Pricing and Revenue Optimization 1st edition, Robert Phillips

"Data-driven systems for revenue optimization have transformed the transportation and hospitality industries, and are increasingly important in many other sectors of the global economy. Drawing on his unparalleled knowledge of current business practice, Bob Phillips has written the first book on this important subject that is both intellectually rigorous and accessible to a broad business audience—one that communicates clearly both the how and the why of scientific pricing and revenue optimization. It will be the definitive sourcebook for years to come."—J. Michael Harrison, Stanford University


"Pricing and Revenue Optimization is a much needed text in the quantitative field of yield management and dynamic pricing to improve business decisions. It is one of many increasingly important topics that have grown out of the disciplines of Operations Research and Management Science. The book offers a balanced presentation of theoretical principles and industrial experience, showing how pricing, market elasticity, risk, and market share affect a number of important business measures. It is particularly valuable to have the models and analyses that support software being developed for decision makers in today's rapidly changing markets. Faculty, students, consultants, and banking and financial managers should find this book of great interest."—Robert Oliver, former Chairman of the Board of Fair, Isaac & Company; University of California, Berkeley


"This book is just what I would have expected from someone with the intellectual brilliance of Bob Phillips. Starting with the basic tenets of Pricing and Market Segmentation, he produces a thorough, readable, comprehensive study of Revenue Optimization, beautifully balancing both the conceptual/theoretical and practical aspects of the discipline. Using rigorous mathematical proofs and interesting illustrations from current practice, he has created a history of where PRO has been and a summary of the current state of Revenue Management theory. He then suggests a set of extensions that will lead us on to the next level of understanding and effectiveness, including a thoughtful discussion of the human emotional/ethical reactions to various pricing approaches. This book will immediately become an essential part of Continental Airline's Revenue Management training curriculum." —Bill Brunger,Senior Vice President—Network, Continental Airlines


"This book is just what I would have expected from someone with the intellectual brilliance of Bob Phillips. Starting with the basic tenets of Pricing and Market Segmentation, he produces a thorough, readable, comprehensive study of Revenue Optimization, beautifully balancing both the conceptual/theoretical and practical aspects of the discipline. Using rigorous mathematical proofs and interesting illustrations from current practice, he has created a history of where PRO has been and a summary of the current state of Revenue Management theory. He then suggests a set of extensions that will lead us on to the next level of understanding and effectiveness, including a thoughtful discussion of the human emotional/ethical reactions to various pricing approaches. This book will immediately become an essential part of Continental Airline's Revenue Management training curriculum."—Bill Brunger, Senior Vice President—Network, Continental Airlines


"At last, an accessible and insightful pricing and revenue optimization book with just the right balance between theory and practice."—Guillermo Gallego, Columbia University

The main strength of this book is that it explains the fundamentals of RM from an economist's perspective. This means that it outlines the value-generating power of RM much more convincingly than a marketing, Operations Research or IT text book could do. And it does so very thoroughly, using mathematics where necessary, but not for the sake of it.

Even after fifteen years in RM, I found the clarity of the first chapters refreshing and insightful. I also liked the illustrations and case studies from a variety of concrete business contexts. I found the sections on very airline-specific topics (like overbooking) less valuable, simply because the applicability to other industries is limited, and I generally work in other industries.

The book focuses almost exclusively on the logic of RM decision-making; this is absolutely fine, it is an academic text book after all. However, people with the ambition to actually take their company's RM skills to the next level of sophistication will not find much guidance on RM system implementation projects, RM-related processes or issues related to organisation structure and HR management.

This was the text assigned for my Demand Management and Price Optimization class and was a perfect complement to the information covered in class. This book is actually very easy to read and is full of great practical examples. One of the only textbooks that I will be keeping throughout my professional career.

OK, I am like you, I heard about the concepts, but I am not touch with academics anymore. I was a math undergrad, I have an MS in engineering and a Wharton MBA, but that was a long time ago. I do remember pricing elasticity concepts, but I have not found such a fascinating topic in a long time. Bob Phillips is doing a fantastic job educating the reader to a complex and theoretical field, yet you will ALL find applications in your industry.

I urge you to read the book, and start applying the concepts immediately to your industry. I expect applications way beyond the obvious airline and banking industries. Please learn about PRO (price revenue optimization), and yield management.

The author has written this book very well in terms of content,quality and organization. However, he could have added some enhanced topics. For example, how to segment the market into n optimal segments rather than just 2 segments. Unlike other titles, this book has sufficient mathematical treatment of the subject. The book is must for college graduates and professionals who wants to learn the subject of PRO. Finally, it is five star book.

Pricing and Revenue Optimization fills the need for a rigorous yet accessible introduction to the field more commonly known as revenue management. The author presents key pricing decisions such as airline revenue management, markdown management, and customized pricing as constrained optimization problems. It is the only broadly accessible consistent treatment of these topics in one place. The intended audience is MBA and MS level students and managers with solid quantitative backgrounds. Linear programming, probabilistic modeling, and some calculus is used. This book neatly fills the space between the popular treatment in Cross's "Revenue Management" and the much more mathematical "Theory and Practice of Revenue Management" by Talluri and van Ryzin. The book is well written and presents plenty of real-world grounding as well as the necessary mathematics. It is written as a textbook but would also serve for any quantitatively-oriented analyst or manager wanting to know how math models can be used to improve pricing. As a textbook, it is a little short of problems and I would have liked to see chapters on forecasting and price-response estimation. It is the best available introduction to this important topic for the MBA-level student or practitioner.

Product Details :
Hardcover: 368 pages
Publisher: Stanford Business Books; 1 edition (August 5, 2005)
Language: English
ISBN-10: 0804746982
ISBN-13: 978-0804746984
Product Dimensions: 7.2 x 1 x 10.4 inches

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