A review of revenue management : recent generalizations and advances in industry applications


== Abstract ==

Originating from passenger air transport, revenue management has evolved into a general and indispensable methodological framework over the last decades, comprising techniques to manage demand actively and to further improve companies’ profits in many different industries. This article is the second and final part of a paper series surveying the scientific developments and achievements in revenue management over the past 15 years. The first part focused on the general methodological advances regarding choice-based theory and methods of availability control over time. In this second part, we discuss some of the most important generalizations of the standard revenue management setting: product innovations (opaque products and flexible products), upgrading, overbooking, personalization, and risk-aversion. Furthermore, to demonstrate the broad use of revenue management, we survey important industry applications beyond passenger air transportation that have received scientific attention over the years, covering air cargo, hotel, car rental, attended home delivery, and manufacturing. We work out the specific revenue management-related challenges of each industry and portray the key contributions from the literature. We conclude the paper with some directions for future research.\ud \ud


== Original document ==

The different versions of the original document can be found in:

* [http://dx.doi.org/10.1016/j.ejor.2019.06.034 http://dx.doi.org/10.1016/j.ejor.2019.06.034]

* [http://wrap.warwick.ac.uk/119052/1/WRAP-review-revenue-management-recent-advances-Strauss-2019.pdf http://wrap.warwick.ac.uk/119052/1/WRAP-review-revenue-management-recent-advances-Strauss-2019.pdf]

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: [http://dx.doi.org/10.1016/j.ejor.2019.06.034 http://dx.doi.org/10.1016/j.ejor.2019.06.034] under the license https://www.elsevier.com/tdm/userlicense/1.0/

* [https://opus.bibliothek.uni-augsburg.de/opus4/frontdoor/index/index/docId/76542 https://opus.bibliothek.uni-augsburg.de/opus4/frontdoor/index/index/docId/76542],
: [https://doi.org/10.1016/j.ejor.2019.06.034 https://doi.org/10.1016/j.ejor.2019.06.034]

* [https://www.sciencedirect.com/science/article/abs/pii/S0377221719305272 https://www.sciencedirect.com/science/article/abs/pii/S0377221719305272],
: [https://dblp.uni-trier.de/db/journals/eor/eor284.html#KleinKSS20 https://dblp.uni-trier.de/db/journals/eor/eor284.html#KleinKSS20],
: [https://ideas.repec.org/a/eee/ejores/v284y2020i2p397-412.html https://ideas.repec.org/a/eee/ejores/v284y2020i2p397-412.html],
: [https://doi.org/10.1016/j.ejor.2019.06.034 https://doi.org/10.1016/j.ejor.2019.06.034],
: [http://wrap.warwick.ac.uk/119052 http://wrap.warwick.ac.uk/119052],
: [https://academic.microsoft.com/#/detail/2953218808 https://academic.microsoft.com/#/detail/2953218808]