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Priority Queues And Consumer Surplus
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Book Synopsis Priority Queues and Consumer Surplus by : Martin Lariviere
Download or read book Priority Queues and Consumer Surplus written by Martin Lariviere and published by . This book was released on 2020 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Problem definition: We examine whether priority queues benefit consumers relative to first-in first-out service. Academic/practical relevance: Priorities are a commonly recommend way to reduce waiting costs, but it is not clear whether they help customers. Methodology: We build an analytical model that assumes that consumers are privately informed of their waiting cost and cannot observe the queue. Results: Whether priorities increase consumer surplus relative to first-in, first-out service depends on the model of customer utility and on the distribution of waiting costs. If all customers have the same value of the service independent of waiting costs, priorities essentially always lower consumer surplus. If a customer's value of the service is an increasing function of her waiting cost, priorities lower [increase] surplus if the waiting cost distribution has a decreasing [increasing] mean residual life. Priorities potentially make all customers worse off; low priority customers may pay a higher out-of-pocket price than they would under first-in, first-out service. Managerial implications: Decision makers - whether managers or policy makers - should be cognizant of how priorities impact consumers. While priorities have benefits, they often serve to shift value to from consumers to firms.
Book Synopsis Coverage, Coarseness and Classification by : Itai Gurvich
Download or read book Coverage, Coarseness and Classification written by Itai Gurvich and published by . This book was released on 2016 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many service providers utilize priority queues. Many consumers revile priority queues. However, some form of priority service may be necessary to maximize social welfare. Consequently, it is useful to understand how the priority scheme chosen by a revenue-maximizing firm differs from the one a social planner would use. We examine this in a single server-queue with customers that draw their valuation from a continuous distribution and have a per-period waiting cost that is proportional to their realized valuation. The decision maker must post a menu offering a finite number of waiting time-price pairs. There are then three dimensions on which a revenue maximizer and social planner can differ: coverage (i.e., how many customer in total to serve), coarseness (i.e., how many classes of service to offer), and classification (i.e., how to map customers to priority levels). We show that differences between the decision makers' priority policies are all about classification. Both are content to offer very coarse schemes with just two priority levels, and they will have negligible differences in coverage. However, differences in classification are persistent. Further, a revenue maximizer may -- relative to the social planner -- have too few or too many high priority customers. Whether the revenue maximizer over- or under-stuffs the high priority class depends on a measure of consumer surplus that is captured by the mean residual life function of the valuation distribution. In addition we show that there is a large class of valuation distributions for which a move from first-in, first-out service to a priority scheme that places those with higher waiting costs at the front of the line reduces consumer surplus.
Book Synopsis Innovative Priority Mechanisms in Service Operations by : Shiliang Cui
Download or read book Innovative Priority Mechanisms in Service Operations written by Shiliang Cui and published by Springer Nature. This book was released on 2023-06-23 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book introduces the most advanced and recent theoretical research on innovative priority mechanisms in service settings. It covers cutting-edge topics on service innovations such as line-sitting, service-position-trading, referral priority programs, queue-scalping, distance-based priority, and dynamic priority policy. It also contains a variety of practical examples and applications which help managers to make better decisions and to develop a coherent business strategy. This book appeals to a wide readership, from academics and Ph.D. students who are interested in priority mechanisms, to service managers and researchers in the service industry. This is an open access book.
Book Synopsis Advance Selling and Upgrading in Priority Queues by : Yaolei Wang
Download or read book Advance Selling and Upgrading in Priority Queues written by Yaolei Wang and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study advance selling and upgrading in a priority queue setting that emerges in the amusement park industry. Customers choose to buy fast-track or regular tickets depending on their heterogeneous waiting costs. At the park entrance, customers can choose tickets based on the observed congestion levels. Advance tickets are cheaper, but customers suffer from congestion uncertainty. Upgrading options allow customers to purchase regular tickets in advance and upgrade on-site if the congestion turns out to be high. The seller's objective is to find the optimal pricing scheme to maximize revenue. We analyze a two-stage model in a queueing game framework. Under full coverage and fixed regular ticket prices, the seller sets the priority ticket prices to maximize the extra revenue. We find that if all customers arrive in advance, in many cases advance-and-spot selling without upgrading achieves the upper bound--the optimal extra revenue from the state-dependent priority pricing, hence the upgrading option is not necessary. On the other hand, if some customers arrive on the spot, allowing upgrading is more likely to generate more revenue. In scenarios where upgrading increases the revenue, the upgrading options, despite offering consumers greater flexibility, hurt consumer surplus. Our paper is one of the first to investigate--in the context of queueing economics--the advance selling strategy together with upgrading. Our results offer guidance on selling scheme design for ticket sellers, and provide one economic explanation for the various pricing policies seen in the amusement park industry.
Book Synopsis Rational Queueing by : Refael Hassin
Download or read book Rational Queueing written by Refael Hassin and published by CRC Press. This book was released on 2016-03-23 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt: Understand the Strategic Behavior in Queueing SystemsRational Queueing provides one of the first unified accounts of the dynamic aspects involved in the strategic behavior in queues. It explores the performance of queueing systems where multiple agents, such as customers, servers, and central managers, all act but often in a noncooperative manner.T
Book Synopsis The Effects of the Egyptian Food Ration and Subsidy System on Income Distribution and Consumption by : Harold Alderman
Download or read book The Effects of the Egyptian Food Ration and Subsidy System on Income Distribution and Consumption written by Harold Alderman and published by Intl Food Policy Res Inst. This book was released on 1984 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research report on the effects of the Egyptian food rationing and food subsidy systems on income distribution and consumption - using household survey data explains distribution and food security; examines household expenditure, protein consumption, level of nutrition and percentage calorie deficiency; analyses system of income transfer and interaction with farm crop production and marketing; gives statistical analysis of choice between cooperatives and open market. Bibliography, graphs, statistical tables.
Book Synopsis Transparency and Fragmentation by : J. Board
Download or read book Transparency and Fragmentation written by J. Board and published by Springer. This book was released on 2002-07-16 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first major treatment of the effects of increased transparency on financial markets: an important and highly controversial issue for both traders and regulators. Focussing on three main themes - market transparency, the consolidation-fragmentation of trading systems, and the scope of regulation (i.e. which markets, and which traders within those markets, should be subject to regulation), the book highlights the importance of these issues to all markets throughout the world. The book draws on research from eight UK based investment exchanges, Deutsche Borse in Frankfurt and documentary evidence from the US markets and their regulators enabling the identification and documentation of the current situation and consideration of what fresh regulatory approaches are required for this new and fast evolving situation.
Download or read book Mobile WiMAX written by Yan Zhang and published by CRC Press. This book was released on 2007-12-10 with total page 472 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Wireless Metropolitan Area Network (WirelessMAN) is a promising Broadband Wireless Access (BWA) technology that provides high-speed, high-bandwidth efficiency and high-capacity multimedia services for both residential and enterprise applications. Mobile WiMAX: Toward Broadband Wireless Metropolitan Area Networks examines the basic concepts, rec
Download or read book Proceedings written by and published by . This book was released on 1996 with total page 1042 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis To Queue or Not to Queue by : Refael Hassin
Download or read book To Queue or Not to Queue written by Refael Hassin and published by Springer Science & Business Media. This book was released on 2003 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: To Queue Or Not To Queue: Equilibrium Behavior in Queueing Systems focuses on the highly interesting, practical viewpoint of customer behavior and its effect on the performance of the queueing system. The book's objectives are threefold: (1) It is a comprehensive survey of the literature on equilibrium behavior of customers and servers in queueing systems. The literature is rich and considerable, but lacks continuity. This book will provide the needed continuity and cover some issues that have not been adequately treated. (2) In addition, it will examine the known results of the field, classify them and identify where and how they relate to each other. (3) And finally, it seeks to fill a number of the gaps in the literature with new results while explicitly outlining open problems in other areas. With this book, it is the authors' paramount purpose is to motivate further research and to help researchers identify new and interesting open problems.
Download or read book Bell Journal of Economics written by and published by . This book was released on 1982 with total page 614 pages. Available in PDF, EPUB and Kindle. Book excerpt: Covers research in the behavior of regulated industries, the economic analysis of organizations, and more generally, applied microeconomics.
Book Synopsis Proceedings of the International Conference on Soft Computing for Problem Solving (SocProS 2011) December 20-22, 2011 by : Kusum Deep
Download or read book Proceedings of the International Conference on Soft Computing for Problem Solving (SocProS 2011) December 20-22, 2011 written by Kusum Deep and published by Springer Science & Business Media. This book was released on 2012-04-15 with total page 1048 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective is to provide the latest developments in the area of soft computing. These are the cutting edge technologies that have immense application in various fields. All the papers will undergo the peer review process to maintain the quality of work.
Book Synopsis Reshaping the Equity Markets by : Robert Alan Schwartz
Download or read book Reshaping the Equity Markets written by Robert Alan Schwartz and published by Irwin Professional Publishing. This book was released on 1993 with total page 468 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Readings in Microeconomics by : William Breit
Download or read book Readings in Microeconomics written by William Breit and published by Times Mirror Magazine. This book was released on 1986 with total page 506 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Water and Peace in the Middle East by : J. Isaac
Download or read book Water and Peace in the Middle East written by J. Isaac and published by Elsevier. This book was released on 1994-04-05 with total page 559 pages. Available in PDF, EPUB and Kindle. Book excerpt: The volume serves as an important mile-stone in the process called "second track" dialogue and cooperation between Israeli and Palestinian academics on crucial shared problems, the resolution of which is vital to the peace process. The book contains forty-one original papers dealing with almost all aspects of the Middle-Eastern water problems, and should serve as a useful reference to students, scholars and policy makers all over the world interested in understanding the complexities of the Middle-Eastern water conflicts.
Book Synopsis Aanwinsten van de Centrale Bibliotheek (Queteletfonds) by : Bibliothèque centrale (Fonds Quetelet)
Download or read book Aanwinsten van de Centrale Bibliotheek (Queteletfonds) written by Bibliothèque centrale (Fonds Quetelet) and published by . This book was released on 1999 with total page 830 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Optimization of Price and Quality in Service Systems by : John G. Wirt
Download or read book Optimization of Price and Quality in Service Systems written by John G. Wirt and published by . This book was released on 1971 with total page 458 pages. Available in PDF, EPUB and Kindle. Book excerpt: Price and service quality are important variables in the design of optimal service systems. Price is important because of the strong consumption externality inherent in service systems. Quality is important since it directly affects consumer welfare, and is readily controlled by altering the priorities of service offered. The paper takes a systematic view of this problem, and presents techniques for quantitative determination of the optimal prices and service quality in a wide class of systems. (Author).
