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| dynamic pricing and revenue management: Pricing and Revenue Optimization Robert Phillips, 2005-08-05 This is the first comprehensive introduction to the concepts, theories, and applications of pricing and revenue optimization. From the initial success of yield management in the commercial airline industry down to more recent successes of markdown management and dynamic pricing, the application of mathematical analysis to optimize pricing has become increasingly important across many different industries. But, since pricing and revenue optimization has involved the use of sophisticated mathematical techniques, the topic has remained largely inaccessible to students and the typical manager. With methods proven in the MBA courses taught by the author at Columbia and Stanford Business Schools, this book presents the basic concepts of pricing and revenue optimization in a form accessible to MBA students, MS students, and advanced undergraduates. In addition, managers will find the practical approach to the issue of pricing and revenue optimization invaluable. Solutions to the end-of-chapter exercises are available to instructors who are using this book in their courses. For access to the solutions manual, please contact marketing@www.sup.org. |
| dynamic pricing and revenue management: Revenue Management and Pricing Analytics Guillermo Gallego, Huseyin Topaloglu, 2019-08-14 “There is no strategic investment that has a higher return than investing in good pricing, and the text by Gallego and Topaloghu provides the best technical treatment of pricing strategy and tactics available.” Preston McAfee, the J. Stanley Johnson Professor, California Institute of Technology and Chief Economist and Corp VP, Microsoft. “The book by Gallego and Topaloglu provides a fresh, up-to-date and in depth treatment of revenue management and pricing. It fills an important gap as it covers not only traditional revenue management topics also new and important topics such as revenue management under customer choice as well as pricing under competition and online learning. The book can be used for different audiences that range from advanced undergraduate students to masters and PhD students. It provides an in-depth treatment covering recent state of the art topics in an interesting and innovative way. I highly recommend it. Professor Georgia Perakis, the William F. Pounds Professor of Operations Research and Operations Management at the Sloan School of Management, Massachusetts Institute of Technology, Cambridge, Massachusetts. “This book is an important and timely addition to the pricing analytics literature by two authors who have made major contributions to the field. It covers traditional revenue management as well as assortment optimization and dynamic pricing. The comprehensive treatment of choice models in each application is particularly welcome. It is mathematically rigorous but accessible to students at the advanced undergraduate or graduate levels with a rich set of exercises at the end of each chapter. This book is highly recommended for Masters or PhD level courses on the topic and is a necessity for researchers with an interest in the field.” Robert L. Phillips, Director of Pricing Research at Amazon “At last, a serious and comprehensive treatment of modern revenue management and assortment optimization integrated with choice modeling. In this book, Gallego and Topaloglu provide the underlying model derivations together with a wide range of applications and examples; all of these facets will better equip students for handling real-world problems. For mathematically inclined researchers and practitioners, it will doubtless prove to be thought-provoking and an invaluable reference.” Richard Ratliff, Research Scientist at Sabre “This book, written by two of the leading researchers in the area, brings together in one place most of the recent research on revenue management and pricing analytics. New industries (ride sharing, cloud computing, restaurants) and new developments in the airline and hotel industries make this book very timely and relevant, and will serve as a critical reference for researchers.” Professor Kalyan Talluri, the Munjal Chair in Global Business and Operations, Imperial College, London, UK. |
| dynamic pricing and revenue management: Revenue Management I. Yeoman, U. McMahon-Beattie, 2010-12-08 Pricing is about deciding your market position whereas revenue management is the strategic and tactical decisions firms take in order to optimize revenues and profits. This book offers insights into research, theories, applications and innovations and how to makes these work in different industries. |
| dynamic pricing and revenue management: Hotel Revenue Management: From Theory to Practice Stanislav Ivanov, 2014-03-15 This research monograph aims at developing an integrative framework of hotel revenue management. It elaborates the fundamental theoretical concepts in the field of hotel revenue management like the revenue management system, process, metrics, analysis, forecasting, segmentation and profiling, and ethical issues. Special attention is paid on the pricing and non-pricing revenue management tools used by hoteliers to maximise their revenues and gross operating profit. The monograph investigates the revenue management practices of accommodation establishments in Bulgaria and provides recommendations for their improvement. The book is suitable for undergraduate and graduate students in tourism, hospitality, hotel management, services studies programmes, and researchers interested in revenue/yield management. The book may also be used by hotel general managers, marketing managers, revenue managers and other practitioners looking for ways to improve their knowledge in the field. |
| dynamic pricing and revenue management: The Theory and Practice of Revenue Management Kalyan T. Talluri, Garrett J. van Ryzin, 2006-02-21 Revenue management (RM) has emerged as one of the most important new business practices in recent times. This book is the first comprehensive reference book to be published in the field of RM. It unifies the field, drawing from industry sources as well as relevant research from disparate disciplines, as well as documenting industry practices and implementation details. Successful hardcover version published in April 2004. |
| dynamic pricing and revenue management: Computational Intelligence: Foundations And Applications - Proceedings Of The 9th International Flins Conference Da Ruan, Tianrui Li, Yang Xu, Etienne E Kerre, Guoqing Chen, 2010-07-13 FLINS, originally an acronym for Fuzzy Logic and Intelligent Technologies in Nuclear Science, is now extended to Computational Intelligence for applied research. The contributions to the ninth in the series of FLINS conferences cover state-of-the-art research, development, and technology for computational intelligence systems — both from foundations and applications points-of-view. |
| dynamic pricing and revenue management: Pricing and Revenue Optimization Robert L. Phillips, 2021-05-18 This book offers the first introduction to the concepts, theories, and applications of pricing and revenue optimization. From the initial success of yield management in the commercial airline industry down to more recent successes of markdown management and dynamic pricing, the application of mathematical analysis to optimize pricing has become increasingly important across many different industries. But, since pricing and revenue optimization has involved the use of sophisticated mathematical techniques, the topic has remained largely inaccessible to students and the typical manager. With methods proven in the MBA courses taught by the author at Columbia and Stanford Business Schools, this book presents the basic concepts of pricing and revenue optimization in a form accessible to MBA students, MS students, and advanced undergraduates. In addition, managers will find the practical approach to the issue of pricing and revenue optimization invaluable. With updates to every chapter, this second edition covers topics such as estimation of price-response functions and machine-learning-based price optimization. New discussions of applications of dynamic pricing and revenue management by companies such as Amazon, Uber, and Disney, and in industries such as sports, theater, and electric power, are also included. In addition, the book provides current coverage of important applications such as revenue management, markdown management, customized pricing, and the behavioral economics of pricing. |
| dynamic pricing and revenue management: Hotel Pricing in a Social World Kelly A. McGuire, 2015-10-26 Take control of revenue management in the new hotel economy Hotel Pricing in a Social World: How to Drive Value in the New Hotel Economy is an insightful resource that provides guidance on improving organizational decision making to keep your hotel relevant, from a pricing standpoint, in the often chaotic hotel landscape. This groundbreaking book clearly showcases the current environment of the hotel industry, and describes new and emerging trends that can impact your revenue management tactics. This essential text prepares you to survive and thrive in today's highly competitive market, and outlines the best approach to building profitable pricing strategies that follow both tactical and strategic best practices. Revenue management has become a key activity in the highly social environment of today's hotel industry, thanks to mobile technology and social media. Though relatively new, revenue management is a quickly-evolving discipline that requires precision if you want to maintain your hotel's relevance in the market. Leverage original research, case studies, and industry examples to understand the practical application of key concepts Explore current market conditions that have an impact on revenue management Consider how advances in data management, analytics, and data visualization can impact revenue management practices Identify how revenue management can help you take advantage of market opportunities and overcome challenges Hotel Pricing in a Social World: How to Drive Value in the New Hotel Economy is an essential text for hotel CFOs, CMOs, revenue managers, and operations managers who want to leverage revenue management techniques to keep their hotel competitive. |
| dynamic pricing and revenue management: Global Supply Chain and Operations Management Dmitry Ivanov, Alexander Tsipoulanidis, Jörn Schönberger, 2021-11-19 The third edition of this textbook comprehensively discusses global supply chain and operations management (SCOM), combining value creation networks and interacting processes. It focuses on operational roles within networks and presents the quantitative and organizational methods needed to plan and control the material, information, and financial flows in supply chains. Each chapter begins with an introductory case study, while numerous examples from various industries and services help to illustrate the key concepts. The book explains how to design operations and supply networks and how to incorporate suppliers and customers. It examines how to balance supply and demand, a core aspect of tactical planning, before turning to the allocation of resources to meet customer needs. In addition, the book presents state-of-the-art research reflecting the lessons learned from the COVID-19 pandemic, and emerging, fast-paced developments in the digitalization of supply chain and operations management. Providing readers with a working knowledge of global supply chain and operations management, with a focus on bridging the gap between theory and practice, this textbook can be used in core, specialized, and advanced classes alike. It is intended for a broad range of students and professionals in supply chain and operations management. |
| dynamic pricing and revenue management: Revenue Management and Pricing Ian Yeoman, Una McMahon-Beattie, 2004 Revenue management is the process of allocating the right inventory to the right kind of customer at the right price to maximise revenue. It applies particularly to the service sector. Covering numerous industries, these case studies demonstrate a variety of scenarios, problems and solutions. |
| dynamic pricing and revenue management: Revenue Management Robert G. Cross, 2011-04-27 From the man the Wall Street Journal hailed as the guru of Revenue Management comes revolutionary ways to recover from the after effects of downsizing and refocus your business on growth. Whatever happened to growth? In Revenue Management, Robert G. Cross answers this question with his ground-breaking approach to revitalizing businesses: focusing on the revenue side of the ledger instead of the cost side. The antithesis of slash-and-burn methods that left companies with empty profits and dissatisfied stockholders, Revenue Management overturns conventional thinking on marketing strategies and offers the key to initiating and sustaining growth. Using case studies from a variety of industries, small businesses, and nonprofit organizations, Cross describes no-tech, low-tech, and high-tech methods that managers can use to increase revenue without increasing products or promotions; predict consumer behavior; tap into new markets; and deliver products and services to customers effectively and efficiently. His proven tactics will help any business dramatically improve its bottom line by meeting the challenge of matching supply with demand. |
| dynamic pricing and revenue management: The Oxford Handbook of Pricing Management Özalp Özer, Robert Phillips, 2012-06-07 The Oxford Handbook of Pricing Management is a comprehensive guide to the theory and practice of pricing across industries, environments, and methodologies. The Handbook illustrates the wide variety of pricing approaches that are used in different industries. It also covers the diverse range of methodologies that are needed to support pricing decisions across these different industries. It includes more than 30 chapters written by pricing leaders from industry, consulting, and academia. It explains how pricing is actually performed in a range of industries, from airlines and internet advertising to electric power and health care. The volume covers the fundamental principles of pricing, such as price theory in economics, models of consumer demand, game theory, and behavioural issues in pricing, as well as specific pricing tactics such as customized pricing, nonlinear pricing, dynamic pricing, sales promotions, markdown management, revenue management, and auction pricing. In addition, there are articles on the key issues involved in structuring and managing a pricing organization, setting a global pricing strategy, and pricing in business-to-business settings. |
| dynamic pricing and revenue management: The Pricing and Revenue Management of Services Irene C.L. Ng, 2007-07-26 In a world of changing lifestyles brought about by new services, technology and e-commerce, this book enters the arena of contemporary research with particular topicality. Integrating both theory and real world practices, Ng advances the latest concepts in pricing and revenue management for services in a language that is useful, prescriptive and yet thought-provoking. The first part of the book discusses the buyer as an individual, presenting the concepts behind what motivates purchase and the role of price within the motivation. The second part discusses the buyer in aggregate, investigating advanced demand, price discrimination and segmentation in service. Ng’s aim is to offer a strategic guide to increase revenue in services, drawing from various disciplines, whilst maintaining a strong marketing slant. Grounding the book on actual research in services, Ng is keen to highlight how the concepts and theories of pricing strategy can be combined and applied practically in a way that is easy to read and stimulating. This book will be of much interest to professionals and academics alike, specifically for managers in the service industry and as a text for executive training programmes. It would also be a useful supplementary text for students engaged with marketing and revenue and operations management in services. |
| dynamic pricing and revenue management: Operationalizing Dynamic Pricing Models Steffen Christ, 2011-04-02 Steffen Christ shows how theoretic optimization models can be operationalized by employing self-learning strategies to construct relevant input variables, such as latent demand and customer price sensitivity. |
| dynamic pricing and revenue management: The Evolution of Yield Management in the Airline Industry Ben Vinod, 2021-05-28 This book chronicles airline revenue management from its early origins to the last frontier. Since its inception revenue management has now become an integral part of the airline business process for competitive advantage. The field has progressed from inventory control of the base fare, to managing bundles of base fare and air ancillaries, to the precise inventory control at the individual seat level. The author provides an end-to-end view of pricing and revenue management in the airline industry covering airline pricing, advances in revenue management, availability, and air shopping, offer management and product distribution, agency revenue management, impact of revenue management across airline planning and operations, and emerging technologies is travel. The target audience of this book is practitioners who want to understand the basics and have an end-to-end view of revenue management. |
| dynamic pricing and revenue management: Segmentation, Revenue Management and Pricing Analytics Tudor Bodea, Mark Ferguson, 2014-03-21 The practices of revenue management and pricing analytics have transformed the transportation and hospitality industries, and are increasingly important in industries as diverse as retail, telecommunications, banking, health care and manufacturing. Segmentation, Revenue Management and Pricing Analytics guides students and professionals on how to identify and exploit revenue management and pricing opportunities in different business contexts. Bodea and Ferguson introduce concepts and quantitative methods for improving profit through capacity allocation and pricing. Whereas most marketing textbooks cover more traditional, qualitative methods for determining customer segments and prices, this book uses historical sales data with mathematical optimization to make those decisions. With hands-on practice and a fundamental understanding of some of the most common analytical models, readers will be able to make smarter business decisions and higher profits. This book will be a useful and enlightening read for MBA students in pricing and revenue management, marketing, and service operations. |
| dynamic pricing and revenue management: Revenue Management and Survival Analysis in the Automobile Industry André Jerenz, 2008-08-01 André Jerenz develops a price-based revenue management framework to support retailers in establishing better and more profitable pricing strategies, including assigning an initial asking price and the adjustment of price over time. |
| dynamic pricing and revenue management: Revenue Management for Hospitality and Tourism Alan Fyall, Patrick Legohérel, Elizabeth Poutier, 2013-05-31 Written by leading academic and industry experts actively engaged in revenue management, research and teaching this is a new and original treatment of the whole field for students and professionals. |
| dynamic pricing and revenue management: Introduction to Revenue Management for the Hospitality Industry, An: Principles and Practices for the Real World Kimberly A. Tranter, Trevor Stuart-Hill, Juston Parker, 2013-10-03 For courses in Introduction to Revenue Management. The first of its kind, this book was written to address the emerging course in Hospitality focused on revenue management. Based on the authors’ years of industry experience, this book includes a model for understanding the revenue management process and reveals four basic building blocks to revenue management success. With chapters dedicated to consumer behavior, economic principles, and strategic management, it outlines key processes and stages of revenue management planning. Four unique application chapters tailor concepts to specific segments of the industry and professional profiles help students learn about possibilities within the field. The full text downloaded to your computer With eBooks you can: search for key concepts, words and phrases make highlights and notes as you study share your notes with friends eBooks are downloaded to your computer and accessible either offline through the Bookshelf (available as a free download), available online and also via the iPad and Android apps. Upon purchase, you'll gain instant access to this eBook. Time limit The eBooks products do not have an expiry date. You will continue to access your digital ebook products whilst you have your Bookshelf installed. |
| dynamic pricing and revenue management: Revenue Management in Manufacturing Danilo Zatta, 2016-07-08 This book focuses on the application of revenue management in the manufacturing industry. Though previous books have extensively studied the application of revenue management in the service industry, little attention has been paid to its application in manufacturing, despite the fact that applying it in this context can be highly profitable and instrumental to corporate success. With this work, the author demonstrates that the manufacturing industry also fulfills the prerequisites for the application of revenue management. The book includes a summary of empirical studies that effectively illustrate how revenue management is currently being applied across Europe and North America, and what the profit potential is. |
| dynamic pricing and revenue management: Pricing Credit Products Robert L. Phillips, 2018 The consumer credit market -- Credit risk -- Incremental loan profitability -- The fundamentals of price response -- Estimating price response -- Pricing segmentation -- Optimizing prices -- Behavioral economics and credit pricing |
| dynamic pricing and revenue management: The Imagination Machine Martin Reeves, Jack Fuller, 2021-06-08 A guide for mining the imagination to find powerful new ways to succeed. We need imagination now more than ever—to find new opportunities, rethink our businesses, and discover paths to growth. Yet too many companies have lost their ability to imagine. What is this mysterious capacity? How does imagination work? And how can organizations keep it alive and harness it in a systematic way? The Imagination Machine answers these questions and more. Drawing on the experience and insights of CEOs across several industries, as well as lessons from neuroscience, computer science, psychology, and philosophy, Martin Reeves of Boston Consulting Group's Henderson Institute and Jack Fuller, an expert in neuroscience, provide a fascinating look into the mechanics of imagination and lay out a process for creating ideas and bringing them to life: The Seduction: How to open yourself up to surprises The Idea: How to generate new ideas The Collision: How to rethink your idea based on real-world feedback The Epidemic: How to spread an evolving idea to others The New Ordinary: How to turn your novel idea into an accepted reality The Encore: How to repeat the process—again and again. Imagination is one of the least understood but most crucial ingredients of success. It's what makes the difference between an incremental change and the kinds of pivots and paradigm shifts that are essential to transformation—especially during a crisis. The Imagination Machine is the guide you need to demystify and operationalize this powerful human capacity, to inject new life into your company, and to head into unknown territory with the right tools at your disposal. |
| dynamic pricing and revenue management: HOSPITALITY 2.0: Digital Revolution in the Hotel Industry Ira Vouk, 2022-01-31 This book is about the past, present, and future of hospitality. It presents a comprehensive study on the state of the industry by describing the challenges it has been dealing with, major disruptions in the recent years, effects of tech evolution, cloud computing, alternative accommodations and COVID-19, with a glimpse into what the future holds in the next 5-10 years and how we can get there faster and more efficiently. It contains exclusive interviews with industry leaders and technology founders who share their stories about what inspired them to start their companies, how they overcame the challenges presented by the hospitality industry, and how they developed their products into key elements of the hospitality ecosystem. You will also find interviews with companies like Google and AWS where they share their vision on how to move the industry forward through technology and what they are already doing in that area. This book is best suited for: hotel owners and managers, executives of hospitality companies, technology founders, investors, hospitality professors and students as well as anyone else who has an interest in the hospitality industry and shares my passion for its evolution. Regardless of your current experience and knowledge level, you will learn many new things about the industry. At least one ‘Aha!’ moment per chapter is guaranteed. |
| dynamic pricing and revenue management: How to Price Oz Shy, 2008-01-14 Over the past four decades, business and academic economists, operations researchers, marketing scientists, and consulting firms have increased their interest and research on pricing and revenue management. This book introduces the reader to a wide variety of research results on pricing techniques in a unified, systematic way and at varying levels of difficulty. The book contains a large number of exercises and solutions and therefore can serve as a main or supplementary course textbook, as well as a reference guidebook for pricing consultants, managers, industrial engineers, and writers of pricing software applications. Despite a moderate technical orientation, the book is accessible to readers with a limited knowledge in these fields as well as to readers who have had more training in economics. |
| dynamic pricing and revenue management: Handbook of e-Tourism Zheng Xiang, Matthias Fuchs, Ulrike Gretzel, Wolfram Höpken, 2022-09-01 This handbook provides an authoritative and truly comprehensive overview both of the diverse applications of information and communication technologies (ICTs) within the travel and tourism industry and of e-tourism as a field of scientific inquiry that has grown and matured beyond recognition. Leading experts from around the world describe cutting-edge ideas and developments, present key concepts and theories, and discuss the full range of research methods. The coverage accordingly encompasses everything from big data and analytics to psychology, user behavior, online marketing, supply chain and operations management, smart business networks, policy and regulatory issues – and much, much more. The goal is to provide an outstanding reference that summarizes and synthesizes current knowledge and establishes the theoretical and methodological foundations for further study of the role of ICTs in travel and tourism. The handbook will meet the needs of researchers and students in various disciplines as well as industry professionals. As with all volumes in Springer’s Major Reference Works program, readers will benefit from access to a continually updated online version. |
| dynamic pricing and revenue management: Introduction to Business Lawrence J. Gitman, Carl McDaniel, Amit Shah, Monique Reece, Linda Koffel, Bethann Talsma, James C. Hyatt, 2024-09-16 Introduction to Business covers the scope and sequence of most introductory business courses. The book provides detailed explanations in the context of core themes such as customer satisfaction, ethics, entrepreneurship, global business, and managing change. Introduction to Business includes hundreds of current business examples from a range of industries and geographic locations, which feature a variety of individuals. The outcome is a balanced approach to the theory and application of business concepts, with attention to the knowledge and skills necessary for student success in this course and beyond. This is an adaptation of Introduction to Business by OpenStax. You can access the textbook as pdf for free at openstax.org. Minor editorial changes were made to ensure a better ebook reading experience. Textbook content produced by OpenStax is licensed under a Creative Commons Attribution 4.0 International License. |
| dynamic pricing and revenue management: The Global Airline Industry Peter Belobaba, Amedeo Odoni, Cynthia Barnhart, 2015-07-06 Extensively revised and updated edition of the bestselling textbook, provides an overview of recent global airline industry evolution and future challenges Examines the perspectives of the many stakeholders in the global airline industry, including airlines, airports, air traffic services, governments, labor unions, in addition to passengers Describes how these different players have contributed to the evolution of competition in the global airline industry, and the implications for its future evolution Includes many facets of the airline industry not covered elsewhere in any single book, for example, safety and security, labor relations and environmental impacts of aviation Highlights recent developments such as changing airline business models, growth of emerging airlines, plans for modernizing air traffic management, and opportunities offered by new information technologies for ticket distribution Provides detailed data on airline performance and economics updated through 2013 |
| dynamic pricing and revenue management: Revenue Management (AHLEI) Gabor Forgacs, American Hotel & Lodging Association, 2013-05-06 This is the eBook of the printed book and may not include any media, website access codes, or print supplements that may come packaged with the bound book. This short course provides students with an overview of this important discipline and is an ideal supplement to a marketing, front office, or general operations class. A solid understanding of revenue management’s key concepts and the selective application of its most effective strategies and tactics have become mission critical for most hospitality operations. This NEW book explores the applicability of revenue maximization strategies and their operational aspects. Readers will learn the difference between strategic and tactical revenue management and why that distinction is critical, the tools that are available to revenue managers and when to use them, the broad range of information needed to effectively maximize revenue, vital issues to consider before implementing revenue management tactics, how revenue management is often misunderstood and applied inappropriately, the significant potential consequences of using revenue management poorly, as well as the benefits it can provide when done well. |
| dynamic pricing and revenue management: The Airline Industry , 2006 The Airline industry has been under increasing pressure recently, from the increased competition of low-cost airlines and the terrorist events of 2001 to name but a few. Various US airlines, including Delta and Northwest, have been declared bankrupt, oil prices have soared, and seat prices are still being forced down, the supply far outweighing the demand. This e-book looks at recent case studies of airlines in crisis (Continental Airlines), and also airlines which have excelled at expansion during this turbulent time such as Easyjet and Ryanair, and offers examples of successful strategies previously used. The collection also features interviews with high-profile figures from airlines such as Go!, Qatar Airways and SWISS International Airlines. |
| dynamic pricing and revenue management: Supply Chain Planning Hans-Otto Günther, Herbert Meyr, 2009-03-05 In recent years, supply chain planning has emerged as one of the most challenging problems in the industry. As a consequence, the planning focus is shifting from the management of plant-speci?c operations to a holistic view of the various logistics and productionstages, that is an approach in which suppliers, productionplants and customers are considered as constituents of an integrated network. A major dr- ing force behind this development lies in the globalization of the world economy, which has facilitated the co-operation between different partners working together in world-wide logistics networks. Hence, considerable cost savings can be gained from optimizing the structure and the operations of complex supply networks li- ing plants, suppliers, distribution centres and customers. Consequently, to improve the performance of the entire logistic chain, more sophisticated planning systems and more effective decision support are needed. Clearly, successful applications of supply chain management have driven the development of advanced planning systems (APS), which are concerned with s- porting decision-making activities at the strategic, tactical and operational decision level. These software packages basically rely on the application of quantitative methods, which are used to model the underlying complex decision problems c- sidering the limited availability of resources and the need to react on time to customer orders. The core module at the mid-term level of APS comprises op- ational supply chain planning. In many industries, productionstages are assigned to differentplantsand distribution centreshave been established at geographicallyd- persed locations. |
| dynamic pricing and revenue management: Mathematical and Computational Models for Congestion Charging Siriphong Lawphongpanich, Donald W. Hearn, Michael J. Smith, 2006-06-05 Rigorous treatments of issues related to congestion pricing are described in this book. It examines recent advances in areas such as mathematical and computational models for predicting traffic congestion, determining when, where, and how much to levy tolls, and analyzing the impact on transportation systems. The book follows recent schemes judged to be successful in London, Singapore, Norway, as well as a number of projects in the United States. |
| dynamic pricing and revenue management: Quantitative Techniques for Competition and Antitrust Analysis Peter Davis, Eliana Garcés, 2009-11-16 This book combines practical guidance and theoretical background for analysts using empirical techniques in competition and antitrust investigations. Peter Davis and Eliana Garcés show how to integrate empirical methods, economic theory, and broad evidence about industry in order to provide high-quality, robust empirical work that is tailored to the nature and quality of data available and that can withstand expert and judicial scrutiny. Davis and Garcés describe the toolbox of empirical techniques currently available, explain how to establish the weight of pieces of empirical work, and make some new theoretical contributions. The book consistently evaluates empirical techniques in light of the challenge faced by competition analysts and academics--to provide evidence that can stand up to the review of experts and judges. The book's integrated approach will help analysts clarify the assumptions underlying pieces of empirical work, evaluate those assumptions in light of industry knowledge, and guide future work aimed at understanding whether the assumptions are valid. Throughout, Davis and Garcés work to expand the common ground between practitioners and academics. |
| dynamic pricing and revenue management: Revenue Management with Customer Choice Dan Zhang, 2005 |
| dynamic pricing and revenue management: Discrete Choice Modelling and Air Travel Demand Professor Laurie A Garrow, 2012-10-01 In recent years, airline practitioners and academics have started to explore new ways to model airline passenger demand using discrete choice methods. This book provides an introduction to discrete choice models and uses extensive examples to illustrate how these models have been used in the airline industry. These examples span network planning, revenue management, and pricing applications. Numerous examples of fundamental logit modeling concepts are covered in the text, including probability calculations, value of time calculations, elasticity calculations, nested and non-nested likelihood ratio tests, etc. The core chapters of the book are written at a level appropriate for airline practitioners and graduate students with operations research or travel demand modeling backgrounds. Given the majority of discrete choice modeling advancements in transportation evolved from urban travel demand studies, the introduction first orients readers from different backgrounds by highlighting major distinctions between aviation and urban travel demand studies. This is followed by an in-depth treatment of two of the most common discrete choice models, namely the multinomial and nested logit models. More advanced discrete choice models are covered, including mixed logit models and generalized extreme value models that belong to the generalized nested logit class and/or the network generalized extreme value class. An emphasis is placed on highlighting open research questions associated with these models that will be of particular interest to operations research students. Practical modeling issues related to data and estimation software are also addressed, and an extensive modeling exercise focused on the interpretation and application of statistical tests used to guide the selection of a preferred model specification is included; the modeling exercise uses itinerary choice data from a major airline. The text concludes with a discussion of on-going customer modeling research in aviation. Discrete Choice Modelling and Air Travel Demand is enriched by a comprehensive set of technical appendices that will be of particular interest to advanced students of discrete choice modeling theory. The appendices also include detailed proofs of the multinomial and nested logit models and derivations of measures used to represent competition among alternatives, namely correlation, direct-elasticities, and cross-elasticities. |
| dynamic pricing and revenue management: The AI Marketing Canvas Raj Venkatesan, Jim Lecinski, 2021-05-18 This book offers a direct, actionable plan CMOs can use to map out initiatives that are properly sequenced and designed for success—regardless of where their marketing organization is in the process. The authors pose the following critical questions to marketers: (1) How should modern marketers be thinking about artificial intelligence and machine learning? and (2) How should marketers be developing a strategy and plan to implement AI into their marketing toolkit? The opening chapters provide marketing leaders with an overview of what exactly AI is and how is it different than traditional computer science approaches. Venkatesan and Lecinski, then, propose a best-practice, five-stage framework for implementing what they term the AI Marketing Canvas. Their approach is based on research and interviews they conducted with leading marketers, and offers many tangible examples of what brands are doing at each stage of the AI Marketing Canvas. By way of guidance, Venkatesan and Lecinski provide examples of brands—including Google, Lyft, Ancestry.com, and Coca-Cola—that have successfully woven AI into their marketing strategies. The book concludes with a discussion of important implications for marketing leaders—for your team and culture. |
| dynamic pricing and revenue management: Handbook of Pricing Research in Marketing Vithala R. Rao, 2009 Pricing is an essential aspect of the marketing mix for brands and products. Further, pricing research in marketing is interdisciplinary, utilizing economic and psychological concepts with special emphasis on measurement and estimation. This unique Handbook provides current knowledge of pricing in a single, authoritative volume and brings together new cutting-edge research by established marketing scholars on a range of topics in the area. The environment in which pricing decisions and transactions are implemented has changed dramatically, mainly due to the advent of the Internet and the practices of advance selling and yield management. Over the years, marketing scholars have incorporated developments in game theory and microeconomics, behavioral decision theory, psychological and social dimensions and newer market mechanisms of auctions in their contributions to pricing research. These chapters, specifically written for this Handbook, cover these various developments and concepts as applied to tackling pricing problems. Academics and doctoral students in marketing and applied economics, as well as pricing-focused business practitioners and consultants, will appreciate the state-of-the-art research herein. |
| dynamic pricing and revenue management: Yield Management Ian Yeoman, Anthony Ingold, 1997 This student textbook for those involved in the hospitality, tourism and business sectors explains the concept of yield management that seeks to balance the supply and demand of customers and service. |
| dynamic pricing and revenue management: Applied Dynamic Programming Richard E. Bellman, Stuart E Dreyfus, 2015-12-08 This comprehensive study of dynamic programming applied to numerical solution of optimization problems. It will interest aerodynamic, control, and industrial engineers, numerical analysts, and computer specialists, applied mathematicians, economists, and operations and systems analysts. Originally published in 1962. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905. |
| dynamic pricing and revenue management: Lead and Disrupt Charles A. O’Reilly III, Michael L. Tushman, 2016-03-30 In the past few years, a number of well-known firms have failed; think of Blockbuster, Kodak, or RadioShack. When we read about their demise, it often seems inevitable—a natural part of creative destruction. But closer examination reveals a disturbing truth: Companies large and small are shuttering more quickly than ever. What does it take to buck this trend? The simple answer is: ambidexterity. Firms must remain competitive in their core markets, while also winning in new domains. Innovation guru Clayton M. Christensen has been pessimistic about whether established companies can prevail in the face of disruption, but Charles A. O'Reilly III and Michael L. Tushman know they can! The authors explain how shrewd organizations have used an ambidextrous approach to solve their own innovator's dilemma. They contrast these luminaries with companies which—often trapped by their own successes—have been unable to adapt and grow. Drawing on a vast research program and over a decade of helping companies to innovate, the authors present a set of practices to guide firms as they adopt ambidexterity. Top-down and bottom-up leaders are key to this process—a fact too often overlooked in the heated debate about innovation. But not in this case. Readers will come away with a new understanding of how to improve their existing businesses through efficiency, control, and incremental change, while also seizing new markets where flexibility, autonomy, and experimentation rule the day. |
| dynamic pricing and revenue management: History and Strategy Steven Kahl, Michael Cusumano, Brian S. Silverman, 2012-09-03 In this volume, strategy scholars, business historians, and economic historians are brought together to develop a volume that explores the complementarities of approaches. |
DYNAMIC Definition & Meaning - Merriam-Webster
The meaning of DYNAMIC is marked by usually continuous and productive activity or change. How to use dynamic in a sentence.
DYNAMIC | English meaning - Cambridge Dictionary
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Dynamic is a term often used to refer to something that is constantly changing or evolving. It may also refer to an interaction or system characterized by constant change, activity, or progress. …
What Does Dynamic Mean? | The Word Counter
Apr 3, 2022 · Dictionary states that the word dynamic is an adjective that means energetic, forceful, or active. However, dynamic is used in a more specific way in the fields of physics …
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DYNAMIC | definition in the Cambridge English Dictionary
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DYNAMIC PRICING USING MACHINE LEARNING : A STUDY …
5. Patel, S., & Jain, M. (2018). "A Machine Learning Framework for Dynamic Pricing in Hospitality: A Case Study of Hotel Booking." Tourism Management, 30(4), 567-584. The case study …
Price Guarantees in Dynamic Pricing and Revenue …
Levin, McGill, and Nediak: Price Guarantees in Dynamic Pricing and Revenue Management 76 Operations Research 55(1), pp. 75-97, ?2007 INFORMS guarantee instrument. This …
Welfare Analysis of Dynamic Pricing - utoronto.scholaris.ca
: Dynamic Pricing, Revenue Management, Consumers’ Surplus, Social Welfare, Pareto Eÿciency . 1. Introduction . Dynamic pricing and revenue management practices have proliferated since …
Dynamic Pricing Using Reinforcement Learning - ijrpr.com
International Journal of Research Publication and Reviews, Vol 4, no 12, pp 4522-4528 December 2023 4526 Flowchart: Q-learning can be applied to dynamic pricing as a reinforcement …
Chapter 15: Pricing and the Revenue Management - The …
Revenue management is the use of pricing to increase the profit generated from a limited supply of supply chain assets – SCs are about matching demand and capacity ... – Dynamic pricing …
Assessing the Value of Dynamic Pricing in Network Revenue …
ment and pricing. A comprehensive review of the revenue management literature is given by Talluri and van Ryzin (2004b). Dynamic pricing is often considered as a sub-area of revenue …
Pricing in Ride-share Platforms: A Queueing-Theoretic …
Department of Management Science and Engineering, Stanford University, Stanford, CA 94025 rikel@stanford.edu, sidb@stanford.edu, ramesh.johari@stanford.edu ... We first show that …
Revenue Management and Pricing - New York University
Revenue Management and Pricing . Sample Course Syllabus (subject to minor revisions) INSTRUCTORS: Gustavo Vulcano, IOMS, Stern School of Business, NYU . KMC 8 -76, (212) …
Can Dynamic Pricing Algorithm Facilitate Tacit Collusion? An ...
revenue management system (e.g., expected marginal seat revenue (EMSR)) still works well in practice, there is a growing interest in the industry to build its next generation of revenue …
PRICING AND REVENUE MANAGEMENT IN LOGISTIC
The revenue management pricing refer to how companies should set and adjust their prices in order to maximize profitability, pricing decisions, which are common decisions can be …
Dynamic Pricing with a Prior on Market Response - Stanford …
Subjectclassifications: dynamic pricing; demand learning; revenue management. Areaofreview: Revenue Management. History: Received March 2007; revisions received November 2007, …
A Comparison of Fixed and Dynamic Pricing Policies in …
Keywords: Dynamic pricing Revenue management Yield management Heuristics Introduction Pricing is one of the most important decisions that impact a firm's profitability. The effect of …
Discrete dynamic pricing and application of network …
General revenue management and dynamic pricing literature Traditionally, revenue management models assume that a rm sells multiple perishable products simultaneously. 18 C. Barz et al. …
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The theoretical framework of this study draws upon key concepts and theories from the fields of revenue management, pricing strategy, and consumer behavior to provide a theoretical lens …
Multiproduct revenue management: An empirical study of …
interests include dynamic pricing, revenue management, game theory applications, and transportation planning. Kyle Y. Lin is an associate professor at the ... 174 Journal of Revenue …
Dynamic Pricing Strategies for Multiproduct Revenue …
MANUFACTURING & SERVICE OPERATIONS MANAGEMENT Vol.8,No.2,Spring2006,pp.136–148 issn1523-4614 eissn1526-5498 06 0802 0136 informs ® …
Real-Time Dynamic Pricing with Minimal and Flexible Price
Chen,Jasin, and Duenyas: Real-Time Dynamic Pricing ManagementScience62(8), pp. 2437-2455,©2016 INFORMS 2439 price without reoptimization. Thus, although reopti mization does …
Dynamic revenue management in a passenger rail network …
Revenue management for passenger rail transportation has a vital role in the profitability of public transportation service providers. This study proposes an intelligent decision support …
Dynamic pricing with demand disaggregation for hotel …
appropriate category. For example, practical hotel revenue management (HRM) sys-tems, that use dynamic pricing, are described by Koushik et al. (2012) and Pekgun et al. (2013). …
Dynamic Pricing with Demand Covariates - Stanford …
Dynamic Pricing with Demand Covariates Sheng Qiang Stanford University Graduate School of Business, Stanford, CA 94305, sqiang@stanford.edu ... especially in the eld of dynamic …
Dynamic Pricing in the Presence - JSTOR
1 Dynamic pricing practices in these industries are known as yield management (or revenue management or perishable asset rev-enue management). The key factor behind revenue …
Machine Learning Algorithms for Dynamic Pricing …
Keywords: Dynamic Pricing, Artificial Intelligence, Machine Learning, Reinforcement Learning, Retail Optimization, Pricing Strategies, Personalized Pricing, Data-Driven Pricing. 1. …
Dynamic Offers - IATA
Dynamic pricing is not new. Through yield/revenue management techniques, airline pricing has been “dynamic” since the early 1980s. What is new, is the ability to adjust the price in real time …
Dynamic Pricing in the Airline Industry - studenttheses.uu.nl
Dynamic pricing (DP) is an area in revenue management (RM) what mainly deals with the price: how to determine the (optimal) price for di erent periods of time for di erent customers? The …
REVENUE MANAGEMENT: DEVELOPMENT OF A CASE …
Journal of Revenue and Pricing Management, 10, p. 64. 1.2 Revenue management and teaching revenue management in the US 1.2.1 Revenue management . Revenue management is a …
Online Network Revenue Management using Thompson …
Key words: revenue management, dynamic pricing, demand learning, multi-armed bandit, Thompson sampling, machine learning 1. Introduction In this paper, we consider a price-based …
Constrained Pricing in Choice-based Revenue Management
Dynamic pricing, widely recognized as a crucial subarea of revenue management, has wit-nessed substantial and remarkable growth in recent years (Zhang and Lu2013). Dynamic pricing …
Artificial intelligence and dynamic pricing: a systematic …
Feb 13, 2025 · Another study analyzed revenue management in passenger trans-portation (Ammirato et al., 2020). In the sharing economy, a systematic literature review was conducted …
Personalization in airline revenue management: an overview …
Airline revenue management (RM) concentrates on the optimization of the booking process to accept a reservation with three key decision-making pillar: the right conditions, the right time, …
Sustainable Dynamic Pricing for Perishable Food with
of revenue management is widely defined in literature as selling the right product to the right customer at the right price; aiming to maximize the profit, through market ... in inventory …
The industry transformation to dynamic offering - IATA
Keywords Airlines · New distribution capability · Continuous pricing · Dynamic bundling O˜er determination in the airline industry Background As a perishable asset, each individual airline’s …
A Deep Reinforcement Learning Approach to Dynamic …
Keywords: Airline revenue management, Dynamic pricing, Deep reinforcement learning Corresponding author 1 College of Aeronautics and Engineering, Kent State University, Kent, …
Dynamic Pricing: Some Thoughts and Analysis
Dynamic pricing revenue models are extensively used in the airline, hotel and rental car industries (Hanks, et al., 1992; Smith et al 1992; Carroll and Grimes, 1995). ... (2003) examined the …
AnIntroductiontoRevenueManagement - Columbia Business …
van Ryzin and Talluri: An Introduction to Revenue Management Tutorialsin OperationsResearch, c 2005 INFORMS 143 RMisconcernedwithsuchdemand-managementdecisions1 …
Real-Time Dynamic Pricing with Minimal and Flexible Price …
Key words: dynamic pricing; revenue management; heuristic; asymptotic analysis. History: . 1. Introduction Nowadays, Revenue Management (RM) practice has become very prevalent in …
Risk in Revenue Management and Dynamic Pricing
Levin,McGill,andNediak: Risk in Revenue Management and Dynamic Pricing 330 OperationsResearch56(2),pp.326–343,©2008INFORMS variables "nr t for each of the …
Strategic Pricing Strategies: Theory and Practice
pricing, market segmentation, value-based pricing, dynamic pricing, case studies, key performance indicators, pricing tactics, ethical considerations, future trends. 1. Introduction to …
Dynamic Pricing for Airline Revenue Management under
ResearchArticle Dynamic Pricing for Airline Revenue Management under Passenger Mental Accounting YushengHu,JinlinLi,andLunRan …
Working Paper - deepblue.lib.umich.edu
Real-Time Dynamic Pricing for Revenue Management with Reusable Resources and Determini stic Service Time Requirements . Yanzhe (Murray) Lei . Stephen M. Ross School of Business . …
Welfare Analysis of Dynamic Pricing - ResearchGate
There is a vast literature on dynamic pricing in the revenue management community. Gallego and van Ryzin (1994) investigate the optimal pricing policy of a firm selling a given stock of items
Revenue management and price optimization techniques in …
booking horizon, customer choice models, dynamic pricing, hotel revenue management, price elasticity of demand, seasonality Corresponding author: Aldric Vives, Department of Applied …
REVENUE MANAGEMENT AND PRICING - New York University
For example, American Airlines estimates that its pricing and revenue management practices have generated more than $1.4 billion in additional incremental revenue over a three-year …
arXiv:1912.02572v3 [cs.LG] 31 Aug 2021
Keywords Reinforcement learning Dynamic pricing E-commerce Revenue management Field experiment Dynamic pricing, to adjust prices according to inventories left and demand …
Chapter 10 Dynamic Pricing and Revenue Management
Dynamic Pricing and Revenue Management An active and rapidly growing applied operations research discipline is the field known as revenue management (RM). The principal intent of …
Revenue Management without Commitment: Dynamic …
tickets. The revenue management literature studies the optimal pricing in these markets under the assumption that the seller has perfect commitment power. In contrast, this article studies the …
MIT Open Access Articles A dynamic pricing engine for …
Keywords: dynamic pricing, airline revenue management, substitutable flights, dynamic pricing engine, New Distribution Capability. 3 INTRODUCTION In traditional airline revenue …
Pricing and Revenue Management - SSRN
Modern revenue managers understand, anticipate, and react to market demand to maximise their businesses’ revenues. They often do so by analysing, forecasting, and optimising their fixed, …
Syllabus Revenue Management MBA - New York University
• Dynamic pricing policies. Read: – Chapters 2, 3 & 4 PRO-textbook. – Case 1: Vertigo-U2 ... Revenue&Management&and&Pricing&&&&&Profs:&R.CaldenteyandK.Talluri & Sessions 6 & …
Strategic Consumer Response to Dynamic Pricing of …
opportunity to implement revenue management techniques such as dynamic pricing because price changes are easy, inexpensive, and potentially more effective. Most of the research on …
DYNAMIC PRICING AND MINIMUM LENGTH OF STAY …
revenue management (Choi & Kimes, 2002). In the hospitality industry, revenue manage-ment has been a key operational strategy to maximize revenues by utilizing both pricing (e.g., …
