search query: @freeterm survival analysis / total: 2
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| Author: | Peister, C. |
| Title: | Table-games revenue management: Applying survival analysis |
| Journal: | Cornell Hotel and Restaurant Administration Quarterly
2007 : FEB, VOL. 48:1, p. 70-87 |
| Index terms: | finance revenue games leisure industry hotel management customers service models |
| Freeterms: | survival analysis |
| Language: | eng |
| Abstract: | This article illustrates the application of survival analysis to create a revenue management (hereafter as: r-mgmt.) scheme for a casino's table games (here as: t-gms). Although suggested that t-gms. revenue can be increased by manipulating minimum wagers, the matter is complicated by the nature of games, which allow "partial sales" (that is, any number of hands) but do not allow a bet of zero, and in which actual demand is censored (as people are waiting to play). Survival analysis accommodates the time-played parameter while recognizing an inherent issue with capacity constrained supply. Optimization is achieved by using traditional r-mgmt. tools, as demonstrated using a simulated data set. |
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