The present chapter’s objective is threefold. First, it locates advanced pricing and revenue optimization schemes within the general pricing context in order to highlight their application areas and principal characteristics (Section 3.1). Second, it gives an overview of prevalent literature and optimization models within that context (Section 3.2). Third, it discusses the shortcomings and limitations of dynamic pricing models developed throughout the literature (Section 3.3) to finally highlight a suitable scope for the work at hand (Section 3.4).
KeywordsReservation Price Dynamic Price Price Sensitivity Revenue Management Literature Overview
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