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We formulate and analyze a Markov decision process (dynamic programming) model for airline seat allocation (yield management) on a single-leg flight with multiple fare classes. Unlike previous models, we allow cancellation, no-shows, and overbooking. Additionally, we make no assumptions on the arrival patterns for the various fare classes. Our model is also(More)
We consider a discrete-time Markov decision process with a partially ordered state space and two feasible control actions in each state. Our goal is to nd general conditions, which are satissed in a broad class of applications to control of queues, under which an optimal control policy is monotonic. An advantage of our approach is that it easily extends to(More)