Modelling and solving a car rental revenue optimisation problem

DOI10.1504/IJMOR.2011.038911MaRDI QIDQ2431528zbMATH OpenOpenAlexWikidataFDO

Authors Filomena Olivito, Francesca Guerriero

Publication date 15 April 2011

Published in International Journal of Mathematics in Operational Research (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1504/ijmor.2011.038911

zbMATH Keywords

car rental agenciescar rental revenueinteger linear programmingmodellingmulti-day rentsnon-cascading upgradesrevenue managementrisk aversionrobust optimisation

Mathematics Subject Classification ID

Transportation, logistics and supply chain management (90B06) Management decision making, including multiple objectives (90B50) Special problems of linear programming (transportation, multi-index, data envelopment analysis, etc.) (90C08) Integer programming (90C10)

Review text

Summary: We address the problem of a car rental agency that is confronted with how to decide to accept or reject a booking request to optimise the revenue. An innovative integer programming model is devised, which incorporates particularities of the car rental business, like multi-day rents and non-cascading upgrades. To capture the randomness of the demand, robustness measures and the related scenario-based formulations are presented. An extensive computational study is carried out, by considering a set of randomly generated instances. The collected computational results show the relation between problem size and computation time and the effect of risk-aversion on revenue.

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(5)

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• A co-evolutionary matheuristic for the car rental capacity-pricing stochastic problem

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