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A review of choice-based revenue management : theory and methods
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Strauss, Arne, Klein, Robert and Steinhardt, Claudius (2018) A review of choice-based revenue management : theory and methods. European Journal of Operational Research, 271 (2). pp. 375-387. doi:10.1016/j.ejor.2018.01.011
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Official URL: https://doi.org/10.1016/j.ejor.2018.01.011
Abstract
Over the last fifteen years, the theory and practice of revenue management has experienced significant developments due to the need to incorporate customer choice behavior. In this paper, we portray these developments by reviewing the key literature on choice-based revenue management, specifically focusing on methodological publications of availability control over the years 2004–2017. For this purpose, we first state the choice-based network revenue management problem by formulating the underlying dynamic program, and structure the review according to its components and the resulting inherent challenges. In particular, we first focus on the demand modeling by giving an overview of popular choice models, discussing their properties, and describing estimation procedures relevant to choice-based revenue management. Second, we elaborate on assortment optimization, which is a fundamental component of the problem. Third, we describe recent developments on tackling the entire control problem. We also discuss the relation to dynamic pricing. Finally, we give directions for future research.
| Item Type: | Journal Article | ||||||||
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| Subjects: | H Social Sciences > HD Industries. Land use. Labor H Social Sciences > HF Commerce |
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| Divisions: | Faculty of Social Sciences > Warwick Business School | ||||||||
| Library of Congress Subject Headings (LCSH): | Revenue management, Consumer behavior | ||||||||
| Journal or Publication Title: | European Journal of Operational Research | ||||||||
| Publisher: | Elsevier Science BV | ||||||||
| ISSN: | 1872-6860 | ||||||||
| Official Date: | 1 December 2018 | ||||||||
| Dates: |
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| Volume: | 271 | ||||||||
| Number: | 2 | ||||||||
| Page Range: | pp. 375-387 | ||||||||
| DOI: | 10.1016/j.ejor.2018.01.011 | ||||||||
| Status: | Peer Reviewed | ||||||||
| Publication Status: | Published | ||||||||
| Access rights to Published version: | Restricted or Subscription Access |
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