Wait Time Based Pricing For Queues With Customer Chosen Service Times
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Wait Time Based Pricing For Queues With Customer Chosen Service Times
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Author : Chen-An Lin
language : en
Publisher:
Release Date : 2020
Wait Time Based Pricing For Queues With Customer Chosen Service Times written by Chen-An Lin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
This paper studies a pricing problem for a single-server queue where customers arrive according to a Poisson process. For each arriving customer, the service provider announces a price rate and a system wait time, and the customer decides whether to join the queue, and, if so, the duration of the service time. The objective is to maximize either the long-run average revenue or social welfare. We formulate this problem as a continuous-time control model whose optimality conditions involve solving a set of delay differential equations. We develop an innovative method to obtain the optimal control policy, whose structure reveals interesting insights. The optimal dynamic price rate policy is not monotonic in wait time. In particular, in addition to the congestion effect often reported in the literature, i.e., the optimal price rate increases in the queue length (measured by the wait time in our setting), we find a compensation effect, meaning that the service provider should lower the price rate when the wait time is longer than a threshold. Compared with the prevalent flat pricing policy, our optimal dynamic pricing policy improves the objective value through admission control, which, in turn, increases the utilization of the server. We use a real data set obtained from a public charging station to calibrate our model with an objective of maximizing the average revenue. We find that our optimal pricing policy outperforms the best flat pricing policy, especially when the arrival rate is low and drivers are impatient. Interestingly, our revenue-maximizing pricing policy also improves social welfare over the flat pricing policy in most of the tested cases.
Ai And Analytics For Smart Cities And Service Systems
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Author : Robin Qiu
language : en
Publisher: Springer Nature
Release Date : 2021-11-11
Ai And Analytics For Smart Cities And Service Systems written by Robin Qiu and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-11-11 with Business & Economics categories.
This book showcases state-of-the-art advances in service science and related fields of research, education, and practice. It presents emerging technologies and applications in contexts ranging from healthcare, energy, finance, and information technology to transportation, sports, logistics, and public services. Regardless of its size and service, every service organization is a service system. Due to the socio-technical nature of service systems, a systems approach must be adopted in order to design, develop and deliver services aimed at meeting end users’ utilitarian and socio-psychological needs alike. Understanding services and service systems often requires combining multiple methods to consider how interactions between people, technologies, organizations and information create value under various conditions. The papers in this volume highlight a host of ways to approach these challenges in service science and are based on submissions to the 2021 INFORMS Conference on Service Science.
Analysis Of Queues
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Author : Natarajan Gautam
language : en
Publisher: CRC Press
Release Date : 2012-04-26
Analysis Of Queues written by Natarajan Gautam and has been published by CRC Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-04-26 with Business & Economics categories.
Written with students and professors in mind, Analysis of Queues: Methods and Applications combines coverage of classical queueing theory with recent advances in studying stochastic networks. Exploring a broad range of applications, the book contains plenty of solved problems, exercises, case studies, paradoxes, and numerical examples. In addition to the standard single-station and single class discrete queues, the book discusses models for multi-class queues and queueing networks as well as methods based on fluid scaling, stochastic fluid flows, continuous parameter Markov processes, and quasi-birth-and-death processes, to name a few. It describes a variety of applications including computer-communication networks, information systems, production operations, transportation, and service systems such as healthcare, call centers and restaurants.
Rational Queueing
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Author : Refael Hassin
language : en
Publisher: CRC Press
Release Date : 2016-03-23
Rational Queueing written by Refael Hassin and has been published by CRC Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-03-23 with Business & Economics categories.
Understand the Strategic Behavior in Queueing SystemsRational Queueing provides one of the first unified accounts of the dynamic aspects involved in the strategic behavior in queues. It explores the performance of queueing systems where multiple agents, such as customers, servers, and central managers, all act but often in a noncooperative manner.T
Handbook Of Pricing Research In Marketing
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Author : Vithala R. Rao
language : en
Publisher: Edward Elgar Publishing
Release Date : 2009
Handbook Of Pricing Research In Marketing written by Vithala R. Rao and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Business & Economics categories.
Pricing is an essential aspect of the marketing mix for brands and products. Further, pricing research in marketing is interdisciplinary, utilizing economic and psychological concepts with special emphasis on measurement and estimation. This unique Handbook provides current knowledge of pricing in a single, authoritative volume and brings together new cutting-edge research by established marketing scholars on a range of topics in the area. The environment in which pricing decisions and transactions are implemented has changed dramatically, mainly due to the advent of the Internet and the practices of advance selling and yield management. Over the years, marketing scholars have incorporated developments in game theory and microeconomics, behavioral decision theory, psychological and social dimensions and newer market mechanisms of auctions in their contributions to pricing research. These chapters, specifically written for this Handbook, cover these various developments and concepts as applied to tackling pricing problems. Academics and doctoral students in marketing and applied economics, as well as pricing-focused business practitioners and consultants, will appreciate the state-of-the-art research herein.
Innovative Priority Mechanisms In Service Operations
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Author : Shiliang Cui
language : en
Publisher: Springer Nature
Release Date : 2023-06-23
Innovative Priority Mechanisms In Service Operations written by Shiliang Cui and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-06-23 with Business & Economics categories.
This book introduces the most advanced and recent theoretical research on innovative priority mechanisms in service settings. It covers cutting-edge topics on service innovations such as line-sitting, service-position-trading, referral priority programs, queue-scalping, distance-based priority, and dynamic priority policy. It also contains a variety of practical examples and applications which help managers to make better decisions and to develop a coherent business strategy. This book appeals to a wide readership, from academics and Ph.D. students who are interested in priority mechanisms, to service managers and researchers in the service industry. This is an open access book.
Marketing Principles With Student Resource Access 12 Months
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Author : William M. Pride
language : en
Publisher: Cengage AU
Release Date : 2017-09
Marketing Principles With Student Resource Access 12 Months written by William M. Pride and has been published by Cengage AU this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-09 with Business & Economics categories.
This is the printed textbook, Marketing Principles. Marketing Principles combines a thorough and engaging overview of essential marketing principles. The text provides you with the knowledge and decision-making skills you'll need to succeed in today's competitive business environment. Marketing Principles includes the most current coverage of marketing strategies and concepts with extensive real-world examples including social networking and digital marketing. You will find important topics drawn from the rapidly changing world of modern business including social and environmental responsibility, sustainability, globalisation, entrepreneurship, and marketing through transitional times. New, PRINT versions of this book come with bonus online study tools including animated activities and videos on the CourseMate Express platform.
Queues Inventories And Maintenance
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Author : Philip McCord Morse
language : en
Publisher: Courier Corporation
Release Date : 2004-01-01
Queues Inventories And Maintenance written by Philip McCord Morse and has been published by Courier Corporation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-01-01 with Mathematics categories.
A seminal work by one of the founders of the science of operations research, this text for upper-level undergraduates and graduate students examines general queuing problems, discusses the effect of changes of arrival and service distributions on queuing results, and describes the application of queuing theory to maintenance and inventory problems.
An Mba In A Book
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Author : Xander Cansell
language : en
Publisher: Arcturus Publishing
Release Date : 2023-07-01
An Mba In A Book written by Xander Cansell and has been published by Arcturus Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-07-01 with Business & Economics categories.
This highly-visual full-color guide covers everything taught on an MBA course, perfect for MBA students or anyone who wants to become a more effective manager. Filled with flow diagrams, timelines, case studies and infographics, this accessible book presents information in an easy-to-digest way. It covers the curriculum taught in all the top business schools around the world, with real-life case studies to show the theory in practice. Discover what drives good business and the key skills and principles which underpin the commercial world. Chapters include: • Accounting • Macroeconomics • Microeconomics • Data Analysis & Statistics • Organizations & Management • Marketing & Sales • Operations & Technology • Strategy • Startups and entrepreneurship This is the perfect guide to help you achieve a successful career in business management. ABOUT THE SERIES: Get the knowledge of a degree for the price of a book with Arcturus Publishing's A Degree in a Book series. Written by experts in their fields, these highly visual guides feature flow diagrams, infographics, handy timelines, information boxes, feature spreads and margin annotations, allowing readers to get to grips with complex subjects in no time.
Systems Engineering
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Author : Dahai Liu
language : en
Publisher: CRC Press
Release Date : 2018-10-08
Systems Engineering written by Dahai Liu and has been published by CRC Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-10-08 with Technology & Engineering categories.
For the past several decades, systems engineering has grown rapidly in its scope and application and shown significant benefits for the design of large, complex systems. However, current systems engineering textbooks are either too technical or at a high conceptual level. Written by an expert with more than ten years of teaching experience, Systems Engineering: Design Principles and Models not only gives students exposure to the concepts of systems and systems engineering, but also provides enough technical expertise for them to immediately use and apply what they learn. The book covers systems and systems engineering, systems methods, models, and analytical techniques as well as systems management and control methods. It discusses systems concepts, emphasizing system life cycle, and includes coverage of systems design processes and the major activities involved. It offers hands-on exercises after each chapter, giving students a solid understanding of system requirements, and uses a software package (CORE) to introduce the requirement management process. Designed for readers with a wide range of backgrounds, the book enables students to learn about systems and systems engineering, and, more specifically, to be able to use and apply the models and methods in the systems engineering field. The author has integrated feedback from students with materials used in teaching for many years, making the book especially approachable to non-engineering students with no prior exposure to this subject. Engineering students, on the other hand, will also benefit from the clear, concise coverage this book provides as well as the relevant analysis models and techniques.