The paper deals with the topic of natural resource revenue management and the institutional background, it researches the impact of the institutional environment on a particular part of resource governance, the revenue governance. The Resource Governance Index is used as the crucial concept for...

Some studies have examined ticket sales in the context of a sporting event. However, only a few have investigated the determinants of ticket prices, and, to date, none have done so in the context of a multidisciplinary sports mega-event. This study examines this complex paradigm through the case...

Using 329 time-varying industry factors to capture heterogeneous revenue generation processes, we quantify the impact of ASC 606 on revenue recognition for US-listed firms. Relative to a dollar of revenue recognized in the current year, an average of 100 cents of revenue are recognized in the...

We propose and analyze a sequential design of price experimentation that balances the learning and earning trade-off in revenue management. Assuming the demand function belongs to a parametric family with an unknown parameter value, we derive a closed-form stopping rule based on the realized...

Chapter 1. Introduction to Hotel Revenue Management -- Chapter 2. Challenges with Harnessing the Revenue Opportunity -- Chapter 3. Hotel Pricing -- Chapter 4. Revenue Management of Room Rates -- Chapter 5. The Last Frontier: Room Attribute Pricing and Inventory Control -- Chapter 6....

This conceptual paper aims at identifying a theoretical framework for the determinants of revenue management (RM) practices and their impacts on the financial performance of hotels. To create this framework, a two-phased process is employed where the first stage involves an explicit examination...

We provide a new framework to identify demand elasticities in markets where managers rely on algorithmic recommendations for price setting, and apply it to a dataset containing bookings for a sample of mid-sized hotels in Europe. Using non-binding algorithmic price recommendations and observed...

Problem definition: We study the following seminal stochastic multiproduct dynamic-pricing problem, analyzed originally in Gallego and Van Ryzin (1997) – GVR, for short. A firm has a finite inventory of a set of resources needed to produce products that can be sold over a finite horizon. The...

Using airlines as a backdrop, we study optimal overbooking policies with endogenous customer demand, when customers internalize their expected cost of being bumped. We first consider the traditional setting in which compensation for bumped passengers is fixed and booking limits are the airline's...

Using air travel ticketing data for the travel dates around the 2015 Super Bowl in Phoenix, AZ, we exploit the exogenous shock created by the conference championship results and design a quasi-natural experiment to identify market-specific airfare and booking patterns. Our findings help quantify...

This monograph provides a thorough review of earnings quality issues and analysis. Its primary objectives are to help gain a deep understanding of earnings quality and facilitate the development of comprehensive, granular, and contextual earnings quality indicators and analyses. While there are...

Our work is motivated by a common business constraint in online markets. While firms respect the advantages of dynamic pricing and price experimentation, they must limit the number of price changes (i.e., switches) to be within some budget due to various practical reasons. We study both the...

This paper will explore the profit maximizing method of yield management in the Hotel industry in Croatia. Yield management is a method that enables firms to increase their profits through allocation of their capacities to various customers for the right prices. For Hotels that means selling the...

After Uganda enjoyed two decades of strong growth and poverty reduction in the 1990s and early 2000s, its economy slowed down, and social progress decelerated amid a steady increase of the population. Several constraints continue to undermine progress and social and economic transformation in...

Most for-profit organisations must constantly improve their business strategies and approaches to remain competitive. Many of them choose to embark on Lean or Six Sigma journeys with the intention of maximising productivity and increasing sales. Despite a significant progress in the development...

This paper examines how data-driven personalized decisions can be made while preserving consumer privacy. Our setting is one in which the firm chooses a personalized price based on each new customer's vector of individual features; the true set of individual demand-generating parameters is...

The management of revenues from exhaustible natural resources involves a number of challenges. In this paper, we argue that the standard policy advice to managers of resource revenues has been dominated by short-termism and the lack of a perspective on economic development and structural...

Revenue management is a complex operational planning process involving predictive and prescriptive analytics. As real-world implementations strongly rely on the joint outcomes from both algorithms and analysts, we consider the revenue management system as an example of symbiotic analytics...

When firms post prices to sell their products in a competitive market, buyers often seek to bargain down the prices. The existing studies on dynamic competition, however, focus on firms' dynamic pricing strategies without considering the possibility of bargaining. We model a random stream of...

Abstract Perishable capacity is often sold before it is used (e.g., tickets sold weeks before a sporting event) which creates the opportunity to include in the pricing mechanism a recourse strategy, i.e., allowing the firm or buyer to change ownership after an initial transaction. For example, a...

Motivated by online advertising, we model and analyze a revenue management problem where a platform interacts with a set of customers over a number of periods. Unlike traditional network revenue management, which treats the interaction between platform and customers as one-shot, we consider...

Problem definition: We study the emerging practice of using opaque selling to dispose of leftover inventory in vertically differentiated markets. With this selling strategy, a firm offers a synthetic product (after the regular selling season) for which consumers do not know the exact identity...

Many models in operations management assume that faced with excess inventory, retailers offer price discounts to increase sales. This discount is assumed to be a certain dollar amount per unit or a certain percent of the regular price. However, many retailers use nonlinear pricing, e.g. "Buy...

We study revenue maximization through sequential posted-price (SPP) mechanisms in single-dimensional settings with n buyers and independent but not necessarily identical value distributions. We construct the SPP mechanisms by considering the best of two simple pricing rules: one that imitates...