Weekend vs. midweek stays: Modelling hotel room rates in a small market
By Guenter H Schamel. 2012
145 citations recorded by the source corpus.
Abstract Using a hedonic model, we estimate the willingness to pay for different hotel characteristics for a small market environment. We uniquely collected a data set from a meta-booking engine including their detailed customer review ratings compiled from numerous individual hotel search engines. We argue that meta-search engines are well suited to gather prices to be used in hedonic models. In our estimation, we distinguish hedonic models for single room stays during the week potentially relevant for business travellers and double room stays during the weekend intended for leisure. Important determinants of hotel room prices are popularity ratings (derived from customer reviews), the hotel star rating, weeks of advance booking, and certain hotel characteristics such as express checkout, room service, or Internet access. A number of important characteristics such as wellness offers or wireless Internet in the rooms are insignificant pointing to the conclusion that these may be regarded as standard attributes and do not fetch additional economic value in terms of higher consumer willingness to pay.
Subfields: Economics and Econometrics, Marketing
View Paper: https://www.semanticscholar.org/paper/eec6d2df1ee793444c6130304241f2ef9214fe98
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Citations in the corpus
- Price determinants of sharing economy based accommodation rental : a study of listings from 33 cities on Airbnb.com (2017, unknown): “…from both the demand side (Becerra et al., 2013; Chen and Rothschild, 2010; Espinet et al., 2003; Hung et al., 2010; Lee and Jang, 2012; Saló et al., 2014; Schamel, 2012; Thrane, 2007; Yang et al., 2016; Zhang et al., 2011) and the supply side (Heo and Hyun, 2015; Lee, 2011; Masiero et al., 2015).”
- Tourists’ willingness to pay for an accommodation: the effect of eWOM and internal reference price (2017, methodology): “Using a hedonic pricing model, Schamel (2012) identifies popularity ratings as an important determinant of hotel room prices.”