Worldwide hedonic prices of subjective characteristics of hostels |
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| Institution: | 1. 12 Mackay Hall, 2302 Osborn Dr., Dept. of Apparel, Events, & Hospitality Management, Iowa State University, Ames, IA, 50011-1078, USA;2. 4450 University Drive, Suite S232, Conrad N. Hilton College of Hotel & Restaurant Management, University of Houston, Houston, TX 77204, USA;3. 7E Mackay Hall, 2302 Osborn Dr., Dept. of Apparel, Events, & Hospitality Management, Iowa State University, Ames, IA, 50011-1078, USA;1. Department of Economics, Faculty of Economics and Business, Campus Oscar Lucero Moya, Universidad de Holguín, Avenida XX Aniversario, 80900, Holguín, Cuba;2. Office 301, Module 12, Department of Applied Economics, Faculty of Economics and Business, Universidad Autónoma de Madrid, Francisco Tomás y Valiente, 5, 28049, Madrid, Spain;3. Office 1.06, Pabellón 2, Department of Applied Economics II, Faculty of Economics and Business, Universidad Complutense de Madrid, Campus de Somosaguas, s/n, 28223, Pozuelo de Alarcón, Madrid, Spain;4. Group for Research on Innovation, Productivity and Competitiveness (GRIPICO), Spain;1. Warnell School of Forestry, Natural Resources, Recreation and Tourism, Integrative Conservation, University of Georgia, 180 Green St., Athens, GA 30602, USA;2. Integrative Conservation and Geography, University of Georgia, 210 Field St., Athens, GA 30602, USA |
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| Abstract: | An overnight at an accommodation establishment might be understood as a package of several different items. Since they are not traded separately in the market, their values for the consumer are difficult to measure. On the other hand, this information is be useful for managers to develop better strategies regarding the mix of services and facilities of their establishments. Analytical decomposition of total prices by different characteristics can be done through hedonic price techniques. In this paper, hedonic prices are used to analyze the impact of different characteristics on prices of hostels. Accommodation prices of more than 8000 hostels worldwide are explained by their characteristics as rated by guests. Results show that the most relevant characteristics are cleanliness, location and facilities. |
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| Keywords: | Hedonic price Hostel Accommodation Hospitality Pricing |
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