Please use this identifier to cite or link to this item: https://doi.org/10.1504/IJOR.2009.026535
Title: A revenue management model for sea cargo
Authors: Lee, L.H. 
Chew, E.P. 
Sim, M.S.
Keywords: Liner industry
Postponement
Revenue management
Stochastic dynamic programming
Issue Date: 2009
Source: Lee, L.H.,Chew, E.P.,Sim, M.S. (2009). A revenue management model for sea cargo. International Journal of Operational Research 6 (2) : 195-222. ScholarBank@NUS Repository. https://doi.org/10.1504/IJOR.2009.026535
Abstract: In this paper, we introduce a revenue management model for an ocean carrier with two classes of orders, namely the ad hoc orders and the contractual orders. When the contractual order is accepted, the carrier can either deliver it immediately or postpone to the next ship on the shipping schedule. This problem is formulated as a stochastic dynamic programming model. We show the existence of the optimal threshold policy. Some important properties of the threshold policy are discussed. Finally, the numerical result shows that the percentage improvement of the threshold policy over an existing policy may be as high as 199%. Copyright © 2009, Inderscience Publishers.
Source Title: International Journal of Operational Research
URI: http://scholarbank.nus.edu.sg/handle/10635/54776
ISSN: 17457645
DOI: 10.1504/IJOR.2009.026535
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