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Revenue management for airlines strives to maximise revenue as the sum of fares earned through customer bookings. Since the internet enables customers to make more informed choices and low-cost carriers introduced the concept of restriction-free fares, forecasting for airline revenue management...
In this article, we compare Markov Decision Process (MDP) to expected marginal seat revenue b (EMSRb) under realistic demand behaviour by implementing both in a stochastic simulation model. First come first served as well as an upper bound, serves for reference. We give a short explanation of...
Revenue management for airlines strives to maximise revenue as the sum of fares earned through customer bookings. Since the internet enables customers to make more informed choices and low-cost carriers introduced the concept of restriction-free fares, forecasting for airline revenue management...
In this article, we compare Markov Decision Process (MDP) to expected marginal seat revenue b (EMSRb) under realistic demand behaviour by implementing both in a stochastic simulation model. First come first served as well as an upper bound, serves for reference. We give a short explanation of...