Summary of The Future of Pricing
How Airline Ticket Pricing Has Inspired a Revolution
How airlines use math and science to set fares (or why the guy in the next seat paid less for his ticket than you did).
Sometimes the most obvious business practices are the most complicated – and the most interesting. This is the case with airline pricing, so E. Andrew Boyd has chosen a great topic. As an expert in the esoteric field of operations research, he has done business readers a great service by presenting the history, evolution, theory and practice of airline pricing, and by tracking how it revolutionized pricing in many other industries. Boyd weaves his personal stories and insights about mathematics, gambling and airline history into a very readable, high-level business book. While this is a seemingly esoteric topic, getAbstract highly recommends his book to those in the transportation, travel, tourism and restaurant businesses. It will be especially valuable to intrepid executives in other industries who want to push the frontiers of pricing based on the latest science about operations.
In this summary, you will learn
- How the airline industry developed and uses scientific pricing;
- What its benefits are; and
- What operations research is and where it’s useful.
About the Author
E. Andrew Boyd is the chief scientist and senior vice president of a consultancy that works with leading companies on pricing issues. He holds a Ph.D. in operations research from the Massachusetts Institute of Technology.
Comment on this summary
Contained in Knowledge Pack:
Knowledge PackPricing StrategiesWhen you set that price, are you considering every single profit-factor, from cost to value? Here's how to take it all into account.
Customers who read this summary also read
Nation Books, 2015
Richard Susskind and Daniel Susskind
Oxford UP, 2016