Models and Techniques for Hotel Revenue Management Using a Roling Horizon
AbstractAbstractThis 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 Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam. in its series Research Paper with number ERS-2001-80-LIS.
Date of creation: 17 Jan 2001
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Web page: http://www.erim.eur.nl/
mathematical programming; Revenue Management; yield management;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2002-02-10 (All new papers)
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