Risk-Averse Capacity Control in Revenue Management: 597 (Lecture Notes in Economics and Mathematical Systems, 597) - Softcover
Synopsis
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
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Risk-Averse Capacity Control in Revenue Management
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Risk-Averse Capacity Control in Revenue Management
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RISK-AVERSE CAPACITY CONTROL IN REVENUE MANAGEMENT (LECTURE NOTES IN ECONOMICS AND MATHEMATICAL SYSTEMS)
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Risk-Averse Capacity Control in Revenue Management (Lecture Notes in Economics and Mathematical Systems, 597)
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Risk-Averse Capacity Control in Revenue Management
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Springer Berlin Heidelberg Aug 2007, 2007
ISBN 10: 3540730133
ISBN 13: 9783540730132
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Taschenbuch. Condition: Neu. This item is printed on demand - it takes 3-4 days longer - Neuware -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. 180 pp. Englisch. Seller Inventory # 9783540730132
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Risk-Averse Capacity Control in Revenue Management (Lecture Notes in Economics and Mathematical Systems)
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Risk-Averse Capacity Control in Revenue Management
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ISBN 13: 9783540730132
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Kartoniert / Broschiert. Condition: New. Dieser Artikel ist ein Print on Demand Artikel und wird nach Ihrer Bestellung fuer Sie gedruckt. Includes supplementary material: sn.pub/extrasThis 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 pr. Seller Inventory # 4899572
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Risk-Averse Capacity Control in Revenue Management
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Springer, J.B. Metzler Aug 2007, 2007
ISBN 10: 3540730133
ISBN 13: 9783540730132
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Taschenbuch. Condition: Neu. This item is printed on demand - Print on Demand Titel. 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 KG, Sachsenplatz 4-6, 1201 Wien 180 pp. Englisch. Seller Inventory # 9783540730132