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Research output: Contribution to Journal/Magazine › Journal article › peer-review
Research output: Contribution to Journal/Magazine › Journal article › peer-review
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TY - JOUR
T1 - Resilient revenue management
T2 - A literature survey of recent theoretical advances
AU - Cleophas, Catherine
AU - Kadatz, Daniel
AU - Vock, Sebastian
N1 - The final publication is available at Springer via http://dx.doi.org/10.1057/s41272-017-0087-z
PY - 2017/10/1
Y1 - 2017/10/1
N2 - Recently, resilience has emerged as a concept that describes a system's ability to persist and adapt under uncertainty. Revenue management is a textbook example of planning under uncertainty-A ny revenue optimisation model relies on a range of assumptions, among them the accuracy of the demand forecast. Revenue management's objective is to maximise revenue given uncertain market conditions, capacity, and even fares. This contribution reviews recent advances in making revenue management more resilient. To this end, it identifies and categorises uncertainties that affect the revenue management process. In the resulting framework, we review contributions aiming to increase solutions' ability to persist or adapt, listing relevant references by their focus and character. Thereby, we contribute a comprehensive review of research accumulated in the last ten years, outline a research agenda, and thus prepare the ground for further research efforts.
AB - Recently, resilience has emerged as a concept that describes a system's ability to persist and adapt under uncertainty. Revenue management is a textbook example of planning under uncertainty-A ny revenue optimisation model relies on a range of assumptions, among them the accuracy of the demand forecast. Revenue management's objective is to maximise revenue given uncertain market conditions, capacity, and even fares. This contribution reviews recent advances in making revenue management more resilient. To this end, it identifies and categorises uncertainties that affect the revenue management process. In the resulting framework, we review contributions aiming to increase solutions' ability to persist or adapt, listing relevant references by their focus and character. Thereby, we contribute a comprehensive review of research accumulated in the last ten years, outline a research agenda, and thus prepare the ground for further research efforts.
KW - Air transport
KW - resilience
KW - revenue management
KW - risk
KW - uncertainty
U2 - 10.1057/s41272-017-0087-z
DO - 10.1057/s41272-017-0087-z
M3 - Journal article
AN - SCOPUS:85018280306
VL - 16
SP - 483
EP - 498
JO - Journal of Revenue and Pricing Management
JF - Journal of Revenue and Pricing Management
SN - 1476-6930
IS - 5
ER -