Models and Techniques for Hotel Revenue Management Using a Roling Horizon
Abstract This paper studies decision rules for accepting reservations for stays in a hotel based on deterministic and stochastic mathematical programming techniques. Booking control strategies are constructed that include ideas for nesting, booking limits and bid prices. We allow for multiple day stays. Instead of optimizing a decision period consisting of a fixed set of target booking days, we simultaneously optimize the complete range of target booking dates that are open for booking at the moment of optimization. This yields a rolling horizon of overlapping decision periods, which will conveniently capture the effects of overlapping stays.
|Keywords||Revenue Management, mathematical programming, yield management|
|Publisher||Erasmus Research Institute of Management (ERIM)|
Goldman, P., Freling, R., Pak, K., & Piersma, N.. (2001). Models and Techniques for Hotel Revenue Management Using a Roling Horizon (No. ERS-2001-80-LIS). Erasmus Research Institute of Management (ERIM). Retrieved from http://hdl.handle.net/1765/144