Semi-Markov information model for revenue management and dynamic pricing

Walczak, Darius; Brumelle, Shelby L.

doi:10.1007/s00291-005-0026-z

Cited by 13 publications

(7 citation statements)

References 25 publications

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“…Based on an analysis of domestic and foreign scientific papers, we found that airlines pay more attention to pricing policy than the load factor and do not link load factor with pricing policy. Most airlines currently use dynamic pricing policy [2,9,13,23,26]. In this research we use the parameter load factor to define pricing policy.…”

Section: Resultsmentioning

confidence: 99%

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Algorithmic Optimization of the Calculation with the Consideration of the Interconnection of the Basic Economic Parameters of the Flight Route of the Model Air Carrier

Szabó

Blišťanová

Makó

et al. 2020

Management Systems in Production Engineering

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The load factor is the determining factor for airlines in economic terms and the prediction of the future development of the flight route. The combination of load factor and break-even point provides the airline with a comprehensive picture of the business of the flight route and the optimization of pricing for the flight route. The purpose of the article is to propose and adapt the development of air transport prices on a given line using maximally recalculated values and maximize profit. The optimized calculation algorithm then facilitates the understanding of the individual steps of the load factor calculation and the monitoring of price development by means of the chi-square mathematical method by which we observed the interconnection of the ticket price and the load factor. To describe the problem, we chose the Bratislava – Larnaca route.

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Section: Resultsmentioning

confidence: 99%

“…Pricing is given more attention than the load factor itself. Pricing research is in most cases devoted to dynamic pricing [2], [9], [13], [23], which is precisely defined in a study [26]. Research into pricing in the aerospace industry includes research by authors Ref.…”

Section: Literature Reviewmentioning

confidence: 99%

Algorithmic Optimization of the Calculation with the Consideration of the Interconnection of the Basic Economic Parameters of the Flight Route of the Model Air Carrier

Szabó

Blišťanová

Makó

et al. 2020

Management Systems in Production Engineering

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“…Studies include both deterministic (i.e. based on linear programming; Mö ller et al, 2004) and stochastic approaches (mainly based on Markov decision processes and non-linear programming; Walczak and Brumelle, 2007). Bertsimas and Popescu (2003) proposed a linear programming approach for virtual nesting booking control.…”

Section: Topicmentioning

confidence: 99%

A systematic literature review of revenue management in passenger transportation

Ammirato

Felicetti

Linzalone

et al. 2020

MBE

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Purpose This paper proposes an in-depth and complete literature review of the revenue management (RM) issue in the passenger transportation industry. The purpose of this paper is to investigate structural elements and characteristics that help to make sense of the current body of RM literature under a managerial perspective. Design/methodology/approach The RM literature landscape is analysed according to a systematic literature review approach to point out the main topics around which the scientific literature has grown in the past 30 years. Topics are further categorized in themes by means of an agglomerative hierarchical clustering procedure. Findings First, the scientific literature of the past 30 years has been categorized into ten topics and four themes. Second, topics and themes are put in contrast with stages of the RM business process to highlight research areas still unaddressed by the literature. Third, the paper suggests research lines for future-related works that could positively contribute to the elevation of RM from a system of techniques to a “strategic management” theory. Originality/value Available literature reviews of RM in passenger transportation are focused on quantitative aspects and poorly structured in the systemic view of the RM. To the best of the authors’ knowledge, this research is the first of its kind, as it aims to assess the whole body of literature, rather than specific themes, and to do it under a management/business perspective.

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“…The analysis of the two different demand types and the corresponding two different control models, and how they fit into a model with a general information variable is provided in an article by Walczak and Brumelle (2007).…”

Section: Optimization With Customer Choicementioning

confidence: 99%

Customer choice, fare adjustments and the marginal expected revenue data transformation: A note on using old yield management techniques in the brave new world of pricing

Walczak¹,

Mardan²,

Kallesen³

2009

J Revenue Pricing Manag

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Semi-Markov information model for revenue management and dynamic pricing

Cited by 13 publications

References 25 publications

Algorithmic Optimization of the Calculation with the Consideration of the Interconnection of the Basic Economic Parameters of the Flight Route of the Model Air Carrier

Algorithmic Optimization of the Calculation with the Consideration of the Interconnection of the Basic Economic Parameters of the Flight Route of the Model Air Carrier

A systematic literature review of revenue management in passenger transportation

Customer choice, fare adjustments and the marginal expected revenue data transformation: A note on using old yield management techniques in the brave new world of pricing

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