Dynamic Pricing Model of High-speed Railway Based on Opportunity Cost

被引：0
|
作者：
Cui L. [1 ]
Hou Q. [1 ]
机构：
[1] School of Management and Economics, Beijing Institute of Technology, Beijing
来源：
Tiedao Xuebao/Journal of the China Railway Society | 2021年 / 43卷 / 03期
关键词：
Demand forecast; Dynamic pricing; High-speed railway; Opportunity cost; Revenue management;
D O I：
10.3969/j.issn.1001-8360.2021.03.002
中图分类号：
学科分类号：
摘要：
Focusing on the online ticketing process for a high-speed railway service, this paper applied the revenue management theory to construct a dynamic pricing model for high-speed railway with considering the variety of factors affecting the revenue of high-speed railway and introducing the concept of opportunity cost. Firstly, this paper analyzed the factors that influence the pricing of high-speed railway service and defined the concept of opportunity cost. Secondly, supported by forecast of demand, considering the variety of factors that influence passengers' behavior and introducing the concept of opportunity cost, this paper constructed the model of dynamic pricing for high-speed railway. Finally, the comparison of the revenue between the dynamic pricing and the fixed price scenarios proved the superiority of the dynamic pricing model. The impact of opportunity cost, train travel time, risk level and service quality on overall revenue and ticket sales was analyzed and the significant role of dynamic pricing in price control and seat sales was verified. Dynamic pricing, to a large extent, improves the probability for the sale of seats through price adjustments and increases the total revenue while ensuring the sale of seats. This research is expected to provide theoretical support for the decision making of related organizations. © 2021, Department of Journal of the China Railway Society. All right reserved.
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页码：9 / 17
页数：8
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