2014
DOI: 10.1016/j.ijpe.2014.03.010
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Revenue management with flexible products: The value of flexibility and its incorporation into DLP-based approaches

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Cited by 21 publications
(10 citation statements)
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References 41 publications
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“…Gönsch and Steinhardt (2013) provide a more general view on flexible products by extending the classical dynamic program decomposition. Gönsch et al (2014) present similar results by adjusting product valuation in the deterministic linear optimisation model to capture the monetary benefits.…”
Section: Offering Flexible Productssupporting
confidence: 57%
“…Gönsch and Steinhardt (2013) provide a more general view on flexible products by extending the classical dynamic program decomposition. Gönsch et al (2014) present similar results by adjusting product valuation in the deterministic linear optimisation model to capture the monetary benefits.…”
Section: Offering Flexible Productssupporting
confidence: 57%
“…For this purpose, they consider a variant of (2.2) where resource allocation does not necessarily take place after the booking horizon, but at an arbitrarily chosen point in time between sale and service provision, and they computationally investigate the impact of different intervals of postponing the final resource allocation on revenue. Also for the capacity control problem, Petrick et al (2010) and subsequently Gönsch et al (2014) focus on the second challenge, using the DLP of (2.2) and extending a classical BPC. In particular, Petrick et al (2010) propose different heuristic approaches to ensure feasibility in real-time without having to resolve the entire feasibility problem for each incoming request.…”
Section: Scientific Contributionsmentioning
confidence: 99%
“…Pflug and Pichler (2016) show how to dynamically decompose the conditional value-at-risk in general multistage stochastic programs, albeit with convex action spaces. Gönsch et al (2014) use this decomposition as starting point for a heuristic approach for the availability control problem with its discrete action space.…”
Section: Introductionmentioning
confidence: 99%
“…They formulate an SDP and motivate their bid price approach by showing that it is consistent with an optimal solution of the primal linear program. Gönsch et al (2014) define the value of flexibility as the value for the manufacturer of being able to choose the optimal execution mode at the end of the booking horizon instead of allocating it immediately at arrival. Existing DLP models do not consider that flexible products can be re-arranged later and thus underestimate the value of flexibility.…”
Section: Revenue Management In Manufacturingmentioning
confidence: 99%