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Decision Theory and the Innkeeper: An Approach for Setting Hotel Reservation Policy

Author

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  • Fred E. Williams

    (Clemson University and Georgia Institute of Technology)

Abstract

Hotel room demand stems from three sources: stayovers, reservations, and walk-ins. These demands are random, but the reservations demand can be partially controlled by varying the number of reservations accepted. An approach for setting reservation policies is developed and illustrated. Three choice criteria are suggested.

Suggested Citation

  • Fred E. Williams, 1977. "Decision Theory and the Innkeeper: An Approach for Setting Hotel Reservation Policy," Interfaces, INFORMS, vol. 7(4), pages 18-30, August.
    • Handle: RePEc:inm:orinte:v:7:y:1977:i:4:p:18-30
    DOI: 10.1287/inte.7.4.18
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    Cited by:

    1. Noah Gans & Sergei Savin, 2007. "Pricing and Capacity Rationing for Rentals with Uncertain Durations," Management Science, INFORMS, vol. 53(3), pages 390-407, March.
    2. Sergei V. Savin & Morris A. Cohen & Noah Gans & Ziv Katalan, 2005. "Capacity Management in Rental Businesses with Two Customer Bases," Operations Research, INFORMS, vol. 53(4), pages 617-631, August.
    3. Natalie Haynes & David Egan, 2020. "The perceptions of frontline employees towards hotel overbooking practices: exploring ethical challenges," Journal of Revenue and Pricing Management, Palgrave Macmillan, vol. 19(2), pages 119-128, April.
    4. Natalie Haynes, 2016. "The evolution of competitor data collection in the hotel industry and its application to revenue management and pricing," Journal of Revenue and Pricing Management, Palgrave Macmillan, vol. 15(3), pages 258-263, July.
    5. Aydin, N. & Birbil, S.I., 2018. "Decomposition methods for dynamic room allocation in hotel revenue management," European Journal of Operational Research, Elsevier, vol. 271(1), pages 179-192.

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