principal Investigator.
•    A Reinforcement Learning-Based Lending Decision System for Micro and Small Enterprises. HKUST–WeBank Joint Laboratory, Project No. WEB24EG01-V, Jun. 2026 – Sep. 2027, Principal Investigator.
•    Enhancing Hong Kong's Role in Sustainable Supply Chain Finance via Technology Transformation. Research Grants Council of Hong Kong, Theme-based Research Scheme, Project No. T32-615/24-R, Jan. 2025 – Dec. 2029, Co-Principal Investigator.
•    High-dimensional Simulation Metamodeling: Theory and Applications. Research Grants Council of Hong Kong, General Research Fund, Project No. 17206821, Jan. 2022 – Jun. 2025, Principal Investigator.
•    Ranking and Selection with Covariates: Simulation for Contextual Decision-Making. Research Grants Council of Hong Kong, General Research Fund, Project No. 17201520, Jan. 2021 – Jun. 2024, Principal Investigator.
•    Enhancing Simulation Metamodeling with Domain Knowledge and Regularization. Research Grants Council of Hong Kong, General Research Fund, Project No. 16211417, Jul. 2017 – Dec. 2020, Principal Investigator.
•    Robust Selection of the Best Through Computer Simulation Experiments. Research Grants Council of Hong Kong, General Research Fund, Project No. 16203214, Sep. 2014 – Aug. 2017, Co-Investigator.
•    A Flexible Model for Customer Arrivals with Offline and Online Forecasting. Research Grants Council of Hong Kong, General Research Fund, Project No. 623013, Sep. 2013 – Aug. 2016, Principal Investigator.
•    A Novel Approach for Rare-Event Simulation for Markov Systems with Application in Portfolio Credit Risk. Research Grants Council of Hong Kong, Early Career Scheme, Project No. 624112, Jan. 2013 – Dec. 2015, Principal Investigator.
•    Stochastic Stability of Affine Jump Diffusions. Research Grants Council of Hong Kong, Direct Allocation Grant, Project No. DAG12EG01, Jan. 2012 – Jun. 2014, Principal Investigator.
 

•    "Large-scale Multi-level Distributed Inventory Network Management for E-commerce Platforms", First Prize, The 2025 Chinese Scholars Association for Management Science and Engineering (CSAMSE) Annual Conference Best Practice Award.
•    Faculty Outstanding Teacher Award (Postgraduate Teaching) 2020-21, The University of Hong Kong (link)