Risk-Averse Capacity Control in Revenue Management
Autor: | Christiane Barz |
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EAN: | 9783540730149 |
eBook Format: | |
Sprache: | Englisch |
Produktart: | eBook |
Veröffentlichungsdatum: | 16.08.2007 |
Kategorie: | |
Schlagworte: | Expected Utility Theory Markov Decision Processes Revenue Management Risk-Sensitive Control management modeling |
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This book revises the well-known capacity control problem in revenue management from the perspective of a risk-averse decision-maker. Modelling an expected utility maximizing decision maker, the problem is formulated as a risk-sensitive Markov decision process. Special emphasis is put on the existence of structured optimal policies. Numerical examples illustrate the results.