Introduction to Choice Modeling

Guillermo Gallego and Huseyin Topaloglu
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Huseyin Topaloglu: Cornell University

Chapter Chapter 4 in Revenue Management and Pricing Analytics, 2019, pp 109-128 from Springer

Abstract: Abstract Revenue management models were originally developed under the assumption of stochastically independent demands. This assumption is untenable when products are close substitutes. In this case, the demand for a particular product may depend on the set of competing products that are available in the market. For example, when a product is removed from an assortment, its demand may be recaptured by another product in the assortment, or it may spill to competitors or the no-purchase alternative.

Date: 2019
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DOI: 10.1007/978-1-4939-9606-3_4

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