A Re-Solving Heuristic with Uniformly Bounded Loss for Network Revenue Management

@article{Bumpensanti2020ARH,
  title={A Re-Solving Heuristic with Uniformly Bounded Loss for Network Revenue Management},
  author={Pornpawee Bumpensanti and He Wang},
  journal={Manag. Sci.},
  year={2020},
  volume={66},
  pages={2993-3009}
}
  • Pornpawee Bumpensanti, He Wang
  • Published 2020
  • Computer Science, Economics, Mathematics
  • Manag. Sci.
  • We consider the canonical (quantity-based) network revenue management problem, where a firm accepts or rejects incoming customer requests irrevocably in order to maximize expected revenue given limited resources. Due to the curse of dimensionality, the exact solution to this problem by dynamic programming is intractable when the number of resources is large. We study a family of re-solving heuristics that periodically re-optimize an approximation to the original problem known as the… CONTINUE READING
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