Modeling Price Elasticity for Occupancy Prediction in Hotel Dynamic Pricing

@article{Zhu2022ModelingPE,
  title={Modeling Price Elasticity for Occupancy Prediction in Hotel Dynamic Pricing},
  author={Fanwei Zhu and Wendong Xiao and Yao Yu and Ziyi Wang and Zulong Chen and Quan Lu and Zemin Liu and Ming-hui Wu and Shenghua Ni},
  journal={Proceedings of the 31st ACM International Conference on Information \& Knowledge Management},
  year={2022}
}
  • Fanwei ZhuWendong Xiao Shenghua Ni
  • Published 4 August 2022
  • Computer Science
  • Proceedings of the 31st ACM International Conference on Information & Knowledge Management
In this paper, we propose a novel elastic demand function that captures the price elasticity of demand in hotel occupancy prediction. We develop a price elasticity prediction model (PEM) with a competitive representation module and a multi-sequence fusion model to learn the dynamic price elasticity from a complex set of affecting factors. Moreover, a multi-task framework consisting of room- and hotel-level occupancy prediction tasks is introduced to PEM to alleviate the data sparsity issue… 

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