Article ID: | iaor19931066 |
Country: | United States |
Volume: | 40 |
Issue: | 5 |
Start Page Number: | 831 |
End Page Number: | 844 |
Publication Date: | Sep 1992 |
Journal: | Operations Research |
Authors: | Weatherford Lawrence R., Bodily Samuel E. |
Keywords: | inventory |
This paper proposes the term perishable-asset revenue management to denote the field that combines the areas of yield management, overbooking, and pricing for perishable assets. After summarizing the characteristics common to problems in this field, the paper discusses the objectives and constraints faced by decision makers. Then it offers a comprehensive taxonomy with 14 different elements and reviews the research that has been done related to each element. Finally, it suggests some important areas of future research that can help bridge the gap between theory and application.