search query: @indexterm OPERATIONAL RESEARCH / total: 1454
reference: 105 / 1454
| Author: | Slyke, R. Young, Y. |
| Title: | Finite horizon stochastic knapsacks with applications to yield management |
| Journal: | Operations Research
2000 : JAN-FEB, VOL. 48:1, p. 155-172 |
| Index terms: | OPERATIONAL RESEARCH STOCHASTIC PROCESSES MANAGEMENT |
| Language: | eng |
| Abstract: | The finite horizon stochastic knapsack combines a secretary problem with an integer knapsack problem. It is useful for optimizing sales of perishable commodities with low marginal costs to impatient customers. Applications include yield management for airlines, hotels/motels, broadcasting advertisements, and car rentals. In these problems, k types of customers arrive stochastically. Customer type, k, has an integer weight Wk, a value Bk, and an arrival rate k (t) (which depends on time). |
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