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dc.contributor.authorBayliss, Christopher-
dc.contributor.authorCurrie, Christine S. M.-
dc.contributor.authorBennell, Julia-
dc.contributor.authorMartinez Sykora, Antonio-
dc.date.accessioned2019-02-12T10:31:53Z-
dc.date.available2019-02-12T10:31:53Z-
dc.date.issued2018-08-25-
dc.identifier.citationBayliss, C., Currie, C.S.M., Martinez-Sykora, A. & Bennell, J. (2018) Dynamic pricing for vehicle ferries: using packing and simulation to optimize revenues. European Journal of Operational Research, 273(1), 288-304. doi:10.1016/j.ejor.2018.08.004-
dc.identifier.issn0377-2217MIAR
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dc.identifier.urihttp://hdl.handle.net/10609/91569-
dc.description.abstractWe propose an improved heuristic approach to the vehicle ferry revenue management problem, where the aim is to maximize the revenue obtained from the sale of vehicle tickets by varying the prices charged to different vehicle types, each occupying a different amount of deck space. Customers arrive and purchase tickets according to their vehicle type and their willingness-to-pay, which varies over time. The optimization problem can be solved using dynamic programming but the possible states in the selling season are the set of all feasible vehicle mixes that fit onto the ferry. This makes the problem intractable as the number of vehicle types increases. We propose a state space reduction, which uses a vehicle ferry loading simulator to map each vehicle mix to a remaining space state. This reduces the state space of the dynamic program. Our approximation approach allows the value function to be approximated rapidly and accurately with a relatively coarse discretization of states. We present simulations of the selling season using this reduced state space to validate the method. The vehicle ferry loading simulator was developed in collaboration with a vehicle ferry company and addresses real-world constraints such as manoeuvrability, elevator access, strategic parking gaps, vehicle height constraints and ease of implementation of the packing solutions.en
dc.format.mimetypeapplication/pdfen
dc.format.mimetypeapplication/pdf-
dc.language.isoeng-
dc.publisherEuropean Journal of Operational Research-
dc.relation.ispartofEuropean Journal of Operational Research, 2019, 273(1)-
dc.relation.urihttps://www.sciencedirect.com/science/article/pii/S0377221718306817-
dc.rightscc-by-
dc.rights.urihttps://creativecommons.org/licenses/by/4.0/-
dc.subjectrevenue managementen
dc.subjectpackingen
dc.subjecttransportationen
dc.subjectdynamic pricingen
dc.subjectgestión de ingresoses
dc.subjectembalajees
dc.subjecttransportees
dc.subjectprecios dinámicoses
dc.subjectgestió d'ingressosca
dc.subjectembalatgeca
dc.subjecttransportca
dc.subjectpreus dinàmicsca
dc.subject.lcshComputer simulationen
dc.titleDynamic pricing for vehicle ferries: using packing and simulation to optimize revenues-
dc.typeinfo:eu-repo/semantics/article-
dc.typeinfo:eu-repo/semantics/publishedVersion-
dc.subject.lemacSimulació per ordinadorca
dc.subject.lcshesSimulación por ordenadores
dc.rights.licensehttps://creativecommons.org/licenses/by/4.0/-
dc.rights.accessRightsinfo:eu-repo/semantics/openAccess-
dc.identifier.doi10.1016/j.ejor.2018.08.004-
dc.relation.projectIDinfo:eu-repo/grantAgreement/EP/N006461/1-
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