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Predicting random level and seasonality of hotel prices. A structural equation growth curve approach

This article examines the effect on price of different characteristics of holiday hotels in the sun-and-beach segment, under the hedonic function perspective. Monthly prices of the majority of hotels in the Spanish continental Mediterranean coast are gathered from May to October 1999 from the tour operator catalogues. Hedonic functions are specified as random-effect models and parametrized as structural equation models with two latent variables, a random peak season price and a random width of seasonal fluctuations. Characteristics of the hotel and the region where they are located are used as predictors of both latent variables. Besides hotel category, region, distance to the beach, availability of parking place and room equipment have an effect on peak price and also on seasonality. 3- star hotels have the highest seasonality and hotels located in the southern regions the lowest, which could be explained by a warmer climate in autumn

Universitat de Girona. Departament d’Economia

Other contributions: Universitat de Girona. Departament d’Economia
Author: Coenders, Germà
Espinet i Rius, Josep Maria
Sáez Zafra, Marc
Date: 2001 March
Abstract: This article examines the effect on price of different characteristics of holiday hotels in the sun-and-beach segment, under the hedonic function perspective. Monthly prices of the majority of hotels in the Spanish continental Mediterranean coast are gathered from May to October 1999 from the tour operator catalogues. Hedonic functions are specified as random-effect models and parametrized as structural equation models with two latent variables, a random peak season price and a random width of seasonal fluctuations. Characteristics of the hotel and the region where they are located are used as predictors of both latent variables. Besides hotel category, region, distance to the beach, availability of parking place and room equipment have an effect on peak price and also on seasonality. 3- star hotels have the highest seasonality and hotels located in the southern regions the lowest, which could be explained by a warmer climate in autumn
Format: application/pdf
Citation: Coenders, G.; Espinet, J.M.; Sáez, M. Predicting random level and seasonality of hotel prices. A structural equation growth curve approach. Girona: Universitat de Girona. Departament d’Economia, 2001. (Documents de Treball; 1). Disponible a Internet a: http://hdl.handle.net/10256/275
Other identifiers: DL Gi.472-2002
Document access: http://hdl.handle.net/10256/275
Language: eng
Publisher: Universitat de Girona. Departament d’Economia
Collection: info:eu-repo/semantics/altIdentifier/issn/1579-475X
Rights: Aquest document està subjecte a una llicència Creative Commons: Reconeixement – No comercial – Sense obra derivada (by-nc-nd)
Rights URI: http://creativecommons.org/licenses/by-nc-nd/3.0/deed.ca
Subject: Preus de cost -- Control -- Models economètrics
Creixement -- Models matemàtics
Title: Predicting random level and seasonality of hotel prices. A structural equation growth curve approach
Type: info:eu-repo/semantics/workingPaper
Repository: DUGiDocs

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