دانلود رایگان مقاله مدیریت درآمد محموله هوایی تحت سیاست بازخرید

abstract

Few researches address the application of financial “buy-back” concept in the air cargo revenue management. This paper examines the air cargo booking and execution procedure to measure the applicability of the buy-back policy in the air cargo revenue. By applying buy-back policy during the period of order release and order execution, a revenue model is built which incorporates Hellermann's capacity option model into the Black-Scholes pricing model. The results demonstrated that buy-back policy not only answers the questions of whether to buy-back, when to buy-back and how much to buy-back, but also increases the revenues of both asset provider and intermediary. Further study is extended in the overbooking and partial buy-back scenarios. The buy-back policy showed better performance in these two scenarios compared with current approach.

 Conclusions

This paper addresses an air cargo space buy-back problem accounting for demand uncertainties. The buy-back occurs between the order release and order execution period. The idea of asset provider redeeming the space from intermediary comes from financial buyback concept. The similarities of financial concept and logistics application are derived by literature review. Based on the description of cargo procurement process, a buy-back model is proposed which takes advantage of Hellerman's capacity option model and Black-Scholes's pricing model. The proposed model generates the buy-back time and price. Experiments demonstrated that the proposed buy-back model yielded more profits for asset provider and intermediary. The model is further tested under the overbooking and partial buy-back scenarios and both experiments got impressive results. Therefore, implementing buy-back policy can improve revenue for air cargo industry and it is an extended application of financial buy-back concept in the new industry