A Taxonomy and Research Overview of Perishable-Asset Revenue Management: Yield Management, Overbooking, and Pricing

Lawrence R. Weatherford and Samuel E. Bodily
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Lawrence R. Weatherford: University of Wyoming, Laramie, Wyoming
Samuel E. Bodily: University of Virginia, Charlottesville, Virginia

Operations Research, 1992, vol. 40, issue 5, 831-844

Abstract: This paper proposes the term perishable-asset revenue management to denote the field that combines the areas of yield management, overbooking, and pricing for perishable assets. After summarizing the characteristics common to problems in this field, the paper discusses the objectives and constraints faced by decision makers. Then it offers a comprehensive taxonomy with 14 different elements and reviews the research that has been done related to each element. Finally, it suggests some important areas of future research that can help bridge the gap between theory and application.

Keywords: inventory/production; perishable/aging items: problem taxonomy yield including management and overbooking; marketing; pricing; profit optimization from perishable assets; marketing; segmentation: price-sensitive customers of perishable assets (search for similar items in EconPapers)
Date: 1992
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Citations: View citations in EconPapers (170)

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