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

Zhang, YG, Yushau, I, An, M ORCID: https://orcid.org/0000-0002-1069-7492 and Wang, J 2022, An overview of dynamic fare pricing strategies and algorithms for high-speed railway , in: The 5th International Conference on Electrical Engineering and Information Technologies for Rail Transportation (EITRT) 2021, 21st-23rd October 2021, Qingdao, China.

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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.

Item Type: Conference or Workshop Item (Paper)
Schools: Schools > School of the Built Environment > Centre for Urban Processes, Resilient Infrastructures & Sustainable Environments
Journal or Publication 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
Publisher: Springer
Series Name: Lecture Notes in Electrical Engineering
ISBN: 9789811699085 (hardcover); 9789811699115 (softcover); 9789811699092 (eBook)
ISSN: 1876-1100
Related URLs:
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
Depositing User: Professor Min An
Date Deposited: 09 Mar 2022 14:18
Last Modified: 01 Apr 2022 12:07
URI: https://usir.salford.ac.uk/id/eprint/63331

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