Customer type discovery in hotel revenue management by Memetic algorithm

Hamed Sherafat Moula (), S. Hadi Yaghoubyan (), Razieh Malekhosseini () and Karamollah Bagherifard ()
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Hamed Sherafat Moula: Islamic Azad University
S. Hadi Yaghoubyan: Islamic Azad University
Razieh Malekhosseini: Islamic Azad University
Karamollah Bagherifard: Islamic Azad University

Journal of Revenue and Pricing Management, 2023, vol. 22, issue 6, No 5, 470-481

Abstract: Abstract In case of using sales transaction and products availability data, discovering a preference list of customers (named customer types) is a challenging topic due to the lack of data. This process is inferred as demand estimation because by knowing the preference of each customer and available products in a time period in the future, we can estimate the demand of each product in case of arriving pre-known customer types. In this paper, we proposed an approach to find the frequency of each data point (solution) in a search space, helping us to apply a better local search in an evolutionary algorithm. Here, we proposed a memetic algorithm to discover customer types with the help of found frequency data. Afterward, we used five real hotel datasets to implement our memetic algorithm and finally compared this implementation with the two pre-proposed approaches, one evolutionary approach (genetic), and one mathematical approach (rank based). Evaluation proceeds in two phases in both of which, memetic shows a better performance than the other two approaches owing to using local search done with help of frequency data.

Keywords: Revenue management; Memetic algorithm; Metaheuristic algorithm; Genetic algorithm (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (2)

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DOI: 10.1057/s41272-022-00408-4

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