NDLI: A dynamic model for railway freight overbooking

Content Provider	Springer Nature Link
Author	Feng, Fen ling Zhang, Jia qi Guo, Xiao feng
Copyright Year	2015
Abstract	In order to apply overbooking idea in Chinese railway freight industry to improve revenue, a Markov decision process (dynamic programming) model for railway freight reservation was formulated and the overbooking limit level was proposed as a control policy. However, computing the dynamic programming treatment needs six nested loops and this will be burdensome for real-world problems. To break through the calculation limit, the properties of value function were analyzed and the overbooking protection level was proposed to reduce the calculating quantity. The simulation experiments show that the overbooking protection level for the lower-fare class is higher than that for the higher-fare class, so the overbooking strategy is nested by fare class. Besides, by analyzing the influence on the overbooking strategy of freight arrival probability and cancellation probability, the proposed approach is efficient and also has a good application prospect in reality. Also, compared with the existing reservation (FCFS), the overbooking strategy performs better in the fields of vacancy reduction and revenue improvement.
Starting Page	3257
Ending Page	3264
Page Count	8
File Format	PDF
ISSN	20952899
Journal	Journal of Central South University of Technology
Volume Number	22
Issue Number	8
e-ISSN	22275223
Language	English
Publisher	Central South University
Publisher Date	2015-08-06
Publisher Place	Changsha
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	revenue management railway freight overbooking dynamic model Engineering Metallic Materials
Content Type	Text
Resource Type	Article
Subject	Metals and Alloys Engineering

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