1;Preface;6 2;Acknowledgments;10 3;Contents;11 4;List of Figures;15 5;List of Tables;17 6;1: Starting and Running a Business;18 6.1;From a Sharing to a Contamination Economy;18 6.2;Business and Entrepreneurship;22 6.3;The Entrepreneur;24 6.4;Entrepreneurship;28 6.5;Innovation and Entrepreneurship;30 6.6;New Entrepreneurship in Italy;32 6.7;Enki Stove: An Italian Start-up;34 6.8;References;35 7;2: Time in Entrepreneurship;38 7.1;The Economic Business Cycle;38 7.2;The Meaning of Price;43 7.3;Management Operations;46 7.4;Measurement of the Management System;48 7.5;The Life Cycle of a Company: Accounting Period;50 7.6;The Time Dimension in Management Operations;53 7.7;References;55 8;3: Entrepreneurship, Business Cycle, and Creation of Value;57 8.1;Accounting and Managerial Tools;57 8.2;The Financial and Economic Dimensions;59 8.3;The Output of General Accounting: Financial Statements;63 8.4;The Balance Sheet;66 8.5;How to Read the Balance Sheet;69 8.6;Profit and Loss Statement;76 8.7;References;82 9;4: The Short-Term Measurement of the Creation of Value: The Importance of Technical Efficiency;83 9.1;Creation of Economic Value: Profitability;83 9.2;The Technical Dimension of Business: Production Capacity and Productivity;85 9.3;Technical Efficiency and Economic Efficiency;86 9.4;The Relationship Between Volumes, Costs, Prices, and Revenues;89 9.5;The Origins of Kreislauf: Marginalist Theory;93 9.6;John Maurice Clark and the Division Between Fixed and Variable Costs;97 9.7;References;99 10;5: The Impact of Technical Inefficiency on Business Management;100 10.1;The Illusion of Low Cost;100 10.2;The Importance of the Warehouse in the Business-Economics Dimension;106 10.3;Overbooking: A Virtual Warehouse;110 10.4;Case Study;113 10.5;References;114 11;6: Revenue Management from a Business-Economics Perspective;116 11.1;From Technical Efficiency to an RM System;116 11.2;The Definition of RM;118 11.3;The Principles of RM;122 11.4;The Cannibalization Effect;127 11.5;The Implementation of RM Systems;129 11.6;References;132 11.6.1;Recommended Readings;132 12;7: Revenue Management Systems Based on Dynamic Pricing;135 12.1;Pricing Models;135 12.2;Prospect Theory;137 12.3;The "Fairness" Concept;140 12.4;Dynamic Pricing Strategies;142 12.5;Dynamic Pricing Models;144 12.6;Management Implications of RM Systems Based on Dynamic Pricing;148 12.7;References;151 13;8: Revenue Management Systems Based on Capacity Allocation;154 13.1;Capacity Allocation;154 13.2;Case Study;158 13.3;Capacity Allocation and Optimization;159 13.4;Capacity Allocation Control Mechanisms;161 13.5;Capacity Allocation with Two Classes;165 13.6;Littlewood's Rule;168 13.7;The Effectiveness of RM Systems Based on Capacity Allocation;174 13.8;References;177 14;9: The Measurement of Revenue Management Policies: RevPAR and Yield Rate;179 14.1;RM Systems;179 14.2;Indicators in RM Systems;184 14.3;RevPAR and Yield Rate;187 14.4;The Use of the RevPAR and the Yield Rate;196 14.5;References;200 15;10: Economic Value and Revenue Management Systems: Case Studies;202 15.1;Differentiation: UNA Hotels & Resorts and Accor;202 15.1.1;UNA Hotels & Resorts;202 15.2;The CA Hotels Case;205 15.2.1;Direct Costing and Full Costing;205 15.2.2;Rationality and Strategy;207 15.3;Break-Even Analysis;208 15.3.1;Fixed Costs;209 15.3.2;Graphical Representation of the BEA;210 15.3.3;The Mathematical Representation of the BEA;211 15.4;The Unimib Travel Case;213 15.5;The Hotel Vittoria Case;214 15.6;The Hotel Piccadilly Case;215 15.7;Reference;217 16;Index;218