Management decision-making in the single period optimum pricing problem

Management decision-making in the single period optimum pricing problem

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Article ID: iaor20071893
Country: United Kingdom
Volume: 57
Issue: 4
Start Page Number: 377
End Page Number: 388
Publication Date: Apr 2006
Journal: Journal of the Operational Research Society
Authors: ,
Keywords: yield management
Abstract:

Management of the firm implementing revenue management has many decisions to make regarding the details of the implementation. In this article we examine seven different decisions surrounding the implementation of aggressive ‘revenue management’ pricing in the context of a firm facing a single period stochastic pricing and stocking problem. We demonstrate through use of an example, that some of the decisions have a large financial impact, while other options that require considerable computational work to implement may provide little financial impact.

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