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A review of revenue management : recent generalizations and advances in industry applications
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Klein, Robert, Koch, Sebastian, Steinhardt, Claudius and Strauss, Arne (2019) A review of revenue management : recent generalizations and advances in industry applications. European Journal of Operational Research . doi:10.1016/j.ejor.2019.06.034 (In Press)
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Official URL: https://doi.org/10.1016/j.ejor.2019.06.034
Abstract
Originating from passenger air transport, revenue management has evolved into a general and indispensable methodological framework over the last decades, comprising techniques to manage demand actively and to further improve companies’ profits in many different industries. This article is the second and final part of a paper series surveying the scientific developments and achievements in revenue management over the past 15 years. The first part focused on the general methodological advances regarding choice-based theory and methods of availability control over time. In this second part, we discuss some of the most important generalizations of the standard revenue management setting: product innovations (opaque products and flexible products), upgrading, overbooking, personalization, and risk-aversion. Furthermore, to demonstrate the broad use of revenue management, we survey important industry applications beyond passenger air transportation that have received scientific attention over the years, covering air cargo, hotel, car rental, attended home delivery, and manufacturing. We work out the specific revenue management-related challenges of each industry and portray the key contributions from the literature. We conclude the paper with some directions for future research.
| Item Type: | Journal Article | ||||||
|---|---|---|---|---|---|---|---|
| Subjects: | H Social Sciences > HD Industries. Land use. Labor | ||||||
| Divisions: | Faculty of Social Sciences > Warwick Business School > Operational Research & Management Sciences Faculty of Social Sciences > Warwick Business School |
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| Library of Congress Subject Headings (LCSH): | Revenue management | ||||||
| Journal or Publication Title: | European Journal of Operational Research | ||||||
| Publisher: | Elsevier Science BV | ||||||
| ISSN: | 0377-2217 | ||||||
| Official Date: | 19 June 2019 | ||||||
| Dates: |
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| Date of first compliant deposit: | 18 June 2019 | ||||||
| DOI: | 10.1016/j.ejor.2019.06.034 | ||||||
| Status: | Peer Reviewed | ||||||
| Publication Status: | In Press | ||||||
| Access rights to Published version: | Restricted or Subscription Access | ||||||
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