Efficiency and Performance Guarantees for Choice-Based Network Revenue Management Problems with Flexible Products

2016 ◽  
Author(s):  
Wang Chi Cheung
Keyword(s):  
Revenue Management ◽  
Network Revenue Management ◽  
Performance Guarantees ◽  
Management Problems ◽  
And Performance ◽  
Flexible Products ◽  
Network Revenue

An Approximation Algorithm for Network Revenue Management Under Nonstationary Arrivals

2020 ◽  
Vol 68 (3) ◽  
pp. 834-855 ◽  
Author(s):  
Yuhang Ma ◽  
Paat Rusmevichientong ◽  
Mika Sumida ◽  
Huseyin Topaloglu
Keyword(s):  
Approximation Algorithm ◽  
Revenue Management ◽  
Capacity Control ◽  
Network Revenue Management ◽  
Pricing Decisions ◽  
Multiple Products ◽  
Performance Guarantees ◽  
Optimal Capacity ◽  
Airline Tickets ◽  
Network Revenue

Many revenue management problems require making capacity control and pricing decisions for multiple products. The decisions for the different products interact because either the products use a common pool of resources or the customers choose and substitute among the products. When pricing airline tickets, for example, different itinerary products use the capacities on common flight legs and the customers choose and substitute among different itinerary products that serve the same origin-destination pair. Finding the optimal capacity control and pricing decisions in such problems can be challenging because one needs to simultaneously consider the capacities available to serve a large pool of products. In “An Approximation Algorithm for Network Revenue Management under Nonstationary Arrivals,” Ma, Rusmevichientong, Sumida, and Topaloglu develop efficient methods to make decisions with performance guarantees in high-dimensional capacity control and pricing problems.

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