Customer Choice Modeling with Group Dynamics and Ancillary Pricing

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Revenue Management (RM) is the art and science of improving the contribution through pricing and inventory strategies. Originally developed in the airline industry following deregulation in the 1970ies, RM models are today applied in a vast and diverse mix of industries, including hotel, car rental, retail and live entertainment. Although the core of RM has remained the same, the mathematical modeling and technology has evolved tremendously over the past decades. One recent modeling development and primary motivation for the proposed research program is consideration of customer choice and strategic consumer behavior.