Ideation module submission auction-based pricing in service industries

Abstract

Hotel booking has become a rather seamless process (and for some people, enjoyable) with the increasing prominence of OTAs and Online Booking Portals operated by hotel chains. This has increased the competition that customers face when making reservations for periods of high demand, such as festive holiday seasons. Firstcomers have an edge, as they can book rooms early at relatively lower prices. Latecomers are sometimes willing to pay a higher amount for booking but are unable to find available rooms. As a result, hotels miss out potential revenue. This problem is not restricted to the hotel industry and can be seen across various service-based industries like air travel. In this project, we set out to explore a solution to this problem.