English, Article, Journal or magazine article edition: Predicting random level and seasonality of hotel prices. A structural equation growth curve approach Coenders, Germà; Espinet, Josep Maria; Saez, Marc

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Bookmark: http://trove.nla.gov.au/version/145041
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Predicting random level and seasonality of hotel prices. A structural equation growth curve approach
Author
  • Coenders, Germà
  • Espinet, Josep Maria
  • Saez, Marc
Physical Description
  • preprint
Notes
  • 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.
  • Hedonic functions; hotel pricing; growth curve models; random-effect models; structural equation models
  • RePEc:udg:wpeudg:001
Language
  • English
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