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What is Dynamic Air Ticket Pricing with RL about?
This paper explores dynamic air ticket pricing using reinforcement learning, focusing on strategic and myopic passengers in a co-existing market. It proposes a dynamic pricing algorithm that adapts ticket prices based on passenger behavior and demand, modeled as a Markov decision process. The findings indicate that the proportion and strategic level of passengers significantly influence optimal pricing strategies for airlines.
- Author
- Shivansh Pamnani
- Language
- EN