English, Article edition: A STOCHASTIC APPROACH TO HOTEL REVENUE MANAGEMENT CONSIDERING MULTIPLE-DAY STAYS SHUQIN LIU; KIN KEUNG LAI; JICHANG DONG; ...

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Physical Description
  • article
Language
  • English

Edition details

Title
  • A STOCHASTIC APPROACH TO HOTEL REVENUE MANAGEMENT CONSIDERING MULTIPLE-DAY STAYS
Author
  • SHUQIN LIU
  • KIN KEUNG LAI
  • JICHANG DONG
  • SHOU-YANG WANG
Physical Description
  • article
Notes
  • We present a stochastic optimization model for hotel revenue management with multiple-day stays under an uncertain environment. Since a decision maker may face several scenarios when renting out rooms, we use a semi-absolute deviation model to measure the risk of hotel revenue, and only consider the risk of falling below the expected revenue. The method proposed in this paper can be changed to a linear programming model by applying linearization techniques. Some examples are presented to illustrate the efficiency of this method.
  • Revenue management, stochastic programming, semi-absolute deviation
  • RePEc:wsi:ijitdm:v:05:y:2006:i:03:p:545-556
Language
  • English
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