Important trends that have changed since the original RM algorithms were developed? What is the basis for the theory of price optimization?

• Important trends that have changed since the original RM algorithms were developed?
• What is the basis for the theory of price optimization?
• Describe the elements of an optimization problem.
• What is the goal for price optimization in hotels?
• What role do competitive price effects play in the price optimization decision?
• Why in today's social world will price optimization general more revenue than traditional / original revenue management techniques?

McGuire, Kelly A. (2016). Hotel pricing in a social world: Driving value in the digital economy. Hoboken, NJ: John Wiley & Sons, Inc

Read chapter 2: Demystifying Price Optimization