Revisiting the relevance of economic theory to hotel revenue management education and practice in the era of Big Data

HAYNES, Natalie and EGAN, David (2017). Revisiting the relevance of economic theory to hotel revenue management education and practice in the era of Big Data. Research in Hospitality Management, 7 (1), 65-73.

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Abstract

Abstract This paper explores the role of economics in hospitality education and industry practice, with a particular focus on revenue management, and puts forward an argument for a return to the inclusion of economic theory in UK hospitality education, not seen since the 1990s. Given the increasing amounts of pricing data available to both managers and customers and the consequent market complexities now seen, developing economic literacy is demonstrated to be a crucial skill required for future hospitality graduates, allowing them to make successful revenue decisions and sense-check with confidence the decisions made by automated revenue systems. Economic literacy is defined as a balanced understanding of economic theory that can be applied in real-life business scenarios, extending beyond simple consideration of supply and demand to a mixture of neoclassical and behavioural approaches to economics.

Item Type:	Article
Departments - Does NOT include content added after October 2018:	Sheffield Business School > Department of Service Sector Management
Identification Number:	https://doi.org/10.1080/22243534.2017.1355499
Page Range:	65-73
Depositing User:	Natalie Haynes
Date Deposited:	02 Nov 2017 13:07
Last Modified:	18 Mar 2021 15:34
URI:	https://shura.shu.ac.uk/id/eprint/17190

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