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Risk-Averse Capacity Control in Revenue Management (Lecture Notes in Economics and Mathematical Systems) [Paperback]

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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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Item Specifications...


Pages   173
Est. Packaging Dimensions:   Length: 9.21" Width: 6.06" Height: 0.47"
Weight:   0.66 lbs.
Binding  Softcover
Release Date   Sep 10, 2007
Publisher   Springer
ISBN  3540730133  
ISBN13  9783540730132  


Availability  71 units.
Availability accurate as of Mar 27, 2017 04:40.
Usually ships within one to two business days from La Vergne, TN.
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