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Single-leg airline revenue management with overbooking

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Aydin, Nursen, Birbil, Ş. İlker, Frenk, J. B. G. and Noyan, Nilay (2012) Single-leg airline revenue management with overbooking. Transportation science, 47 (4). pp. 560-583. doi:10.1287/trsc.1120.0444

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Official URL: http://dx.doi.org/10.1287/trsc.1120.0444

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Abstract

Airline revenue management is concerned with identifying the maximum revenue seat allocation policies. Because a major loss in revenue results from cancellations and no-shows, overbooking has received significant attention in the literature over the years. In this study, we propose new static and dynamic single-leg overbooking models. In the static case we introduce two models: the first one aims to determine the overbooking limit and the second one is about finding the overbooking limit and the booking limits to allocate the virtual capacity among multiple fare classes. Because the second static model is hard to solve, we also introduce computationally tractable models that give upper and lower bounds on its optimal expected net revenue. In the dynamic case, we propose a dynamic programming model, which is based on two streams of events. The first stream corresponds to the arrival of booking requests and the second one corresponds to the cancellations. We conduct simulation experiments to illustrate the effectiveness of the proposed models.

Item Type: Journal Article
Subjects: H Social Sciences > HE Transportation and Communications
Divisions: Faculty of Social Sciences > Warwick Business School > Operational Research & Management Sciences
Faculty of Social Sciences > Warwick Business School
Library of Congress Subject Headings (LCSH): Air travel -- Mathematical models, Transportation -- Tickets
Journal or Publication Title: Transportation science
Publisher: INFORMS
ISSN: 0041-1655
Official Date: 28 August 2012
Dates:
DateEvent
28 August 2012Published
1 July 2012Accepted
Volume: 47
Number: 4
Page Range: pp. 560-583
DOI: 10.1287/trsc.1120.0444
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Restricted or Subscription Access

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