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Mechanism design in an integrated approach towards revenue management: the case of Empress Cruise Lines
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Ng, Irene C. L. and Yip, Nick K. T.. (2011) Mechanism design in an integrated approach towards revenue management: the case of Empress Cruise Lines. The Service Industries Journal, Vol.31 (No.3). pp. 469-482. ISSN 0264-2069
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Official URL: http://dx.doi.org/10.1080/02642060902838303
Abstract
This paper investigates an integrated form of revenue management through the case of Empress Cruise Lines (ECL). The case highlights a multidisciplinary approach towards how demand and supply factors should be integrated in the form of four decision sets in revenue management decisions – the value set, the segmentation set, the sensitivity set and the forecasting/allocation set. Also, the use of mechanism design allows the firm to separate markets for better forecasting of revenue from each segment. The case also shows that segments could be incentivized to behave differently, and to behave in alignment with ECL's policies so that capacity could be optimally allocated and revenue maximized.
| Item Type: | Journal Article |
|---|---|
| Subjects: | H Social Sciences > HB Economic Theory H Social Sciences > HF Commerce |
| Divisions: | Faculty of Science > WMG (Formerly the Warwick Manufacturing Group) |
| Journal or Publication Title: | The Service Industries Journal |
| Publisher: | Routledge |
| ISSN: | 0264-2069 |
| Date: | 2011 |
| Volume: | Vol.31 |
| Number: | No.3 |
| Number of Pages: | 14 |
| Page Range: | pp. 469-482 |
| Identification Number: | 10.1080/02642060902838303 |
| Status: | Peer Reviewed |
| Publication Status: | Published |
| Access rights to Published version: | Restricted or Subscription Access |
| URI: | http://wrap.warwick.ac.uk/id/eprint/47649 |
Data sourced from Thomson Reuters' Web of Knowledge
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