Civil Engineering Reference
In-Depth Information
Tabl e 4
Simulation in a single year
Profit
Price
Hotel
X
Hotel
YA
B
C
10
6
10
6
)
10
4
)
10
4
)
10
4
)
(
×
)
(
×
(
×
(
×
(
×
1
a
1
,
a
2
0.243
0.253
0.234
0.468
0.935
2
a
1
,
b
2
0.282
0.363
0.220
0.441
0.881
3
a
1
,
c
2
0.369
0.127
0.221
0.441
0.882
4
b
1
,
a
2
0.269
0.290
0.224
0.447
0.895
⇒
5
b
1
,
b
2
0.315
0.387
0.214
0.428
0.856
6
b
1
,
c
2
0.424
0.160
0.207
0.414
0.827
⇒
7
c
1
,
a
2
0.270
0.270
0.223
0.447
0.893
8
c
1
,
b
2
0.274
0.340
0.223
0.447
0.893
9
c
1
,
c
2
0.321
0.147
0.210
0.420
0.840
simulation. In the case of Bertrand model, hotel managers have to accurately select
strategies as well as to estimate the number of customers.
In this paper we discussed only one-year hotel strategy. Multiple-year strategy
should be discussed by means of the perspective of real option model. We will
consider a calculation for discount using net present value method that is repeated
for 5 years.
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