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Theme park revenue management with a dual admission policy
Authors:Young Dae Ko
Institution:Department of Hotel and Tourism Management, College of Hospitality and Tourism, Sejong University, Seoul, South Korea
Abstract:There are several efforts to increase the revenue of theme parks. One of them is to divide admission policy into normal and express admission. If a certain customer buys express admission ticket with more expensive price, it is possible to reduce the excessive waiting time by using the exclusive waiting line for some or all the attraction’s rides. In this study, decision-making elements such as the price of the express admission ticket, maximum allowed number of express admission ticket per day, and the type of rides which can apply the express admission ticket are investigated to maximize the revenue.
Keywords:Revenue management  pricing  express ticket decision  theme park  genetic algorithm  mathematical model  operations research  optimization  waiting time  customer satisfaction  customer demand
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