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Business & Management - Operations Research & Decision Theory | Risk-Averse Capacity Control in Revenue Management

Risk-Averse Capacity Control in Revenue Management

Barz, Christiane

2007, XIII, 163 p. 32 illus.

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Traditionally, revenue management models, which assume a risk-neutral decision-maker, aim at a maximization of expected revenue. During the last few years, however, the consideration of revenue risk has gained more and more attention.

By failing to suggest mechanisms for reducing unfavorable revenue levels, traditional risk-neutral capacity control models fall short of meeting the needs of a risk-averse planner. This is why this book revises the well-known capacity control problem in revenue management from the perspective of a risk-averse decision-maker. Modelling an expected utility maximizing decision maker, the problem is formulated as a risk-sensitive Markov decision process. Special emphasis is put on the existence of structured optimal policies. Numerical examples illustrate the results.

Content Level » Research

Keywords » Expected Utility Theory - Markov Decision Processes - Revenue Management - Risk-Sensitive Control - management - modeling

Related subjects » Marketing - Mathematics - Operations Research & Decision Theory - Production & Logistics

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