Item description for Risk-Averse Capacity Control in Revenue Management (Lecture Notes in Economics and Mathematical Systems) by Christiane Barz...
Traditionally, revenue management models aim at a maximization of expected revenue, i.e. a risk-neutral decision-maker is assumed. During the last few years, however, the consideration of revenue risk has gained more and more attention.
By failing to suggest mechanisms for reducing unfavorable revenue levels, traditional risk-neutral capacity control models fall short of meeting the needs of a risk-averse planner. This is why this book revises the well-known capacity control problem in revenue management from the perspective of a risk-averse decision-maker. Modelling an expected utility maximizing decision maker, the problem is formulated as a risk-sensitive Markov decision process. Special emphasis is put on the existence of structured optimal policies. Numerical examples illustrate the results.
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Est. Packaging Dimensions: Length: 9.21" Width: 6.06" Height: 0.47" Weight: 0.66 lbs.
Release Date Sep 10, 2007
ISBN 3540730133 ISBN13 9783540730132
Availability 71 units. Availability accurate as of Jan 17, 2017 10:35.
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