Name
Title | ||
|---|---|---|
A stochastic dynamic pricing model for the multiclass problems in the airline industry. |
Abstract | ||
|---|---|---|
•We propose a dynamic pricing model with multiple products with different behaviors applied to the airline industry.•We estimate the transition probabilities using the inter-arrival time distribution of bookings and the probability that a booking turns into a ticket.•We fit these probabilities with phase type distributions.•Applying this model to a case study improved the expected revenue by 31 percent.•The phase type distributions fitted with a low error to the data of the industry. |
Year | DOI | Venue |
|---|---|---|
2015 | 10.1016/j.ejor.2014.09.038 | European Journal of Operational Research |
Keywords | Field | DocType |
Revenue management,Phase-type distributions,Stochastic dynamic programming,Dynamic pricing,OR in airlines | Revenue,Revenue management,Dynamic pricing,Yield management,Ticket,Stochastic programming,Operations management,Mathematics | Journal |
Volume | Issue | ISSN |
242 | 1 | 0377-2217 |
Citations | PageRank | References |
6 | 0.50 | 6 |
Authors | ||
2 | ||
Name | Order | Citations | PageRank |
|---|---|---|---|
| Daniel F. Otero | 1 | 6 | 0.50 |
| Raha Akhavan-Tabatabaei | 2 | 66 | 11.78 |