Multi-Leg Seat Inventory Control Based on EMSU and Virtual Bucket | Zendy

Wei Fan | Zendy; Jianwei Wang | Zendy; W.H. Ip | Zendy

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Multi-Leg Seat Inventory Control Based on EMSU and Virtual Bucket

Author(s) -

Wei Fan,

Jianwei Wang,

W.H. Ip

Publication year - 2014

Publication title -

international journal of engineering business management

Language(s) - English

Resource type - Journals

ISSN - 1847-9790

DOI - 10.5772/56957

Subject(s) - reservation , operations research , inventory control , process (computing) , control (management) , dynamic pricing , revenue , computer science , revenue management , markov decision process , markov chain , markov process , yield management , simulation , operations management , engineering , economics , artificial intelligence , microeconomics , mathematics , computer network , statistics , accounting , machine learning , operating system

Expected marginal seat revenue (EMSR) is a well-known method for airline seat inventory control airlines. However, this method employs a static model to study the dynamic reservation process, and does not take into account the risk tolerance of policy makers. Expected marginal seat utility (EMSU) replaces revenue by utility, which addresses the real situation of seat inventory control. However, there is still a lack of multi-leg seat control algorithms based on EMSU. Therefore, using EMSU and bucket algorithms, this paper applies the Markov decision-making process to simulate the flight reservation process and builds a dynamic multi-leg seat inventory control model. Experimental results validate the effectiveness of the proposed method.Department of Industrial and Systems Engineerin

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