This paper presents an optimization model using stochastic programming to secure the optimum seat and maximizing the profit of the airline in consideration of overbooking. Airline seat inventory control involves selling the right seats to the right people at the right time. If an airline sells tickets on a first-come, first-serve basis, it is likely to be occupied by leisure travelers and late bookers. Generally, business travelers willing to pay a higher fare will subsequently find no seats left, and revenue from such sales will be lost. The airline allows overbooking, accepting more reservations than seats to minimize losses. While there are various needs that depend on the type of passenger, we propose an optimization model using stochastic programming as a method of maximizing the profit of the airline company by securing seats appropriately and employing the concept of overbooking.


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    Titel :

    Revenue Management Problem via Stochastic Programming in the Aviation Industry


    Weitere Titelangaben:

    Lect. Notes in Networks, Syst.


    Beteiligte:
    Le Thi, Hoai An (Herausgeber:in) / Pham Dinh, Tao (Herausgeber:in) / Le, Hoai Minh (Herausgeber:in) / Imai, Mio (Autor:in) / Sato, Tetsuya (Autor:in) / Shiina, Takayuki (Autor:in)

    Kongress:

    International Conference on Modelling, Computation and Optimization in Information Systems and Management Sciences ; 2021 ; Hanoi, Vietnam December 13, 2021 - December 14, 2021



    Erscheinungsdatum :

    08.12.2021


    Format / Umfang :

    13 pages





    Medientyp :

    Aufsatz/Kapitel (Buch)


    Format :

    Elektronische Ressource


    Sprache :

    Englisch






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