Commissioned Paper: An Overview of Pricing Models for Revenue Management

Authors:
Gabriel Bitran;René Caldentey
Affiliations:
-;-
Venue:
Manufacturing & Service Operations Management
Year:
2003

Citing 0
Cited 34

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Abstract

In this paper, we examine the research and results of dynamic pricing policies and their relation to revenue management. The survey is based on a generic revenue management problem in which a perishable and nonrenewable set of resources satisfy stochastic price sensitive demand processes over a finite period of time. In this class of problems, the owner (or the seller) of these resources uses them to produce and offer a menu of final products to the end customers. Within this context, we formulate the stochastic control problem of capacity that the seller faces: How to dynamically set the menu and the quantity of products and their corresponding prices to maximize the total revenue over the selling horizon.