IDEAS home Printed from https://ideas.repec.org/a/pal/jorapm/v20y2021i2d10.1057_s41272-021-00296-0.html
   My bibliography  Save this article

Revenue management for homestay with TODIM-integrated EMSR-b

Author

Listed:
  • Kedar Pandurang Joshi

    (T A Pai Management Institute)

  • Amol Dhaigude

    (T A Pai Management Institute)

Abstract

Homestays have become an integral part of sustainable tourism business in south west of Karnataka. We present an integrated method to allocate capacity that maximises revenue for a homestay during their peak and slack season. Here, TODIM is applied to understand their competitive positioning in the region. Further, integrating Monto-Carlo simulation with EMSR-b heuristics booking limits for each package class is determined. The results show that homestay owner needs to reduce protection interval for gold, platinum, and silver packages. Customers also get benefitted because of the variety of packages available during the respective seasons, which will lead to more customer satisfaction.

Suggested Citation

  • Kedar Pandurang Joshi & Amol Dhaigude, 2021. "Revenue management for homestay with TODIM-integrated EMSR-b," Journal of Revenue and Pricing Management, Palgrave Macmillan, vol. 20(2), pages 134-148, April.
    • Handle: RePEc:pal:jorapm:v:20:y:2021:i:2:d:10.1057_s41272-021-00296-0
    DOI: 10.1057/s41272-021-00296-0
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1057/s41272-021-00296-0
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.
    File URL: https://libkey.io/10.1057/s41272-021-00296-0?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Li, Gang & Law, Rob & Vu, Huy Quan & Rong, Jia, 2013. "Discovering the hotel selection preferences of Hong Kong inbound travelers using the Choquet Integral," Tourism Management, Elsevier, vol. 36(C), pages 321-330.
    2. Juho Hamari & Mimmi Sjöklint & Antti Ukkonen, 2016. "The sharing economy: Why people participate in collaborative consumption," Journal of the Association for Information Science & Technology, Association for Information Science & Technology, vol. 67(9), pages 2047-2059, September.
    3. Llamazares, Bonifacio, 2018. "An analysis of the generalized TODIM method," European Journal of Operational Research, Elsevier, vol. 269(3), pages 1041-1049.
    4. Arash Riasi & Zvi Schwartz & Chih-Chien Chen, 2019. "A paradigm shift in revenue management? The new landscape of hotel cancellation policies," Journal of Revenue and Pricing Management, Palgrave Macmillan, vol. 18(6), pages 434-440, December.
    5. Guillermo Gallego & Huseyin Topaloglu, 2019. "Revenue Management and Pricing Analytics," International Series in Operations Research and Management Science, Springer, number 978-1-4939-9606-3, April.
    6. Gabriel Bitran & René Caldentey, 2003. "An Overview of Pricing Models for Revenue Management," Manufacturing & Service Operations Management, INFORMS, vol. 5(3), pages 203-229, August.
    7. Li, Gang & Law, Rob & Vu, Huy Quan & Rong, Jia & Zhao, Xinyuan (Roy), 2015. "Identifying emerging hotel preferences using Emerging Pattern Mining technique," Tourism Management, Elsevier, vol. 46(C), pages 311-321.
    8. Breffni M Noone, 2016. "Pricing for hotel revenue management: Evolution in an era of price transparency," Journal of Revenue and Pricing Management, Palgrave Macmillan, vol. 15(3), pages 264-269, July.
    9. Sheryl E Kimes, 2016. "The evolution of hotel revenue management," Journal of Revenue and Pricing Management, Palgrave Macmillan, vol. 15(3), pages 247-251, July.
    10. Guillermo Gallego & Huseyin Topaloglu, 2019. "Single Resource Revenue Management with Independent Demands," International Series in Operations Research & Management Science, in: Revenue Management and Pricing Analytics, chapter 0, pages 3-46, Springer.
    11. Peter P. Belobaba, 1989. "OR Practice—Application of a Probabilistic Decision Model to Airline Seat Inventory Control," Operations Research, INFORMS, vol. 37(2), pages 183-197, April.
    12. Aldric Vives & Marta Jacob & Marga Payeras, 2018. "Revenue management and price optimization techniques in the hotel sector," Tourism Economics, , vol. 24(6), pages 720-752, September.
    13. Lawrence R. Weatherford & Samuel E. Bodily, 1992. "A Taxonomy and Research Overview of Perishable-Asset Revenue Management: Yield Management, Overbooking, and Pricing," Operations Research, INFORMS, vol. 40(5), pages 831-844, October.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Irene Ng & Nick K.T. Yip, 2009. "Mechanism design in an integrated approach towards revenue management: the case of Empress Cruise Lines," The Service Industries Journal, Taylor & Francis Journals, vol. 31(3), pages 469-482, February.
    2. Syed Asif Raza & Rafi Ashrafi & Ali Akgunduz, 2020. "A bibliometric analysis of revenue management in airline industry," Journal of Revenue and Pricing Management, Palgrave Macmillan, vol. 19(6), pages 436-465, December.
    3. Chatwin, Richard E., 2000. "Optimal dynamic pricing of perishable products with stochastic demand and a finite set of prices," European Journal of Operational Research, Elsevier, vol. 125(1), pages 149-174, August.
    4. Alessandro Avenali & Yuri Maria Chianese & Graziano Ciucciarelli & Giorgio Grani & Laura Palagi, 2019. "Profit optimization in one-way free float car sharing services: a user based relocation strategy relying on price differentiation and Urban Area Values," DIAG Technical Reports 2019-04, Department of Computer, Control and Management Engineering, Universita' degli Studi di Roma "La Sapienza".
    5. Grigoriev, A. & Hiller, B. & Marban, S. & Vredeveld, T. & van der Zwaan, G.R.J., 2010. "Dynamic pricing problems with elastic demand," Research Memorandum 053, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
    6. Belobaba, Peter P. & Wilson, John L., 1997. "Impacts of yield management in competitive airline markets," Journal of Air Transport Management, Elsevier, vol. 3(1), pages 3-9.
    7. Chen, Bo & Zhang, Xiandong, 2019. "Scheduling with time-of-use costs," European Journal of Operational Research, Elsevier, vol. 274(3), pages 900-908.
    8. Chua, Geoffrey A. & Lim, Wei Shi & Yeo, Wee Meng, 2016. "Market structure and the value of overselling under stochastic demands," European Journal of Operational Research, Elsevier, vol. 252(3), pages 900-909.
    9. Mihai Banciu & Fredrik Ødegaard & Alia Stanciu, 2019. "Distribution-free bounds for the expected marginal seat revenue heuristic with dependent demands," Journal of Revenue and Pricing Management, Palgrave Macmillan, vol. 18(2), pages 155-163, April.
    10. Athanassios N. Avramidis & Arnoud V. Boer, 2021. "Dynamic pricing with finite price sets: a non-parametric approach," Mathematical Methods of Operations Research, Springer;Gesellschaft für Operations Research (GOR);Nederlands Genootschap voor Besliskunde (NGB), vol. 94(1), pages 1-34, August.
    11. Ahani, Ali & Nilashi, Mehrbakhsh & Yadegaridehkordi, Elaheh & Sanzogni, Louis & Tarik, A. Rashid & Knox, Kathy & Samad, Sarminah & Ibrahim, Othman, 2019. "Revealing customers’ satisfaction and preferences through online review analysis: The case of Canary Islands hotels," Journal of Retailing and Consumer Services, Elsevier, vol. 51(C), pages 331-343.
    12. Youyi Feng & Baichun Xiao, 2000. "A Continuous-Time Yield Management Model with Multiple Prices and Reversible Price Changes," Management Science, INFORMS, vol. 46(5), pages 644-657, May.
    13. Badinelli, Ralph D., 2000. "An optimal, dynamic policy for hotel yield management," European Journal of Operational Research, Elsevier, vol. 121(3), pages 476-503, March.
    14. Mesak, Hani I. & Zhang, Hongkai & Pullis, Joe M., 2010. "On optimal service capacity allocation policy in an advance selling environment in continuous time," European Journal of Operational Research, Elsevier, vol. 203(2), pages 505-512, June.
    15. Kavitha Balaiyan & R. K. Amit & Atul Kumar Malik & Xiaodong Luo & Amit Agarwal, 2019. "Joint forecasting for airline pricing and revenue management," Journal of Revenue and Pricing Management, Palgrave Macmillan, vol. 18(6), pages 465-482, December.
    16. Chew, Ek Peng & Lee, Chulung & Liu, Rujing, 2009. "Joint inventory allocation and pricing decisions for perishable products," International Journal of Production Economics, Elsevier, vol. 120(1), pages 139-150, July.
    17. J Pinder, 2005. "Using revenue management to improve pricing and capacity management in programme management," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 56(1), pages 75-87, January.
    18. Alderighi, Marco & Gaggero, Alberto A. & Piga, Claudio A., 2022. "Hidden prices with fixed inventory: Evidence from the airline industry," Transportation Research Part B: Methodological, Elsevier, vol. 157(C), pages 42-61.
    19. Arenoe, Bjorn & van der Rest, Jean-Pierre I. & Kattuman, Paul, 2015. "Game theoretic pricing models in hotel revenue management: An equilibrium choice-based conjoint analysis approach," Tourism Management, Elsevier, vol. 51(C), pages 96-102.
    20. Chen, Ming & Chen, Zhi-Long, 2024. "Stop clicking around and book direct: Impact of best rate guarantee on hotel pricing," European Journal of Operational Research, Elsevier, vol. 313(3), pages 1088-1104.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:jorapm:v:20:y:2021:i:2:d:10.1057_s41272-021-00296-0. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.