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What is Customer-Choice Models Explained about?

The document discusses customer choice models in revenue management. It introduces key concepts like buy-up behavior where customers purchase a higher fare when a discount is unavailable. It presents a dynamic programming formulation to maximize expected revenue over multiple time periods by choosing the optimal set of fare classes to offer given remaining capacity. The model accounts for how customer choice probabilities depend on available fare classes rather than assuming independent demand as in traditi

Author

istenctarhan

Language

EN