Model of Price Optimization as a Part of Hotel Revenue Management - Stochastic Approach

Kód výsledku v 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>

Výsledek na webu

<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>

Jazyk výsledku

angličtina

Název v původním jazyce

Model of Price Optimization as a Part of Hotel Revenue Management - Stochastic Approach

Popis výsledku v původním jazyce

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.

Název v anglickém jazyce

Model of Price Optimization as a Part of Hotel Revenue Management - Stochastic Approach

Popis výsledku anglicky

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.

Druh

J_imp - Článek v periodiku v databázi Web of Science

CEP obor

—

OECD FORD obor

50200 - Economics and Business

Projekt

—

Návaznosti

N - Vyzkumna aktivita podporovana z neverejnych zdroju

Rok uplatnění

2021

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Mathematics

ISSN

2227-7390

e-ISSN

—

Svazek periodika

9

Číslo periodika v rámci svazku

13

Stát vydavatele periodika

CH - Švýcarská konfederace

Počet stran výsledku

16

Strana od-do

1-16

Kód UT WoS článku

000671970200001

EID výsledku v databázi Scopus

2-s2.0-85109994875