dynamic pricing for airline revenue management under passenger mental accounting

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ID: 147110
2015
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Abstract
Mental accounting is a far-reaching concept, which is often used to explain various kinds of irrational behaviors in human decision making process. This paper investigates dynamic pricing problems for single-flight and multiple flights settings, respectively, where passengers may be affected by mental accounting. We analyze dynamic pricing problems by means of the dynamic programming method and obtain the optimal pricing strategies. Further, we analytically show that the passenger mental accounting depth has a positive effect on the flight’s expected revenue for the single flight and numerically illustrate that the passenger mental accounting depth has a positive effect on the optimal prices for the multiple flights.
Reference Key
hu2015mathematicaldynamic Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors ;Yusheng Hu;Jinlin Li;Lun Ran
Journal journal of power sources
Year 2015
DOI
10.1155/2015/836434
URL
http://dx.doi.org/10.1155/2015/836434
Keywords
civil engineering (general)mathematics engineering (general)

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