Model of Price Optimization as a Part of Hotel Revenue Management - Stochastic Approach
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F25619161%3A_____%2F21%3AN0000049" target="_blank" >RIV/25619161:_____/21:N0000049 - isvavai.cz</a>
Result on the web
<a href="https://www.mdpi.com/2227-7390/9/13/1552" target="_blank" >https://www.mdpi.com/2227-7390/9/13/1552</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.3390/math9131552" target="_blank" >10.3390/math9131552</a>
Alternative languages
Result language
angličtina
Original language name
Model of Price Optimization as a Part of Hotel Revenue Management - Stochastic Approach
Original language description
The paper is focusing on the problem of price optimization in the area of accommodation services. The main aim is to propose a novel simulation-based methodology of price optimization based on the customer’s price acceptance. The authors create a model based on the known approaches but extended by the stochastic approach and optimization based on the coefficient of price elasticity. The whole model is created, the price is set and optimized in two steps. The first step makes segmentation and optimization (with the price elasticity approach). The second step then sets the price of the reservation—the final price for a customer. This reservation price is mainly determined by knowledge of the length of stay, occupancy and booking lead time. All those parameters are described in the text from the economic point of view and make the base for the whole and complex revenue management model.
Czech name
—
Czech description
—
Classification
Type
J<sub>imp</sub> - Article in a specialist periodical, which is included in the Web of Science database
CEP classification
—
OECD FORD branch
50200 - Economics and Business
Result continuities
Project
—
Continuities
N - Vyzkumna aktivita podporovana z neverejnych zdroju
Others
Publication year
2021
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Name of the periodical
Mathematics
ISSN
2227-7390
e-ISSN
—
Volume of the periodical
9
Issue of the periodical within the volume
13
Country of publishing house
CH - SWITZERLAND
Number of pages
16
Pages from-to
1-16
UT code for WoS article
000671970200001
EID of the result in the Scopus database
2-s2.0-85109994875