CORDIS Project
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This project develops innovative revenue management systems that utilize discrete choice models to better forecast demand and optimize pricing strategies in industries like airlines and hotels. By integrating consumer behavior into these models, the project aims to enhance product offerings and improve profitability in…
Numerous industries use revenue management (RM) to forecast demand for products and to determine product prices and availability.
Airline and hotel companies, who spearheaded RM developments in the 1990’s, have reported impressive annual revenue gains:
American Airlines realized $500 million and Marriott realized $100 million.
Today, however, the $218 billion airline and hotel sectors struggle to maintain profitability in a marketplace dominated by online purchases.
Traditional RM systems have st…
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