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Revenue management has become one of the most successful fields where operations research methods are applied. This cumulative dissertation jointly studies two major trends that have emerged during the past decade: the consideration of supply-side substitution due to flexible products and upgrades, and the consideration of demand-side substitution arising from customer choice behavior. The resulting problems are sequential and stochastic, such that methods of approximate dynamic programming are developed. Considering various settings, the benefits over existing business models and revenue management approaches are proved.