From the point of view of revenue management, a bi-level optimization model is proposed to determine the seat allocation and discriminatory pricing for high speed rail. The relation between ticket prices and quantities can be represented using demand functions. Stochastic passenger demands and demand functions of high speed rail are integrated into this model. The objective is to maximize the expected total revenue. Discriminatory pricing principles and seat capacity constraints are considered simultaneously. For different market segments, discriminative ticket prices are determined in accordance with the given seat amount. The upper-level model is formulated as a nonlinear mathematical program. The lower-level model is formulated as a two-stage stochastic programming model.
An Integrated Stochastic Programming Model of Seat Allocation and Discriminatory Pricing for High-Speed Rail
11th Asia Pacific Transportation Development Conference and 29th ICTPA Annual Conference ; 2016 ; Hsinchu, Taiwan
2016-05-19
Conference paper
Electronic Resource
English
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