Game-theoretic models in revenue management and dynamic pricing

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In recent years, the widely reported successes of revenue management (RM) in the airline and hotel industries and the expansion of online booking and retail sales systems have stimulated interest in RM and dynamic pricing (DyP) in many new areas. RM applications have been implemented or proposed in such diverse areas as freight transportation, automobile rental services, broadcast advertising, sports and entertainment event-management, style goods inventory clearance, medical services, real estate, and manufacturing. The rapid growth in internet sales channels and point-of-sale technologies has given many firms new capabilities for RM. Also, experienced consumers may now behave strategically by timing their purchases to anticipated periods of lower price. The difficult problem of price competition faced by firms operating in an oligopoly is made an order of magnitude more complex by the potential for strategic behaviour of consumers. The proposed project will help Canadian businesses to improve their RM capacity and remain competitive in the global economy.