Title :
Dynamic pricing model in tourism attractions
Author :
You, Yang ; Luo, Li ; Luo, Taibo
Author_Institution :
Service Manage. Inst. of Bus. Sch., Sichuan Univ., Chengdu, China
Abstract :
Based on dynamic pricing of revenue management methods, considering that attractions can´t refuse tourists and have the largest tolerance, (1) set up a corresponding dynamic programming model of Markov decision process, (2) propose the ticket pricing strategies and get some properties such as that the profit function decreases with time increasing and increases with ticket number increasing. Finally, the numerical example verified the effectiveness of the model.
Keywords :
Markov processes; decision theory; dynamic programming; pricing; profitability; travel industry; Markov decision process; dynamic pricing model; dynamic programming model; profit function; revenue management method; ticket pricing strategies; tourism attraction; tourists; Biological system modeling; Dynamic programming; Economics; Industries; Markov processes; Pricing; Waste materials; Dynamic pricing; Revenue management; Tourist attractions;
Conference_Titel :
Service Systems and Service Management (ICSSSM), 2012 9th International Conference on
Conference_Location :
Shanghai
Print_ISBN :
978-1-4577-2024-6
DOI :
10.1109/ICSSSM.2012.6252290
