Revenue management assets, perishable

Y. Y. Feng and G. Gallego. Perishable asset revenue management with markovian time dependent demand intensities. Management Science, 46(7) 941-956, 2000. 

Bodily, S. E. and L. R. Weatherford (1995). Perishable-asset Revenue Management Generic and Multiple-price Yield Management with Diversion, Omega, 23, 173-185. 

Weatherford, Lawrence R. and Samuel E. Bodily (1992). A Taxonomy and Research Overview of Perishable-Asset Revenue Management Yield Management, Overbooking, and Pricing, Operations Research, 40, 831-844. 

Another example of revenue management for a perishable asset is the use of overbooking by the airline industry. An airplane seat loses all value once the plane takes off. Given that people often do not show up for a flight even when they have a reservation, airlines sell more reservations than the capacity of the plane, to maximize expected revenue. 

The following are two revenue management tactics used for perishable assets ... 

---