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1
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85120230968
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Suite Dreams
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The various strategies at obtaining a low hotel-room price are well documented in the popular press. The July 2001 issue of Consumer Reports is a good example. See Suite Dreams Consumer Reports Vol. 66 No. 7 July 2001 12 18
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(2001)
Consumer Reports
, vol.Vol. 66
, Issue.No. 7
, pp. 12-18
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2
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85015692260
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The Pricing of Options and Corporate Liabilities
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For a derivation of the pricing model, see F. Black M. Scholes The Pricing of Options and Corporate Liabilities Journal of Political Economy Vol. 81 1973 637 659
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(1973)
Journal of Political Economy
, vol.Vol. 81
, pp. 637-659
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Black, F.1
Scholes, M.2
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3
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38249010962
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Discounting in the Hotel Industry: A New Approach
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The idea of offering a menu of choices for reservations has been tried by Marriott in 1990 as described by R. Hanks R. Cross R. Noland Discounting in the Hotel Industry: A New Approach Cornell Hotel and Restaurant Administration Quarterly Vol. 33 No. 1 February 1992 15 23
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(1992)
Cornell Hotel and Restaurant Administration Quarterly
, vol.Vol. 33
, Issue.No. 1
, pp. 15-23
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Hanks, R.1
Cross, R.2
Noland, R.3
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4
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0032093299
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Restaurant Revenue Management: Applying Yield Management to the Restaurant Industry
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For example, see S. Kimes R. Chase S. Choi P. Lee E. Ngonzi Restaurant Revenue Management: Applying Yield Management to the Restaurant Industry Cornell Hotel and Restaurant Administration Quarterly Vol. 39 No. 3 June 1998 32 39 This experiment was primarily designed to gauge the level of interest for the various offerings. My discussion is motivated by such a mechanism's ability to identify discretionary travelers via self-selection. This is similar to the notion of a rate fence in the marketing and yield-management literature.
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(1998)
Cornell Hotel and Restaurant Administration Quarterly
, vol.Vol. 39
, Issue.No. 3
, pp. 32-39
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Kimes, S.1
Chase, R.2
Choi, S.3
Lee, P.4
Ngonzi, E.5
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5
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85008736512
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Job Market Signaling
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This idea of consumers' revealing their types by their self-selection of a rate has a long history in economic signaling models. See M. Spence Job Market Signaling Quarterly Journal of Economics Vol. 87 1973 355 379 This sorting is called a separating equilibrium, and even though the development of a model with such an equilibrium is beyond the scope of this paper, I believe that this may be possible within this setting.
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(1973)
Quarterly Journal of Economics
, vol.Vol. 87
, pp. 355-379
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Spence, M.1
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