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QUESTION
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
