Models and techniques for hotel revenue management using a rolling horizon
AbstractThis paper studies decision rules for accepting reservations for stays in a hotel based on deterministic and stochastic mathematical programming techniques. Booking control strategies are constructed that include ideas for nesting, booking limits and bid prices. We allow for multiple day stays. Instead of optimizing a decision period consisting of a fixed set of target booking days, we simultaneously optimize the complete range of target booking dates that are open for booking at the moment of optimization. This yields a rolling horizon of overlapping decision periods, which will conveniently capture the effects of overlapping stays.
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Bibliographic InfoPaper provided by Erasmus University Rotterdam, Econometric Institute in its series Econometric Institute Report with number EI 2001-46.
Date of creation: 14 Dec 2001
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Revenue management; Mathematical programming; Yield management;
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- Jörg Schütze, 2008. "Pricing strategies for perishable products: the case of Vienna and the hotel reservation system hrs.com," Central European Journal of Operations Research, Springer, vol. 16(1), pages 43-66, March.
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