Andrei M Bandalouski, Natalja G Egorova, Mikhail Y Kovalyov, Erwin Pesch, S Armagan Tarim
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Dynamic pricing with demand disaggregation for hotel revenue management.
In this paper we present a novel approach to the dynamic pricing problem for hotel businesses. It includes disaggregation of the demand into several categories, forecasting, elastic demand simulation, and a mathematical programming model with concave quadratic objective function and linear constraints for dynamic price optimization. The approach is computationally efficient and easy to implement. In computer experiments with a hotel data set, the hotel revenue is increased by about 6% on average in comparison with the actual revenue gained in a past period, where the fixed price policy was employed, subject to an assumption that the demand can deviate from the suggested elastic model. The approach and the developed software can be a useful tool for small hotels recovering from the economic consequences of the COVID-19 pandemic.
期刊介绍：
The Journal of Heuristics provides a forum for advancing the state-of-the-art in the theory and practical application of techniques for solving problems approximately that cannot be solved exactly. It fosters the development, understanding, and practical use of heuristic solution techniques for solving business, engineering, and societal problems. It considers the importance of theoretical, empirical, and experimental work related to the development of heuristics.
The journal presents practical applications, theoretical developments, decision analysis models that consider issues of rational decision making with limited information, artificial intelligence-based heuristics applied to a wide variety of problems, learning paradigms, and computational experimentation.
Officially cited as: J Heuristics
Provides a forum for advancing the state-of-the-art in the theory and practical application of techniques for solving problems approximately that cannot be solved exactly.
Fosters the development, understanding, and practical use of heuristic solution techniques for solving business, engineering, and societal problems.
Considers the importance of theoretical, empirical, and experimental work related to the development of heuristics.
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