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Structural properties of network revenue management models: an economic perspective

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  • Morton, Alec

Abstract

Many revenue management problems have a network aspect. In this paper, we argue that a network can be thought of as a system of substitutable and complementary products, and the value of a revenue management model should be supermodular or submodular in the availability of two resources as the resources are economic substitutes or complements. We demonstrate that this is true in the case of a two-resource dynamic stochastic revenue management model, and show how this applies for multi-resource deterministic static revenue management models.

Suggested Citation

  • Morton, Alec, 2006. "Structural properties of network revenue management models: an economic perspective," LSE Research Online Documents on Economics 2563, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:2563
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    File URL: http://eprints.lse.ac.uk/2563/
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    Cited by:

    1. David Sayah & Stefan Irnich, 2016. "Optimal Booking Control in Airline Revenue Management with Two Flights and Flexible Products," Working Papers 1604, Gutenberg School of Management and Economics, Johannes Gutenberg-Universität Mainz.
    2. David Sayah & Stefan Irnich, 2019. "Optimal booking control in revenue management with two substitutable resources," Mathematical Methods of Operations Research, Springer;Gesellschaft für Operations Research (GOR);Nederlands Genootschap voor Besliskunde (NGB), vol. 89(2), pages 189-222, April.
    3. Zhuang, Weifen & Li, Michael Z.F., 2012. "Monotone optimal control for a class of Markov decision processes," European Journal of Operational Research, Elsevier, vol. 217(2), pages 342-350.
    4. Keumseok Kang & J. George Shanthikumar & Kemal Altinkemer, 2016. "Postponable Acceptance and Assignment: A Stochastic Dynamic Programming Approach," Manufacturing & Service Operations Management, INFORMS, vol. 18(4), pages 493-508, October.

    More about this item

    JEL classification:

    • J50 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - General

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