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Are Innovations relevant for consumers in the hospitality industry? A hedonic approach for Cuban hotels
[¿Son relevantes las innovaciones para los consumidores en la industria hotelera? Una aproximación hedònica para los hoteles cubanos]

Author

Listed:
  • Mario Raúl de la Peña

    ( Universidad Oscar Lucero de Holguín)

  • Juan A. Núñez-Serrano

    ( Departamento de Economía Aplicada. Universidad Autónoma de Madrid.
    Grupo de Investigación en Productividad, Innovación y Competencia (GRIPICO) (Group for Research in Productivity, Innovation and Competition), Facultad de Ciencias Económicas y Empresariales (Faculty of Economics and Business), Universidad Complutense de Madrid (Complutense University of Madrid))

  • Jaime Turrión Sánchez

    ( Departamento de Economía Aplicada. Universidad Autónoma de Madrid.
    Grupo de Investigación en Productividad, Innovación y Competencia (GRIPICO) (Group for Research in Productivity, Innovation and Competition), Facultad de Ciencias Económicas y Empresariales (Faculty of Economics and Business), Universidad Complutense de Madrid (Complutense University of Madrid))

  • Francisco Javier Velázquez Angona

    ( Departamento de Economía Aplicada II (Estructura Económica y Economía Industrial). Universidad Complutense de Madrid.
    Grupo de Investigación en Productividad, Innovación y Competencia (GRIPICO) (Group for Research in Productivity, Innovation and Competition), Facultad de Ciencias Económicas y Empresariales (Faculty of Economics and Business), Universidad Complutense de Madrid (Complutense University of Madrid))

Abstract

This paper evaluates the impact of innovative activity in the hotel industry on the willingness to pay by consumers. To this end we estimate a hedonic price function where innovation is identified indirectly through certain attributes. The contrast is performed on a representative sample of Cuban hotels considering a large number of attributes of hotels and rooms. To solve the usual problems of collinearity an original procedure is developed. The results highlight the importance of the attributes linked to innovation and internationalization on the price of the rooms of Cuban hotels.

Suggested Citation

  • Mario Raúl de la Peña & Juan A. Núñez-Serrano & Jaime Turrión Sánchez & Francisco Javier Velázquez Angona, 2015. "Are Innovations relevant for consumers in the hospitality industry? A hedonic approach for Cuban hotels [¿Son relevantes las innovaciones para los consumidores en la industria hotelera? Una aproxim," Documentos de trabajo de la Facultad de Ciencias Económicas y Empresariales 15-05, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales.
    • Handle: RePEc:ucm:doctra:15-05
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    1. Guizzardi, Andrea & Mariani, Marcello M. & Stacchini, Annalisa, 2022. "A temporal construal theory explanation of the price-quality relationship in online dynamic pricing," Journal of Business Research, Elsevier, vol. 146(C), pages 32-44.
    2. Kim, Jinwon & Jang, Seongsoo & Kang, Sanghoon & Kim, SeungHyun (James), 2020. "Why are hotel room prices different? Exploring spatially varying relationships between room price and hotel attributes," Journal of Business Research, Elsevier, vol. 107(C), pages 118-129.

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    More about this item

    Keywords

    Innovation; Hospitality industry; Prices; Hedonic pricing method.;
    All these keywords.

    JEL classification:

    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
    • L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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