Revenue Management with Partially Refundable Fares

• 成果类型: Article
• 署名作者: Gallego, Guillermo; Sahin, Oezge
• 署名单位: Columbia University; University of Michigan System; University of Michigan
• 刊物名称: OPERATIONS RESEARCH
• ISSN/ISSBN: 0030-364X
• DOI: 10.1287/opre.1090.0769
• 发表日期: 2010
• 页码: 817-833
• 关键词: advance-purchase discounts; MODEL

摘要

We introduce and analyze an intertemporal choice model where customer valuations are uncertain and evolve over time. The model leads directly to the study of call options on capacity that are similar to partially refundable fares. We show that the capacity provider earns significantly higher revenues by selling real options on capacity than on low-to-high pricing. We also investigate the social implications and show that the use of options is both socially optimal and socially efficient.