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Dynamic pricing with two revenue streams
Authors:Weifen Zhuang  Michael ZF Li
Institution:
  • a School of Management, Xiamen University, Fujian 361005, China
  • b Nanyang Business School, Nanyang Technological University, Singapore 639798, Singapore
  • Abstract:We study casino revenue management through the pricing of hotel rooms in the presence of gaming revenue, which is random. We identify a stochastic order based on customers’ gaming profiles, from which a monotonic inventory price of rooms is obtained. We develop a threshold-type pricing policy for a special customer segmentation scheme that allows customers’ winning profiles to be ranked in terms of the failure rate order. Our results shed new light on customer valuation and market segmentation.
    Keywords:Dynamic pricing  Primary revenue  Ancillary revenue
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