This paper presents an optimization model using stochastic programming to secure the optimum seat and maximizing the profit of the airline in consideration of overbooking. Airline seat inventory control involves selling the right seats to the right people at the right time. If an airline sells tickets on a first-come, first-serve basis, it is likely to be occupied by leisure travelers and late bookers. Generally, business travelers willing to pay a higher fare will subsequently find no seats left, and revenue from such sales will be lost. The airline allows overbooking, accepting more reservations than seats to minimize losses. While there are various needs that depend on the type of passenger, we propose an optimization model using stochastic programming as a method of maximizing the profit of the airline company by securing seats appropriately and employing the concept of overbooking.


    Access

    Check access

    Check availability in my library

    Order at Subito €


    Export, share and cite



    Title :

    Revenue Management Problem via Stochastic Programming in the Aviation Industry


    Additional title:

    Lect. Notes in Networks, Syst.


    Contributors:

    Conference:

    International Conference on Modelling, Computation and Optimization in Information Systems and Management Sciences ; 2021 ; Hanoi, Vietnam December 13, 2021 - December 14, 2021



    Publication date :

    2021-12-08


    Size :

    13 pages





    Type of media :

    Article/Chapter (Book)


    Type of material :

    Electronic Resource


    Language :

    English






    Aviation industry technological sovereignty optimization problem formulation

    I. Y. Bodrova / A. V. Gostev / G. D. Fainburg | DOAJ | 2025

    Free access

    Quality Management in the Aviation Industry

    Šolc, M. | British Library Conference Proceedings | 2014