A Static Model in Single Leg Flight Airline Revenue Management
Static models on single leg airline revenue management generally consider booking limits or protection limits as the main decision variables to control reservation requests. In the current paper, the authors provide an alternative framework in which the decision variables are the closing times of fare classes. In a continuous time model with nonhomogeneous Poisson arrivals, cancellations, and no-shows, the authors study the problem of finding optimal closing times to maximize the expected net revenue from a given flight. The authors analyze the value function, point out some easy cases, and bring an easily implementable dynamic programming based solution method. The authors also illustrate this method on some numerical examples.
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Availability:
- Find a library where document is available. Order URL: http://worldcat.org/oclc/1767714
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Supplemental Notes:
- Abstracts reprinted with permission of INFORMS (Institute for Operations Research and the Management Sciences, http://www.informs.org).
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Authors:
- Frenk, J B G
- Pourghannad, Behrooz
- Sezer, Semih O
- Publication Date: 2017-2
Language
- English
Media Info
- Media Type: Web
- Features: References;
- Pagination: pp 214-232
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Serial:
- Transportation Science
- Volume: 51
- Issue Number: 1
- Publisher: Institute for Operations Research and the Management Sciences (INFORMS)
- ISSN: 0041-1655
- Serial URL: http://transci.journal.informs.org/
Subject/Index Terms
- TRT Terms: Airlines; Dynamic programming; Optimization; Poisson distributions; Yield management
- Uncontrolled Terms: Connecting flights; Direct flights; Static models
- Subject Areas: Aviation; Finance; Operations and Traffic Management; Passenger Transportation; Planning and Forecasting;
Filing Info
- Accession Number: 01633808
- Record Type: Publication
- Files: TRIS
- Created Date: May 1 2017 9:36AM