Improved airline seat inventory control under incomplete information
University of Latvia, Riga, Latvia
University of Latvia, Riga, Latvia
ABSTRACT: In this paper, the problem concerns the allocation of the finite seat inventory to the stochastic customer demand that occurs over time before the flight is scheduled to depart. It lies at the heart of airline revenue management. The objective is to find the right combination of customers of various fare classes on the flight such that revenue is maximized. The unbiased static and dynamic policies of stochastic airline seat inventory control (airline booking) are developed under parametric uncertainty of underlying models, which are not necessarily alternative. ...
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