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An Analysis of Restaurant Characteristics and Meal Prices in Melbourne, Australia

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  • Pemasiri J. Gunawardana
  • Inka I. Havrila

Abstract

This paper applies the hedonic price function approach to identify and estimate the variations in meal prices according to various characteristics of a sample of restaurants in Melbourne, Australia. The estimated hedonic price functions have important implications for restaurant marketing strategies and provide useful information to customers, and may serve to improve the efficiency in the market for restaurant dining. From the point of view of restaurant operators, the results indicate how short-term and long-term investment decisions may be made to impart particular characteristics. From the perspective of customers, the results provide information on price premia and discounts for restaurant meals according to each of the characteristics, including locations.

Suggested Citation

  • Pemasiri J. Gunawardana & Inka I. Havrila, 1996. "An Analysis of Restaurant Characteristics and Meal Prices in Melbourne, Australia," Tourism Economics, , vol. 2(1), pages 79-93, March.
    • Handle: RePEc:sae:toueco:v:2:y:1996:i:1:p:79-93
    DOI: 10.1177/135481669600200105
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    Cited by:

    1. de Oliveira Santos, Glauber Eduardo, 2016. "Worldwide hedonic prices of subjective characteristics of hostels," Tourism Management, Elsevier, vol. 52(C), pages 451-454.

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