Almost everyone has experienced the inconvenience of purchasing an airline ticket at a price disproportionately different to the one monitored short time before. We often wondered what led to incurring this inconvenience. The explanation for that is what this thesis work aims to offer. Revenue management (RM) and dynamic pricing are the terms to use to identify the practices that makes it all happen. RM is evolving and spreading more rapidly than ever before, driven as an important factor of the daily operation to keep prices competitive and to create real-time optimal pricing. The economic impact of RM is significant, with increases in revenue of 5% or more reported in several industry applications of RM systems.