NDLI: Composite of support vector regression and evolutionary algorithms in car-rental revenue forecasting

Content Provider	IEEE Xplore Digital Library
Author	Wei-Chiang Hong Young-Jou Lai Ping-Feng Pai Shao-Lun Lee Shun-Lin Yang
Copyright Year	2007
Description	Author affiliation: Oriental Inst. of Technol., Panchiao City (Wei-Chiang Hong)
Abstract	In the car-rental industry, it is generally assumed that a 1% increase in price contributes an 8% profit increment. Therefore, pricing is of priority concern in revenue management. Accurately forecasting monthly revenue per unit (RPU) (per car) has received increasing attention owing to its ability to provide a benchmarking performance index for annual pricing. However, RPU in the car-rental industry suffers serious nonlinearity. Recently, support vector regression (SVR) has been successfully applied to solve nonlinear regression and time series problems. This study elucidates the feasibility of using SVR to forecast RPU. Moreover, the parameters of a SVR model are derived using the immune algorithm (IA). Subsequently, RPU data from DTAG (Dollar Thrifty Automotive Group, USA) are used to illustrate the proposed SVRIA (support vector regression with immune algorithm) model. The empirical results reveal that the proposed model outperforms the other two models, namely the Holt-Winters (HW) model and the seasonal HW (SHW) model. Consequently, the SVRIA model provides a promising alternative method of forecasting RPU. Index Terms-Support vector regression (SVR); immune algorithm (IA); Holt-Winters (HW) model; seasonal Holt-Winters (SHW) model; car-rental industry; revenue management.
Starting Page	2872
Ending Page	2878
File Size	279062
Page Count	7
File Format	PDF
ISBN	9781424413393
DOI	10.1109/CEC.2007.4424836
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	2007-09-25
Publisher Place	Singapore
Access Restriction	Subscribed
Rights Holder	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subject Keyword	Evolutionary computation revenue management. Support vector regression (SVR) immune algorithm (IA) Holt-Winters (HW) model seasonal Holt-Winters (SHW) model car-rental industry
Content Type	Text
Resource Type	Article

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