An overview of dynamic fare pricing strategies and algorithms for high-speed railway

Zhang, YG; Yushau, I; An, M; Wang, J

Abstract

High-speed railway as an emerging technology and a leading form of transportation in terms of efficiency and level of service is becoming a widely acceptable mode of transport all over the world especially in China. The high and tedious cost of construction connected to the unfavorable fare to all stakeholders in the sector. The high cost of train fare has a direct effect on the patronage of the passengers which in turn affects the revenue generation of the railway enterprise. In order to strike a balance customers satisfaction as it relates to price and the desire to maximize profit and efficiency by the railway enterprise. Several mathematical models and algorithms have been proposed over the years as found in useful literatures to provide a dynamic pricing technique that seems to shift from the conventional fixed pricing system that are mostly unfavorable to all stakeholders considering the peculiar nature of the High-Speed Railway. Several mathematical experiments have been able to show a reasonable/optimal pricing while independently considering several factors as it concerns and affects the field of study in review. The several models are first authenticated by testing on hypothetical high-speed railway network as well as on typical railway network to ensure the applicability of such models. This paper seeks to put together the various approaches many researchers have adopted in solving this dynamic problem, their solutions and methods are reviewed as well as the challenges and areas that are yet to be solved in the form of research gap.

Citation

Zhang, Y., Yushau, I., An, M., & Wang, J. (2022). An overview of dynamic fare pricing strategies and algorithms for high-speed railway. Lecture notes in electrical engineering, 110-118. https://doi.org/10.1007/978-981-16-9909-2_12

• Journal Article Type: Conference Paper
• Conference Name: The 5th International Conference on Electrical Engineering and Information Technologies for Rail Transportation (EITRT) 2021
• Conference Location: Qingdao, China
• End Date: Oct 23, 2021
• Acceptance Date: Oct 23, 2021
• Online Publication Date: Feb 19, 2022
• Publication Date: Mar 29, 2022
• Deposit Date: Mar 9, 2022
• Journal: Proceedings of the 5th International Conference on Electrical Engineering and Information Technologies for Rail Transportation (EITRT) 2021 : rail transportation information processing and operational management technologies
• Print ISSN: 1876-1100
• Electronic ISSN: 1876-1119
• Publisher: Springer Verlag
• Pages: 110-118
• Series Title: Lecture Notes in Electrical Engineering
• Series Number: 867
• Book Title: Proceedings of the 5th international conference on Electrical Engineering and Information Technologies for Rail Transportation (EITRT) 2021 : rail transportation information processing and operational management technologies
• ISBN: 9789811699085-(hardcover);-9789811699115-(softcover);-9789811699092-(eBook)
• DOI: https://doi.org/10.1007/978-981-16-9909-2_12
• Publisher URL: https://doi.org/10.1007/978-981-16-9909-2_12
• Related Public URLs: https://doi.org/10.1007/978-981-16-9909-2
• Additional Information: Event Type : Conference; Funders : National Natural Science Foundation of China;Natural Science Foundation of Hunan Province, China;Philosophy and Social Science Foundation of Hunan Province, China;Research Foundation of Education Bureau of Hunan Province, China; Projects : Railway Infrastructure Development;Railway Infrastructure Development & Innovation;Railway Infrastructure Safety;Railway Engineering Education Development; Grant Number: 71971220; Grant Number: 2019JJ50829; Grant Number: 18YBQ139; Grant Number: 20B597