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Car rental industry overbooking decision heuristic algorithm

Author: RuanGuangZuo
Tutor: LiJun´╝ŤXiaoBaiChun
School: Southwest Jiaotong University
Course: Management Science and Engineering
Keywords: Car rental Revenue Management Overbooking Heuristic Algorithm
CLC: F719
Type: Master's thesis
Year: 2011
Downloads: 75
Quote: 0
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Abstract


As competition intensifies services such as car rental, hotel, aviation and other industries increasingly using overbooking methods to reduce risk and improve revenues. Overbooking is a so-called pre-sold itself has a number of products exceeds the number of products. Car rentals, hotels, aviation and other industries with a perishable product characteristics, if the product is not sold out that day, then the product that day in order to create income to zero. In practice, the products of these industries through the call center to provide scheduled services, but some consumers did not accept a predetermined product service (No-show), and this situation has been particularly evident in the holidays, so this product may cause utilization is low. The use of overbooking strategy can effectively reduce due to cancellation and No-show the damage caused and increase revenue. Currently revenue management in the field of research and more from the perspective of optimal control, the researchers tend to assume that it is absolutely rational decision-makers, which is tantamount to the decision-making body as a precise computer control. But in reality, decision makers often do not have received specialized training in optimization theory, there is no specialized computer system to help decision-making. Therefore unable to make decisions quickly and accurately. Heuristic algorithm can effectively solve this problem, but there is little research exists to upgrade human case of overbooking heuristic algorithms. This paper studies the car rental industry, overbooking decision problem, analyze the situation and the presence of non-upgraded upgrade heuristic nature of the case and conducted robustness analysis, after analysis, heuristic algorithm applicability strong car leasing industry decision-makers accurate calculation without the aid of a computer can perform rapid and effective decision-making. An optimal algorithm for computer searches of traditional methods for solving the problem of low efficiency, this paper proposes two areas for improvement. Binomial distribution is too used to simulate alternative consumer behavior pick up the car to accelerate computing speed, while the optimal solution in the search, this paper presents an initial value of search and search direction is calculated. According to the nature of heuristics, we designed experiments to study the behavior of decision makers overbooking and validate heuristic decision results. Found that study participants in the decision making process there is a feedback mechanism, with the change in the number of vehicles available, policy makers attitude toward risk change. Study participants were also asked to participate in comparative experiments, the final data showed experimental participants heuristic algorithm, the decision results improved significantly. Decision-making with the computer results are very close.

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