Kalyan T. Talluri

The Lanchester Prize for 2005 is awarded to Kalyan T. Talluri and Garrett J. van Ryzin for The Theory and Practice of Revenue Management, Kluwer Academic Publishers, Norwell, Mass., 2004.

Revenue management represents both one of OR/MS’s greatest achievements over the past two decades and one of the most fertile areas for future research, application development, and practical impact. While interest in the area has grown rapidly, researchers and practitioners have had to struggle with integrating a diverse array of sources without a common organizational structure for defining issues and results – until now. In this book, Talluri and van Ryzin provide the first comprehensive treatment of the theory and practice of revenue management and build an organizational framework for the field that defines both critical implementation questions and mathematical challenges. Practitioners can rapidly assimilate the key steps in building a revenue management system, while researchers can learn the basis for existing results as well as the promising new areas to explore.

Besides introducing an illuminating structure to the field, Talluri and van Ryzin uncover multiple new application arenas beyond traditional airline revenue management. They also develop a new view of the field’s relationship to economic and behavioral theory that bridges academic disciplines and represents even broader opportunities for innovative research. With such deep insight into theory and practice, Talluri and van Ryzin’s book has already become a standard in both academics and industry. The Theory and Practice of Revenue Management truly exemplifies the best of operations research and the management sciences.