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Mathematical Model for Revenue Management with Overbooking and Costly Price Adjustment for Hotel Industries

机译:利用超额预订和昂贵价格调整的收入管理数学模型

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Revenue management (RM) has been widely used to model products characterized as perishable. Classical RM model assumed that price is the sole factor in the model. Thus price adjustment becomes a crucial and costly factor in business. In this paper, an optimal pricing model is developed based on minimization of soft customer cost, one kind of price adjustment cost and is solved by Lagrange multiplier method. It is formed by expected discounted revenue/bid price integrating quantity-based RM and pricing-based RM. Quantity-based RM consists of two capac- ity models, namely, booking limit and overbooking. Booking limit, built by assuming uncertain customer arrival, decides the optimal capacity allocation for two market segments. Overbooking determines the level of accepted order exceeding capacity to anticipate probability of cancellation. Furthermore, pricing-based RM models occupan- cy/demand rate influenced by internal and competitor price changes. In this paper, a mathematical model based on game theoretic approach is developed for two conditions of deterministic and stochastic demand. Based on the equilibrium point, the best strategy for both hotels can be determined.
机译:收入管理(RM)已被广泛用于模拟特征,以易腐的产品。古典RM模型假设价格是模型中的唯一因素。因此,价格调整成为业务的至关重要和昂贵的因素。在本文中,基于最小化软客户成本,一种价格调整成本并通过拉格朗日乘法器方法解决了最佳定价模型。它是由预期的折扣收入/出价集成整合数量的基于RM和基于定价的RM。基于数量的RM由两个容量型号,即预订限制和超预订。通过假设客户到货不确定建造的预订限制,决定两个市场段的最佳能力分配。超预订确定了预测取消概率的可接受订单的水平。此外,基于定价的RM模型占用了内部和竞争对手价格变化影响的CY /需求率。本文开发了一种基于游戏理论方法的数学模型,用于两个确定性和随机需求的两个条件。基于均衡点,可以确定两个酒店的最佳策略。

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