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Hotel attributes: Asymmetries in guest payments and gains – A stated preference approach |
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| Institution: | 1. Institute of Tourism and Sustainable Economic Development. University of Las Palmas GC, Spain;2. Facultad de Economía Empresa y Turismo, módulo D, Campus de Tafira, 35017 Las Palmas G.C., Spain;1. Hospitality & Food Management Program, Department of Family and Consumer Sciences, College of Applied Sciences and Technology, Ball State University, AT Building 201F, Muncie, IN 47306, United States;2. School of Hospitality and Tourism Management, College of Health and Human Sciences, Purdue University, Marriott Hall, Room 253, West Lafayette, IN 47907, United States;1. College of Hotel and Tourism Management, Kyung Hee University, 26, Kyungheedae-ro, Seoul 130-701, Republic of Korea;2. School of Hotel Administration, Cornell University, Ithaca, NY 14850, United States;1. School of Information Technology, Deakin University, Vic 3125, Australia;2. School of Hotel & Tourism Management, The Hong Kong Polytechnic University, Hong Kong Special Administrative Region;3. School of Business, Sun Yat-Sen University, Guangzhou, Guangdong, 510275, China |
| Abstract: | This paper reports the existence of asymmetries in the preference formation of potential guests with regards their perception of hotel attributes. In the same way, using choice experimentation, we can confirm that similar asymmetries exist in their willingness to pay measures based on the valuation of losses or gains. The specification of a reference dependent utility function allows the application of prospect theory to an analysis of choices made by consumers when they evaluate attributes that define hotel service quality. The results show the existence of significant discrepancies between the monetary compensation a customer would accept if a reduction in hotel quality was produced and the amount he/she would be willing to pay if the service quality were improved. The results imply important implications and recommendations for hotel managers and policy makers. |
| Keywords: | Hotel choice Discrete choice experiments Willingness to pay Willingness to accept Discrete choice models |
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