Game theory and the practice of revenue management

Authors:
Garrett van Ryzin
Affiliations:
Columbia University
Venue:
Proceedings of the Behavioral and Quantitative Game Theory: Conference on Future Directions
Year:
2010

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Abstract

Revenue management is a large and growing practice in industry. It involves much of what economists, computer scientists and applied mathematicians know and love: statistics, optimization, demand modeling and algorithm design. And strategic behavior is clearly of central importance to many pricing decisions. Despite all this, game theory is rarely used in revenue management practice. In this talk, we look at the potential role of game theory in revenue management and what challenges must be overcome to make it viable in practice.