Optimal pricing and seat allocation in the airline industry under the market competition

The current practice of revenue management is either quantity based or price based. A quantity based revenue management is most commonly observed in the airline industry; whereas a price based revenue management is practiced in retail enterprises. Recent improvement of information technology has not only increased the market size, but also has increased market competition. In a competitive environment customers choose among substitutable products depending on several rationalities, however a paramount factor in most selections is price. This thesis investigates pricing issue in revenue management and makes three contributions. First, price based revenue management is studied in the airline industry in a competitive market. Airlines compete for customers using their fare pricing strategies while having fixed capacity allocated in each fare class. The demand for each fare class of an airline is dependent on its fare price and the fare price offered by rival airline(s). A game theoretic approach is used to address the problem assuming both the deterministic and stochastic price sensitive customer demand for each fare class. The existence and uniqueness of Nash equilibrium for the game is shown for both deterministic and stochastic demands. A sensitivity analysis is carried out to determine fare pricing in each fare class considering various situations in the case of deterministic demand. The analysis is further extended to stochastic price sensitive demand, and a sensitivity analysis of the fare prices for each fare class is also reported. Second, an integrated approach to price and quantity based revenue management with an application to the airline industry is presented. The models proposed enable joint control of fare pricing and seat allocation in a duopoly competitive market. Both non cooperative and cooperative bargaining games are studied. Numerical experimentation is performed to study both competitive and cooperative fare pricing along with seat inventory control assuming a nested control on booking limits. In the case of a non cooperative game, Nash equilibrium for the competing airlines is determined assuming both symmetric and asymmetric market competition. A sensitivity analysis based on a statistical design of experiments is also presented to study the behavior of the game. Statistical evidence is established which shows that cooperation improves the revenue to the competing airlines. Lastly, a distribution free approach for pricing in revenue management is explored. The approach assumes the worst possible demand distribution and optimizes the lower bound estimate on revenue, while jointly controlling the price and capacity. The approach is first addressed to revenue management's most commonly observed standard newsvendor problem. Extensions to the problem are identified which can be applied to airline industry. Later the analysis is extended to consider the following cases: a shortage cost penalty; a holding and shortage cost; a recourse cost, with a second purchasing opportunity; and the case of random yields. An application of the approach is also suggested to capacity constrained industries facing restrictions such as limited budget. A numerical study reveals that the approach results in a near optimal estimate on revenue. Using a statistical comparison it is also shown that the outcomes of the standard newsvendor problem are significantly different than its extension

J.R. Dymond and Frank A. MacDougall: Science and Government Policy in Algonquin Provincial Park, 1931-1954

Between 1931 and 1954 Frank MacDougall, forester, superintendent of Algonquin Park (1931-1941) and later Deputy Minister of Lands and Forests, and John R. Dymond, University of Toronto zoologist, together fashioned a framework for formal scientific research in the park. MacDougall's resolve to initiate a multiple use management policy informed by research-based knowledge, and Dymond's passion to protect natural diversity for ecological study, were both shaped by developments in Britain and the United States. Their collaborative efforts resulted in a more protectionist policy for Algonquin including the establishment of fisheries, wildlife and forestry research facilities, the first nature reserves, and an innovative interpretive program—all of which profoundly shaped subsequent policies in other Ontario provincial parks.Entre 1931 et 1954, Frank MacDougall, expert-forestier, directeur du parc Algonquin de 1931 à 1941 et plus tard sous-ministre des Terres et Forêts, et John R. Dymond, zoologiste en poste à la University of Toronto, conçurent en collaboration un cadre pour la recherche scientifique formelle menée dans le parc. La détermination de MacDougall de mettre en oeuvre une politique d’aménagement intégré des ressources s’appuyant sur des données de recherche et la passion de Dymond pour la protection de la diversité naturelle, condition indispensable à la recherche écologique, étaient inspirées des derniers développements en Angleterre et aux États-Unis. Leur collaboration a été à l’origine d’une politique plus protectionniste pour le parc Algonquin, incluant la création de pêcheries, la mise en place d’installations de recherche sur la faune et les forêts, la création des premières réserves naturelles et l’implantation d’un programme d’interprétation innovateur, toutes choses qui ont eu une incidence marquante sur les politiques élaborées par la suite dans d’autres parcs provinciaux ontariens

Production and Marketing Risks Management System in Grazed Systems: Destocking and Marketing Algorithm

This study was carried out to explore potential approaches to managing production and market risks associated with climatic variability in dryland grazed systems. The methodology is novel in that it considers farmers’ ability to make sequential adjustments to their production activities when information on uncertain events becomes available. Traditional approaches to evaluation of farmers’ response to risk assume perfect knowledge of production resources and that risk emanates from uncertainty in yield returns. Strategic approaches are mostly considered in evaluating farmer’s risk attitude implying that managing the variability (risk) assumes that different production activities resource requirements are known (non-embedded risk). In real farming systems, the producers make sequential decisions and adjust the timing and methods of their activities as a season progresses and more information on uncertainty becomes available (embedded risk). This chapter describes a platform adopted in making destocking and marketing decisions by simulating the impact of implementing alternative tactical adjustments. The algorithm was successfully tested in a research that investigated the physical and economic impact of incorporating tactical responses in risk management strategies in dryland sheep production systems in New Zealand. The algorithm can be integrated into existing grazing models and can also be used as a standalone system

THE COVID-19 IMPACTS ON THE HOSPITALITY INDUSTRY HIGHLIGHTS FROM EXPERTS IN PORTUGAL

Purpose - To better understand the impact of COVID -19 on the tourism sector, with a focus on the hospitality industry, and how these changes will affect the sector and business responsiveness. Design - This is research focusing on the COVID-19 impacts on the hospitality sector in Portugal. The study reports in detail how a group of experts perceived this critical situation caused by the pandemic. Methodology - For data collection, a focus group was conducted with six experts in the field. A thematic analysis was conducted to interpret the data and NVivo software was used to organise and define the themes. Findings - Experts emphasised the massive collective dismissals in large hotel chains, the possible loss of 50 million jobs in the tourism sector, and the negative impact on the entire value chain. The low occupancy rate had a negative financial impact, as total revenues in the sector plummeted by more than 70% compared to the previous year. This pandemic required significant adjustments from operations to ensure safe operations. Participants not only stressed the importance of motivating and bringing teams together, but also described strategies to increase employee engagement. Another area of growth during the pandemic was food delivery platforms. Originality of the research - This is the first time research describing economic, financial, organizational, operational, and technological impact of COVID -19 on the hospitality industry. Hopefully these study results will help hotel and restaurant managers better plan their strategy following this pandemic

Advance Selling and Advertising:A Newsvendor Framework

Many firms offer consumers the opportunity to place advance orders at a discount when introducing a new product to the market. Doing so has two main advantages. First, it can increase total expected sales by exploiting valuation uncertainty of the consumers at the advance ordering stage. Second, total sales can be estimated more accurately based on the observed advance orders, reducing the need for safety stock and thereby obsolescence cost. In this research, we derive new insights into trading off these benefits against the loss in revenue from selling at a discount at the advance stage. In particular, we are the first to explore whether firms should advertise the advance ordering opportunity. We obtain several structural insights into the optimal policy, which we show is driven by two dimensions: the fraction of consumers who potentially buy in advance (i.e., strategic consumers) and the size of the discount needed to make them buy in advance. If the discount is below some threshold, then firms should sell in advance and they should advertise that option if the fraction of strategic consumers is sufficiently large. If the discount is above the threshold, then firms should not advertise and only sell in advance if the fraction of strategic consumers is sufficiently small. Graphical displays based on the two dimensions provide further insights

Aquaculture in Ghana : prospects, challenges, antidotes and future perspectives

Inland and marine capture fisheries productions in Ghana have more or less stabilised. Moreover, the increasing population is always putting pressure on the demand for fish which capture and marine productions alone are not able to meet. The national demand for fish is always greater than the country can supply and the gap is widening year after year. However, fish is the most important animal protein in Ghana accounting for about 82 % of protein consumption. Moreover, the relatively cheaper price of fish compared to the other animal proteins means that the year-after-year short-fall in fish production will affect the protein in-take of the poorer segments of the society in the near future if nothing is done about it. For example according to Tradezone, even though the national fish demand for 2007 was 913, 992 tonnes, the country was able to supply only 511, 836.The development of aquaculture has been seen to be one of the best solutions to the problem. The positive side is that the geo-ecological climate of the country is generally favourable for aquaculture development. These include the vast water surfaces of the dug-outs, dams, lagoons, the Volta Lake (the largest man-made lake in the world) and other water bodies. Nonetheless, this vast potential has not been tapped due to number of bottlenecks such as the availability of quality feed among others. Following the results of my studies and work, I therefore propose that; 1. The local agricultural products and by-products should be tested scientifically in order to formulate cheap feed for aquaculture development. 2. Integrated Agriculture-Aquaculture (IAA) should be promoted and developed since it is resource and ecologically efficient and at the same time economically beneficial to farmers. 3. The agricultural extension officers should be trained in fish farming techniques so that that they can help advice farmers more especially on issues of integrated agriculture-aquaculture. 4. Women should be encouraged and motivated to enter into aquaculture and 5. Finally, the Aquaculture Development Committee (ADC) should assist farmers in the acquisition of soft loans and land which have been major stumbling blocks to the development of aquaculture

A nurse-led model of care to improve access to contraception and abortion in rural general practice: Co-design with consumers and providers.

AIM: To describe key features of a co-designed nurse-led model of care intended to improve access to early medication abortion and long-acting reversible contraception in rural Australian general practice. DESIGN: Co-design methodology informed by the Experience-Based Co-Design Framework. METHODS: Consumers, nurses, physicians and key women's health stakeholders participated in a co-design workshop focused on the patient journey in seeking contraception or abortion care. Data generated at the workshop were analysed using Braun and Clarkes' six-step process for thematic analysis. RESULTS: Fifty-two participants took part in the co-design workshop. Key recommendations regarding setting up the model included: raising awareness of the early medication abortion and contraceptive implant services, providing flexible booking options, ensuring appointment availability, providing training for reception staff and fostering good relationships with relevant local services. Recommendations for implementing the model were also identified, including the provision of accessible information, patient-approved communication processes that ensure privacy and safety, establishing roles and responsibilities, supporting consumer autonomy and having clear pathways for referrals and complications. CONCLUSION: Our approach to experience-based co-design ensured that consumer experiences, values and priorities, together with practitioner insights, were central to the development of a nurse-led model of care. IMPLICATIONS FOR THE PROFESSION AND/OR PATIENT CARE: The co-designed nurse-led model of care for contraception and medication abortion is one strategy to increase access to these essential reproductive health services, particularly in rural areas, while providing an opportunity for nurses to work to their full scope of practice. IMPACT: Nurse-led care has gained global recognition as an effective strategy to promote equitable access to sexual and reproductive healthcare. Still, nurse-led contraception and abortion have yet to be implemented andevaluated in Australian general practice. This study will inform the model of care to be implemented and evaluated as part of the ORIENT trial to be completed in 2025. REPORTING METHOD: Reported in line with the Standards for Reporting Qualitative Research (SRQR) checklist. PATIENT OR PUBLIC CONTRIBUTION: Two consumer representatives contributed to the development of the co-design methodology as members of the ORIENT Intervention Advisory Group Governance Committee

Supplement to Lauri Lahti’s conference article "Educational framework for adoption of vocabulary based on Wikipedia linkage and spaced learning"

A supplement to Lauri Lahti’s conference article in 2012 "Educational framework for adoption of vocabulary based on Wikipedia linkage and spaced learning" so that this supplement was referenced to by the original publication.Not reviewe

Jake Wells Enterprises and the Development of Urban Entertainments in the South, 1890-1925

This dissertation explores the development of commercial entertainments and film exhibition in the urban South around the turn of the last century through the growth and decline of Jake Wells Enterprises. A former professional baseball player, Wells invested in a wide variety of public amusements, with the core of his early business centered on establishing and organizing a string of vaudeville, popularly priced, and legitimate theaters throughout the largest cities in the region, a network he later transitioned to showing exclusively motion pictures. A thorough analysis of period newspapers, trade journals, and some business records covering Wells’ career provides much-needed evidence for film and cultural historians wishing to understand the genesis and evolution of public amusements in the region, and its negotiation of traditional social and cultural institutions. In the 1890s, Wells played and managed several professional baseball teams in the South. The sport educated players and spectators alike to both the values and creed of New South progress, and to rising tensions confronting the intersection of modern and traditional forms of culture. Using his experiences and contacts gained in baseball, Wells helped foster a culture of entrepreneurship and innovation required for the progress of media industries in the region, establishing social networks of knowledge and improving distribution flows of entertainment. The dissertation explores how race and the genteel emerged as regional characteristics most influential to the success of this conversion in many urban areas. Protestants and evangelical culture served as the bulkhead supporting opposition to new amusements. Wells’ expansion plans and violations of Sabbath day laws evoked a “spatial” battle between commercialism and religion where political, social, and cultural power drawn from place and identity were challenged and reconfigured. Another chapter explores the exhibition and reception of early Civil War films in the region. Wells and other exhibitors were influential in their production and circulation nationwide, and positioned cinema as an alternative shrine to commemorate the Lost Cause in many communities. The last chapter shows how Wells failed to meet local demands and consumer desires in competition with the rise of national chain theaters and Hollywood’s vertical integration