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

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

Authors

YG Zhang

I Yushau

J Wang



Contributors

J Liang
Editor

L Jia
Editor

Y Qin
Editor

Z Liu
Editor

L Diao
Editor

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