Modelling and solving a car rental revenue optimisation problem
by Francesca Guerriero, Filomena Olivito
International Journal of Mathematics in Operational Research (IJMOR), Vol. 3, No. 2, 2011

Abstract: We address the problem of a car rental agency that is confronted with how to decide to accept or reject a booking request to optimise the revenue. An innovative integer programming model is devised, which incorporates particularities of the car rental business, like multi-day rents and non-cascading upgrades. To capture the randomness of the demand, robustness measures and the related scenario-based formulations are presented. An extensive computational study is carried out, by considering a set of randomly generated instances. The collected computational results show the relation between problem size and computation time and the effect of risk-aversion on revenue.

Online publication date: Thu, 12-Feb-2015

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