Effect of crowd wisdom on pricing in the asset-based sharing platform: An attribute substitution perspective |
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| Affiliation: | 1. Gabelli School of Business, Fordham University, 140 W. 62nd Street, New York, NY, 10023, United States;2. Koppelman School of Business, Brooklyn College of the City University of New York, 2900 Bedford Ave, Brooklyn, NY, 11210, United States;1. Conrad N. Hilton College of Hotel & Restaurant Management, University of Houston, 4450 University Dr. #227, Houston, TX, 77204, United States;2. Department of Hotel Management, Cheju Halla University, 28 Halladae-gil, Heungeop-myeon, Wonju-si, Gangwon-do, South Korea;3. Chaplin School of Hospitality & Tourism Management, Florida International University, Biscayne Bay Campus, 3000 Northeast 151 Street, North Miami, LF, 33181, United States;1. Dedman College of Hospitality Management, Florida State University, Tallahassee, FL, 32306-2541, United States;2. Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, Houston, TX, United States;3. School of Hotel, Restaurant and Tourism Management, University of South Carolina, Columbia, SC, 29208, United States;1. College of Management, Shenzhen University, Shenzhen, China;2. School of Management, Xiamen University, Xiamen, China;3. Organizational Behavior and Human Resource Management Department, China Europe International Business School (CEIBS), Shanghai, China;4. Faculty of Business and Economics, The University of Hong Kong, Hong Kong, China;5. School of Management, CISME, Zhijiang College, Zhejiang University of Technology, Hangzhou, China;1. Institute of Management Technology Ghaziabad, Uttar Pradesh, India;2. Indian Institute of Management Kozhikode, India |
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| Abstract: | Technological advancement has led to the emergence of online platforms fueled by the sharing economy across various industries. This study focuses on Airbnb - a specific asset-based sharing platform in the hospitality industry. Applying the theory of attribute substitution, we explore the wisdom of the crowd manifested in online reviews, in impacting pricing. We found that online review valence and volume have a positive association with room price. Depending on the crowdedness of the location this association is stronger or weaker. Customers care more about room popularity (volume) in a certain area when the fast system of decision-making is triggered. When, however, the slow system is triggered, customers consider the crime rate of a location (valence). Findings show how environmental stimuli and customer reviews decide room price - a variable that was decided traditionally by companies (e.g., hotels). The research furthers our understanding on asset-based platforms in the sharing economy. |
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| Keywords: | Sharing economy and Airbnb Attribute substitution Fast and slow thinking Crowdedness Review volume/valance Pricing |
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