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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

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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
Subjects: H Social Sciences > HD Industries. Land use. Labor
H Social Sciences > HF Commerce
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:
DateEvent
1 December 2018Published
9 January 2018Available
3 January 2018Accepted
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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