Revenue management policies for the truck rental industry |
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Authors: | Francesca Guerriero Giovanna Miglionico Filomena Olivito |
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Institution: | Department of Electronic Informatics and Systems, University of Calabria Via P. Bucci, 87036 Rende, Italy |
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Abstract: | In this paper, we consider the problem of managing a fleet of trucks with different capacity to serve the requests of different customers that arise randomly over time. The problem is formulated via dynamic programming. Linear programming approximations of the problem are presented and their solutions are exploited to develop partitioned booking limits and bid prices policies. The numerical experiments show that the proposed policies can be profitably used in supporting the decision maker. |
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Keywords: | Resource allocation problems Dynamic programming Revenue management Booking limits Bid prices |
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