The Theory and Practice of Revenue Management

Revenue management (RM) is one of the most successfulapplications in Operations Research. The RM has grown from itsapplication with a handful of major airlines to its status today as amainstream business practice with a growing list of industry usersfrom Walt Disney Resorts to National Car Rental and a supportingindustry of software and consulting firms. Over this same time period, academic and industry research on RM methodology has also grownrapidly. While the number of published papers on RM has increased indramatic measures, there is still no book that comprehensively coversthe field of RM. Such a book is a pressing need because: "The Theory and Practice of Revenue Management" is a book thatwill meet these needs. It comprehensively covers theory and practiceof the entire field, including both quantity and price-based RM, aswell as significant coverage of supporting topics such as forecastingand economics. The authors believe such a comprehensive approach isnecessary to fully understand the subject. A central objective of thebook is to unify the various forms of RM and to link them closely toeach other and to the supporting fields of statistics and economics.Nevertheless, the topics and coverage do reflect choices about what isimportant to understand RM. Hence, the book's purpose is to provide acomprehensive, accessible synthesis of the state-of-the-art in RevenueManagement.The audience for "The Theory and Practice of Revenue Management"is threefold: (1) It will be of use to the academic researchers nowworking in RM-related topics, as well as those who work in relatedareas (such as supply chain management), who seek a single-sourceaccessible overview of the theory and practicecomponents of RM. (2)For practitioners the book will serve as a single-source reference forthe theory and application issues involved in RM. (3) Finally, thereare a growing number of university and seminar courses speciallyfocused