Optimization of Differential Pricing and Seat Allocation in High-Speed Railways for Multi-Class Demands: A Chinese Case Study
There are many options for passengers choosing to travel by train. In order to maximize price revenue requests, railway companies must consider the differences between passenger types in the process of formulating ticket strategies. This study firstly subdivides passenger demand according to the lat...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
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MDPI AG
2023-03-01
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| Series: | Mathematics |
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| Online Access: | https://www.mdpi.com/2227-7390/11/6/1412 |
| _version_ | 1797610367147311104 |
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| author | Wenliang Zhou Ziyu Zou Naijie Chai Guangming Xu |
| author_facet | Wenliang Zhou Ziyu Zou Naijie Chai Guangming Xu |
| author_sort | Wenliang Zhou |
| collection | DOAJ |
| description | There are many options for passengers choosing to travel by train. In order to maximize price revenue requests, railway companies must consider the differences between passenger types in the process of formulating ticket strategies. This study firstly subdivides passenger demand according to the latent class model based on Stated Preference (SP) and Revealed Preference (RP) survey data, then the passenger’s preference for train service attributes is identified. Based on the prospect theory, logit model and passenger flow transfer model, the final passenger flow assignment result is obtained. A differential pricing and seat allocation model aiming at maximizing price revenue is established, and a simulated annealing (SA) algorithm is designed to solve it. The results of the case show that the proposed model can increase revenue by 3.52% and by 1.02% compared with the result under single fares and without demand division. |
| first_indexed | 2024-03-11T06:13:27Z |
| format | Article |
| id | doaj.art-7bf4d4c1c9ff40abb4390cb2acc5a38e |
| institution | Directory Open Access Journal |
| issn | 2227-7390 |
| language | English |
| last_indexed | 2024-03-11T06:13:27Z |
| publishDate | 2023-03-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Mathematics |
| spelling | doaj.art-7bf4d4c1c9ff40abb4390cb2acc5a38e2023-11-17T12:28:13ZengMDPI AGMathematics2227-73902023-03-01116141210.3390/math11061412Optimization of Differential Pricing and Seat Allocation in High-Speed Railways for Multi-Class Demands: A Chinese Case StudyWenliang Zhou0Ziyu Zou1Naijie Chai2Guangming Xu3School of Traffic and Transportation Engineering, Central South University, Changsha 410075, ChinaSchool of Traffic and Transportation Engineering, Central South University, Changsha 410075, ChinaSchool of Traffic and Transportation Engineering, Central South University, Changsha 410075, ChinaSchool of Traffic and Transportation Engineering, Central South University, Changsha 410075, ChinaThere are many options for passengers choosing to travel by train. In order to maximize price revenue requests, railway companies must consider the differences between passenger types in the process of formulating ticket strategies. This study firstly subdivides passenger demand according to the latent class model based on Stated Preference (SP) and Revealed Preference (RP) survey data, then the passenger’s preference for train service attributes is identified. Based on the prospect theory, logit model and passenger flow transfer model, the final passenger flow assignment result is obtained. A differential pricing and seat allocation model aiming at maximizing price revenue is established, and a simulated annealing (SA) algorithm is designed to solve it. The results of the case show that the proposed model can increase revenue by 3.52% and by 1.02% compared with the result under single fares and without demand division.https://www.mdpi.com/2227-7390/11/6/1412multiple-class demandsdifferential pricingseat allocationprospect theorylatent class model |
| spellingShingle | Wenliang Zhou Ziyu Zou Naijie Chai Guangming Xu Optimization of Differential Pricing and Seat Allocation in High-Speed Railways for Multi-Class Demands: A Chinese Case Study Mathematics multiple-class demands differential pricing seat allocation prospect theory latent class model |
| title | Optimization of Differential Pricing and Seat Allocation in High-Speed Railways for Multi-Class Demands: A Chinese Case Study |
| title_full | Optimization of Differential Pricing and Seat Allocation in High-Speed Railways for Multi-Class Demands: A Chinese Case Study |
| title_fullStr | Optimization of Differential Pricing and Seat Allocation in High-Speed Railways for Multi-Class Demands: A Chinese Case Study |
| title_full_unstemmed | Optimization of Differential Pricing and Seat Allocation in High-Speed Railways for Multi-Class Demands: A Chinese Case Study |
| title_short | Optimization of Differential Pricing and Seat Allocation in High-Speed Railways for Multi-Class Demands: A Chinese Case Study |
| title_sort | optimization of differential pricing and seat allocation in high speed railways for multi class demands a chinese case study |
| topic | multiple-class demands differential pricing seat allocation prospect theory latent class model |
| url | https://www.mdpi.com/2227-7390/11/6/1412 |
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