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

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  • Coenders, Germà

    ()

  • Espinet, Josep Maria
  • Saez, Marc

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.

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Paper provided by Department of Economics, University of Girona in its series Working Papers of the Department of Economics, University of Girona with number 1.

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Date of creation: Mar 2001
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Handle: RePEc:udg:wpeudg:001

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Keywords: Hedonic functions; hotel pricing; growth curve models; random-effect models; structural equation models;

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  1. Bengt Muthén, 1989. "Latent variable modeling in heterogeneous populations," Psychometrika, Springer, vol. 54(4), pages 557-585, September.
  2. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
  3. Albert Satorra, 1991. "Asymptotic robust inferences in the analysis of mean and covariance structures," Economics Working Papers 3, Department of Economics and Business, Universitat Pompeu Fabra.
  4. Cassel, Eric & Mendelsohn, Robert, 1985. "The choice of functional forms for hedonic price equations: Comment," Journal of Urban Economics, Elsevier, vol. 18(2), pages 135-142, September.
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