Abstract
The lack of flexible marketization mechanism in the formulation of high-speed railway(HSR) ticket prices in China has seriously affected the improvement of the revenue and service level of railway transport enterprises. Based on the rules of HSR passenger travel and revenue management strategies, the method of collaborative optimization of dynamic pricing and ticket allocation for China's HSR trains was studied. On the basis of the analysis of the price demand elasticity of passenger travel, the Logit-based elastic function of passenger flow was constructed. An optimization model was developed under the constraints of non-reduction in ticket price and transportation capacity, to maximize the total expected ticket revenue. A fractional step algorithm based on transcendental equation was designed to solve the optimal price and ticket allocation problem for different trains in different time periods. Finally, calculation and analysis were conducted based on the case study of Beijing-Shanghai HSR. Compared with the fixed rate fare, dynamic pricing strategy can guarantee the service level of HSR trains, resulting in 0.73% reduction of total passenger flow demand and 4.95% increase in total ticket revenue.
| Translated title of the contribution | Study on Collaborative Optimization of Dynamic Pricing and Ticket Allocation for High-speed Trains |
|---|---|
| Original language | English |
| Pages (from-to) | 32-41 |
| Number of pages | 10 |
| Journal | Tiedao Xuebao/Journal of the China Railway Society |
| Volume | 42 |
| Issue number | 3 |
| DOIs | |
| State | Published - Mar 15 2020 |
| Externally published | Yes |
Keywords
- Collaborative optimization
- Dynamic pricing
- High-speed railway
- Revenue management
- Ticket allocation
