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Risk-Averse Capacity Control in Revenue Management (Lecture Notes in Economics and Mathematical Systems): 597 - Softcover
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This book revises the well-known capacity control problem in revenue management from the perspective of a risk-averse decision-maker. Modelling an expected utility maximizing decision maker, the problem is formulated as a risk-sensitive Markov decision process. Special emphasis is put on the existence of structured optimal policies. Numerical examples illustrate the results.
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This book revises the well-known capacity control problem in revenue management from the perspective of a risk-averse decision-maker. Modelling an expected utility maximizing decision maker, the problem is formulated as a risk-sensitive Markov decision process. Special emphasis is put on the existence of structured optimal policies. Numerical examples illustrate the results.
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RISK-AVERSE CAPACITY CONTROL IN REVENUE MANAGEMENT
Anbieter: Romtrade Corp., STERLING HEIGHTS, MI, USA
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Zustand: New. This is a Brand-new US Edition. This Item may be shipped from US or any other country as we have multiple locations worldwide. Artikel-Nr. ABNR-5558
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Risk-Averse Capacity Control in Revenue Management
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Zustand: New. pp. 180 Illus. Artikel-Nr. 7595909
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Risk-Averse Capacity Control in Revenue Management
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Taschenbuch. Zustand: Neu. Druck auf Anfrage Neuware - Printed after ordering - 'If necessity is the mother of invention, then deregulation is the father, and r- enue management (also known as yield management) is the couple's golden child - at least as far as operations research is concerned.' (Horner, 2000, p. 47) Deregulation had a signi cant impact on the U.S. airline industry in the late 1970s. Charter and low-cost airlines such as People Express and Southwest wereabletoo erseatsatafractionofthepricechargedbyestablishedcarriers like Pan Am and American Airlines. Due to their di erent cost structure, it seemed to be impossible for the big carriers to o er tickets at the same low price. Yet they had to nd a way to compete. Robert L. Crandall from American Airlines is widely credited with the - lution to the problem:yield management - today calledrevenue management, since it maximizes revenue earned on a ight rather than yield (revenue per passenger mile). The idea was simple: American Airlines ights were only half full on - erage. O ering the empty seats at a discount price would not only enable the carriers to compete with the low-cost airlines but even create additional r- enue, if (1) it were possible to prevent cannibalization, i.e. the sale of discount tickets to consumers who would otherwise be willing to pay full fare, and if (2) it could be assured that only the seats that would otherwise y empty were sold at the low price. Artikel-Nr. 9783540730132
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Risk-Averse Capacity Control in Revenue Management
ISBN 10: 3540730133
ISBN 13: 9783540730132
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Taschenbuch. Zustand: Neu. Neuware -¿If necessity is the mother of invention, then deregulation is the father, and r- enue management (also known as yield management) is the couple¿s golden child ¿ at least as far as operations research is concerned.¿ (Horner, 2000, p. 47) Deregulation had a signi cant impact on the U.S. airline industry in the late 1970s. Charter and low-cost airlines such as People Express and Southwest wereabletoo erseatsatafractionofthepricechargedbyestablishedcarriers like Pan Am and American Airlines. Due to their di erent cost structure, it seemed to be impossible for the big carriers to o er tickets at the same low price. Yet they had to nd a way to compete. Robert L. Crandall from American Airlines is widely credited with the - lution to the problem:yield management ¿ today calledrevenue management, since it maximizes revenue earned on a ight rather than yield (revenue per passenger mile). The idea was simple: American Airlines ights were only half full on - erage. O ering the empty seats at a discount price would not only enable the carriers to compete with the low-cost airlines but even create additional r- enue, if (1) it were possible to prevent cannibalization, i.e. the sale of discount tickets to consumers who would otherwise be willing to pay full fare, and if (2) it could be assured that only the seats that would otherwise y empty were sold at the low price.Springer Verlag GmbH, Tiergartenstr. 17, 69121 Heidelberg 180 pp. Englisch. Artikel-Nr. 9783540730132
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Risk-Averse Capacity Control in Revenue Management (Lecture Notes in Economics and Mathematical Systems, 597)
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Zustand: New. In. Artikel-Nr. ria9783540730132_new
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Risk-Averse Capacity Control in Revenue Management (Lecture Notes in Economics and Mathematical Systems)
Anbieter: Revaluation Books, Exeter, Vereinigtes Königreich
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Paperback. Zustand: Brand New. 1st edition. 163 pages. 9.25x6.00x0.50 inches. In Stock. Artikel-Nr. x-3540730133
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