Efficiency and Performance Guarantees for Choice-Based Network Revenue Management Problems with Flexible Products

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Publisher :
ISBN 13 :
Total Pages : 57 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Efficiency and Performance Guarantees for Choice-Based Network Revenue Management Problems with Flexible Products by : Wang Chi Cheung

Download or read book Efficiency and Performance Guarantees for Choice-Based Network Revenue Management Problems with Flexible Products written by Wang Chi Cheung and published by . This book was released on 2016 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: We consider the choice-based network revenue management problem (NRM). The LP relaxation, Choice-based Deterministic Linear Program (CDLP-P), has been proposed to mitigate the curse of dimensionality of the choice-based NRM. Despite the importance of CDLP-P, there is no polynomial time algorithm for solving CDLP-P for general choice models. Moreover, most heuristics for solving CDLP-P require solving the underlying Single Period Problem (SPP), which could be NP-hard. We propose the Potential Based algorithm (PB) that solves CDLP-P to near optimality with provable efficiency, assuming the ability to solve the underlying SPP approximately. In particular, PB implies polynomial time algorithms for approximating CDLP-P for a variety of choice models, such as Nested Logit, Mixed Logit and Markov Chain models, to near optimality.We also propose the Approximate Column Generation heuristic (ACG), which generalizes the classical Column Generation heuristic, and returns a near optimal solution to CDLP-P at termination. Different from PB, ACG is not known to be provably efficient. Finally, building on the tractability result, we design an earning-while-learning policy for the online NRM problem under an MultiNomial Logit choice model with unknown parameters. The policy runs in polynomial time, and achieves a sublinear regret.

Dynamic Programming Decomposition for Choice-Based Revenue Management with Flexible Products

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Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Dynamic Programming Decomposition for Choice-Based Revenue Management with Flexible Products by : Sebastian Koch

Download or read book Dynamic Programming Decomposition for Choice-Based Revenue Management with Flexible Products written by Sebastian Koch and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We reconsider the stochastic dynamic program of revenue management with flexible products and customer choice behavior as proposed in the seminal paper by Gallego et al. [Gallego G, Iyengar G, Phillips R, Dubey A (2004) Managing flexible products on a network. Working paper, Columbia University, New York]. In the scientific literature on revenue management, as well as in practice, the prevailing strategy to operationalize dynamic programs is to decompose the network by resources and solve the resulting one-dimensional problems. However, up to now, these dynamic programming decomposition approaches have not been applicable to problems with flexible products, because the underlying state space is based on commitments rather than resources. In this paper, we contribute to the existing research by presenting an approach to operationalize revenue management with flexible products and customer choice in a dynamic programming environment. In particular, we propose a generic and formal procedure that transforms the original dynamic program with flexible products into an equivalent dynamic program with a resource-based state space. This reformulation renders the application of dynamic programming decomposition approaches possible. The procedure is based on Fourier-Motzkin elimination and is applicable to arbitrary network revenue management settings with regard to the considered network structure and the number and specifications of flexible products. Numerical experiments show a superior revenue performance of the new approach with average revenues close to the expected upper bound from the choice-based deterministic linear program (CDLP). Moreover, our reformulation improves revenues by up to 8% compared with an extended variant of a standard choice-based approach without flexible products that immediately assigns flexible products after sale.

Pricing-Based Revenue Management for Flexible Products on a Network

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Publisher :
ISBN 13 :
Total Pages : 26 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Pricing-Based Revenue Management for Flexible Products on a Network by : Dirk Sierag

Download or read book Pricing-Based Revenue Management for Flexible Products on a Network written by Dirk Sierag and published by . This book was released on 2016 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper proposes and analyses a pricing-based revenue management model that allows flexible products on a network, with a non-trivial extension to group reservations. Under stochastic demand the problem can be solved using a dynamic programming formulation, though it suffers from the curse of dimensionality. The solution under deterministic demand gives an upper bound on the stochastic problem, and serves as a basis for two heuristics, which are asymptotically optimal. Numerical studies show that the heuristics perform well, even under uncertainty in demand. Moreover, neglecting flexible products can lead to substantial revenue loss.

INFORMS Annual Meeting

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Publisher :
ISBN 13 :
Total Pages : 480 pages
Book Rating : 4.E/5 ( download)

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Book Synopsis INFORMS Annual Meeting by : Institute for Operations Research and the Management Sciences. National Meeting

Download or read book INFORMS Annual Meeting written by Institute for Operations Research and the Management Sciences. National Meeting and published by . This book was released on 2008 with total page 480 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Hotel Revenue Management: From Theory to Practice

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Publisher : Zangador
ISBN 13 : 9549278638
Total Pages : 205 pages
Book Rating : 4.5/5 (492 download)

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Book Synopsis Hotel Revenue Management: From Theory to Practice by : Stanislav Ivanov

Download or read book Hotel Revenue Management: From Theory to Practice written by Stanislav Ivanov and published by Zangador. This book was released on 2014-03-15 with total page 205 pages. Available in PDF, EPUB and Kindle. Book excerpt: This research monograph aims at developing an integrative framework of hotel revenue management. It elaborates the fundamental theoretical concepts in the field of hotel revenue management like the revenue management system, process, metrics, analysis, forecasting, segmentation and profiling, and ethical issues. Special attention is paid on the pricing and non-pricing revenue management tools used by hoteliers to maximise their revenues and gross operating profit. The monograph investigates the revenue management practices of accommodation establishments in Bulgaria and provides recommendations for their improvement. The book is suitable for undergraduate and graduate students in tourism, hospitality, hotel management, services studies programmes, and researchers interested in revenue/yield management. The book may also be used by hotel general managers, marketing managers, revenue managers and other practitioners looking for ways to improve their knowledge in the field.

Pricing and Revenue Optimization

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Publisher : Stanford University Press
ISBN 13 : 0804781648
Total Pages : 470 pages
Book Rating : 4.8/5 (47 download)

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Book Synopsis Pricing and Revenue Optimization by : Robert Phillips

Download or read book Pricing and Revenue Optimization written by Robert Phillips and published by Stanford University Press. This book was released on 2005-08-05 with total page 470 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first comprehensive introduction to the concepts, theories, and applications of pricing and revenue optimization. From the initial success of "yield management" in the commercial airline industry down to more recent successes of markdown management and dynamic pricing, the application of mathematical analysis to optimize pricing has become increasingly important across many different industries. But, since pricing and revenue optimization has involved the use of sophisticated mathematical techniques, the topic has remained largely inaccessible to students and the typical manager. With methods proven in the MBA courses taught by the author at Columbia and Stanford Business Schools, this book presents the basic concepts of pricing and revenue optimization in a form accessible to MBA students, MS students, and advanced undergraduates. In addition, managers will find the practical approach to the issue of pricing and revenue optimization invaluable. Solutions to the end-of-chapter exercises are available to instructors who are using this book in their courses. For access to the solutions manual, please contact [email protected].

Segmentation, Revenue Management and Pricing Analytics

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Publisher : Routledge
ISBN 13 : 1136624848
Total Pages : 267 pages
Book Rating : 4.1/5 (366 download)

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Book Synopsis Segmentation, Revenue Management and Pricing Analytics by : Tudor Bodea

Download or read book Segmentation, Revenue Management and Pricing Analytics written by Tudor Bodea and published by Routledge. This book was released on 2014-03-21 with total page 267 pages. Available in PDF, EPUB and Kindle. Book excerpt: The practices of revenue management and pricing analytics have transformed the transportation and hospitality industries, and are increasingly important in industries as diverse as retail, telecommunications, banking, health care and manufacturing. Segmentation, Revenue Management and Pricing Analytics guides students and professionals on how to identify and exploit revenue management and pricing opportunities in different business contexts. Bodea and Ferguson introduce concepts and quantitative methods for improving profit through capacity allocation and pricing. Whereas most marketing textbooks cover more traditional, qualitative methods for determining customer segments and prices, this book uses historical sales data with mathematical optimization to make those decisions. With hands-on practice and a fundamental understanding of some of the most common analytical models, readers will be able to make smarter business decisions and higher profits. This book will be a useful and enlightening read for MBA students in pricing and revenue management, marketing, and service operations.

Approximate Dynamic Programming

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Publisher : John Wiley & Sons
ISBN 13 : 0470182954
Total Pages : 487 pages
Book Rating : 4.4/5 (71 download)

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Book Synopsis Approximate Dynamic Programming by : Warren B. Powell

Download or read book Approximate Dynamic Programming written by Warren B. Powell and published by John Wiley & Sons. This book was released on 2007-10-05 with total page 487 pages. Available in PDF, EPUB and Kindle. Book excerpt: A complete and accessible introduction to the real-world applications of approximate dynamic programming With the growing levels of sophistication in modern-day operations, it is vital for practitioners to understand how to approach, model, and solve complex industrial problems. Approximate Dynamic Programming is a result of the author's decades of experience working in large industrial settings to develop practical and high-quality solutions to problems that involve making decisions in the presence of uncertainty. This groundbreaking book uniquely integrates four distinct disciplines—Markov design processes, mathematical programming, simulation, and statistics—to demonstrate how to successfully model and solve a wide range of real-life problems using the techniques of approximate dynamic programming (ADP). The reader is introduced to the three curses of dimensionality that impact complex problems and is also shown how the post-decision state variable allows for the use of classical algorithmic strategies from operations research to treat complex stochastic optimization problems. Designed as an introduction and assuming no prior training in dynamic programming of any form, Approximate Dynamic Programming contains dozens of algorithms that are intended to serve as a starting point in the design of practical solutions for real problems. The book provides detailed coverage of implementation challenges including: modeling complex sequential decision processes under uncertainty, identifying robust policies, designing and estimating value function approximations, choosing effective stepsize rules, and resolving convergence issues. With a focus on modeling and algorithms in conjunction with the language of mainstream operations research, artificial intelligence, and control theory, Approximate Dynamic Programming: Models complex, high-dimensional problems in a natural and practical way, which draws on years of industrial projects Introduces and emphasizes the power of estimating a value function around the post-decision state, allowing solution algorithms to be broken down into three fundamental steps: classical simulation, classical optimization, and classical statistics Presents a thorough discussion of recursive estimation, including fundamental theory and a number of issues that arise in the development of practical algorithms Offers a variety of methods for approximating dynamic programs that have appeared in previous literature, but that have never been presented in the coherent format of a book Motivated by examples from modern-day operations research, Approximate Dynamic Programming is an accessible introduction to dynamic modeling and is also a valuable guide for the development of high-quality solutions to problems that exist in operations research and engineering. The clear and precise presentation of the material makes this an appropriate text for advanced undergraduate and beginning graduate courses, while also serving as a reference for researchers and practitioners. A companion Web site is available for readers, which includes additional exercises, solutions to exercises, and data sets to reinforce the book's main concepts.

Financing Energy Efficiency

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Publisher : World Bank Publications
ISBN 13 : 0821373056
Total Pages : 306 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Financing Energy Efficiency by : Robert P. Taylor

Download or read book Financing Energy Efficiency written by Robert P. Taylor and published by World Bank Publications. This book was released on 2008-02-08 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: While energy efficiency projects could partly meet new energy demand more cheaply than new supplies, weak economic institutions in developing and transitional economies impede developing and financing energy efficiency retrofits. This book analyzes these difficulties, suggests a 3-part model for projectizing and financing energy efficiency retrofits, and presents thirteen case studies to illustrate the issues and principles involved.

Good Strategy Bad Strategy

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Publisher : Currency
ISBN 13 : 0307886239
Total Pages : 338 pages
Book Rating : 4.3/5 (78 download)

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Book Synopsis Good Strategy Bad Strategy by : Richard Rumelt

Download or read book Good Strategy Bad Strategy written by Richard Rumelt and published by Currency. This book was released on 2011-07-19 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt: Good Strategy/Bad Strategy clarifies the muddled thinking underlying too many strategies and provides a clear way to create and implement a powerful action-oriented strategy for the real world. Developing and implementing a strategy is the central task of a leader. A good strategy is a specific and coherent response to—and approach for—overcoming the obstacles to progress. A good strategy works by harnessing and applying power where it will have the greatest effect. Yet, Rumelt shows that there has been a growing and unfortunate tendency to equate Mom-and-apple-pie values, fluffy packages of buzzwords, motivational slogans, and financial goals with “strategy.” In Good Strategy/Bad Strategy, he debunks these elements of “bad strategy” and awakens an understanding of the power of a “good strategy.” He introduces nine sources of power—ranging from using leverage to effectively focusing on growth—that are eye-opening yet pragmatic tools that can easily be put to work on Monday morning, and uses fascinating examples from business, nonprofit, and military affairs to bring its original and pragmatic ideas to life. The detailed examples range from Apple to General Motors, from the two Iraq wars to Afghanistan, from a small local market to Wal-Mart, from Nvidia to Silicon Graphics, from the Getty Trust to the Los Angeles Unified School District, from Cisco Systems to Paccar, and from Global Crossing to the 2007–08 financial crisis. Reflecting an astonishing grasp and integration of economics, finance, technology, history, and the brilliance and foibles of the human character, Good Strategy/Bad Strategy stems from Rumelt’s decades of digging beyond the superficial to address hard questions with honesty and integrity.

Applied Dynamic Programming

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Publisher : Princeton University Press
ISBN 13 : 1400874653
Total Pages : 389 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Applied Dynamic Programming by : Richard E. Bellman

Download or read book Applied Dynamic Programming written by Richard E. Bellman and published by Princeton University Press. This book was released on 2015-12-08 with total page 389 pages. Available in PDF, EPUB and Kindle. Book excerpt: This comprehensive study of dynamic programming applied to numerical solution of optimization problems. It will interest aerodynamic, control, and industrial engineers, numerical analysts, and computer specialists, applied mathematicians, economists, and operations and systems analysts. Originally published in 1962. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

Revenue Management

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Publisher : Crown Currency
ISBN 13 : 0307788989
Total Pages : 289 pages
Book Rating : 4.3/5 (77 download)

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Book Synopsis Revenue Management by : Robert G. Cross

Download or read book Revenue Management written by Robert G. Cross and published by Crown Currency. This book was released on 2011-04-27 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the man the Wall Street Journal hailed as "the guru of Revenue Management" comes revolutionary ways to recover from the after effects of downsizing and refocus your business on growth. Whatever happened to growth? In Revenue Management, Robert G. Cross answers this question with his ground-breaking approach to revitalizing businesses: focusing on the revenue side of the ledger instead of the cost side. The antithesis of slash-and-burn methods that left companies with empty profits and dissatisfied stockholders, Revenue Management overturns conventional thinking on marketing strategies and offers the key to initiating and sustaining growth. Using case studies from a variety of industries, small businesses, and nonprofit organizations, Cross describes no-tech, low-tech, and high-tech methods that managers can use to increase revenue without increasing products or promotions; predict consumer behavior; tap into new markets; and deliver products and services to customers effectively and efficiently. His proven tactics will help any business dramatically improve its bottom line by meeting the challenge of matching supply with demand.

The Theory and Practice of Revenue Management

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Publisher : Springer Science & Business Media
ISBN 13 : 0387273913
Total Pages : 731 pages
Book Rating : 4.3/5 (872 download)

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Book Synopsis The Theory and Practice of Revenue Management by : Kalyan T. Talluri

Download or read book The Theory and Practice of Revenue Management written by Kalyan T. Talluri and published by Springer Science & Business Media. This book was released on 2006-02-21 with total page 731 pages. Available in PDF, EPUB and Kindle. Book excerpt: Revenue management (RM) has emerged as one of the most important new business practices in recent times. This book is the first comprehensive reference book to be published in the field of RM. It unifies the field, drawing from industry sources as well as relevant research from disparate disciplines, as well as documenting industry practices and implementation details. Successful hardcover version published in April 2004.

Rollout, Policy Iteration, and Distributed Reinforcement Learning

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Publisher : Athena Scientific
ISBN 13 : 1886529078
Total Pages : 498 pages
Book Rating : 4.8/5 (865 download)

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Book Synopsis Rollout, Policy Iteration, and Distributed Reinforcement Learning by : Dimitri Bertsekas

Download or read book Rollout, Policy Iteration, and Distributed Reinforcement Learning written by Dimitri Bertsekas and published by Athena Scientific. This book was released on 2021-08-20 with total page 498 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this book is to develop in greater depth some of the methods from the author's Reinforcement Learning and Optimal Control recently published textbook (Athena Scientific, 2019). In particular, we present new research, relating to systems involving multiple agents, partitioned architectures, and distributed asynchronous computation. We pay special attention to the contexts of dynamic programming/policy iteration and control theory/model predictive control. We also discuss in some detail the application of the methodology to challenging discrete/combinatorial optimization problems, such as routing, scheduling, assignment, and mixed integer programming, including the use of neural network approximations within these contexts. The book focuses on the fundamental idea of policy iteration, i.e., start from some policy, and successively generate one or more improved policies. If just one improved policy is generated, this is called rollout, which, based on broad and consistent computational experience, appears to be one of the most versatile and reliable of all reinforcement learning methods. In this book, rollout algorithms are developed for both discrete deterministic and stochastic DP problems, and the development of distributed implementations in both multiagent and multiprocessor settings, aiming to take advantage of parallelism. Approximate policy iteration is more ambitious than rollout, but it is a strictly off-line method, and it is generally far more computationally intensive. This motivates the use of parallel and distributed computation. One of the purposes of the monograph is to discuss distributed (possibly asynchronous) methods that relate to rollout and policy iteration, both in the context of an exact and an approximate implementation involving neural networks or other approximation architectures. Much of the new research is inspired by the remarkable AlphaZero chess program, where policy iteration, value and policy networks, approximate lookahead minimization, and parallel computation all play an important role.

IBM Storage Networking SAN24B-6 Switch

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Publisher : IBM Redbooks
ISBN 13 : 0738456136
Total Pages : 18 pages
Book Rating : 4.7/5 (384 download)

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Book Synopsis IBM Storage Networking SAN24B-6 Switch by : Ernest A. Keenan

Download or read book IBM Storage Networking SAN24B-6 Switch written by Ernest A. Keenan and published by IBM Redbooks. This book was released on 2018-05-23 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: This IBM® Redbooks® product guide describes the IBM Storage Networking SAN24B-6 switch. Explosive data growth, coupled with user expectations of unlimited access from anywhere, at any time, is pushing storage environments to the limit. To meet these dynamic business demands, the network must evolve to improve speed, increase efficiency, and reduce costs. Legacy infrastructures were not designed to support the performance requirements of flash-based storage technology. A new approach to storage networking is required to unlock the full capabilities of all-flash arrays. By treating the network as a strategic part of a storage environment, organizations can maximize their productivity and efficiency, even as they rapidly grow their environments. The IBM Storage Networking SAN24B-6 switch provides exceptional value in an entry-level switch, combining high-performance capabilities of 4, 8, 16, and 32 Gbps, point-and-click simplicity, and enterprise-class functionality. The port speed capability is dependent on the transceiver installed. SAN24B-6 provides small to midsized data centers with low-cost access to industry-leading Gen 5 and Gen 6 Fibre Channel technology and the ability to start small and grow on demand from 8 to 24 ports to support an evolving storage environment. In addition, SAN24B-6 is easy to use and install, with a point-and-click user interface that simplifies deployment and saves time.

Artificial Intelligence in Asset Management

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Publisher : CFA Institute Research Foundation
ISBN 13 : 195292703X
Total Pages : 95 pages
Book Rating : 4.9/5 (529 download)

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Book Synopsis Artificial Intelligence in Asset Management by : Söhnke M. Bartram

Download or read book Artificial Intelligence in Asset Management written by Söhnke M. Bartram and published by CFA Institute Research Foundation. This book was released on 2020-08-28 with total page 95 pages. Available in PDF, EPUB and Kindle. Book excerpt: Artificial intelligence (AI) has grown in presence in asset management and has revolutionized the sector in many ways. It has improved portfolio management, trading, and risk management practices by increasing efficiency, accuracy, and compliance. In particular, AI techniques help construct portfolios based on more accurate risk and return forecasts and more complex constraints. Trading algorithms use AI to devise novel trading signals and execute trades with lower transaction costs. AI also improves risk modeling and forecasting by generating insights from new data sources. Finally, robo-advisors owe a large part of their success to AI techniques. Yet the use of AI can also create new risks and challenges, such as those resulting from model opacity, complexity, and reliance on data integrity.

Online Computation and Competitive Analysis

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Publisher : Cambridge University Press
ISBN 13 : 9780521619462
Total Pages : 440 pages
Book Rating : 4.6/5 (194 download)

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Book Synopsis Online Computation and Competitive Analysis by : Allan Borodin

Download or read book Online Computation and Competitive Analysis written by Allan Borodin and published by Cambridge University Press. This book was released on 2005-02-17 with total page 440 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contains theoretical foundations, applications, and examples of competitive analysis for online algorithms.