A New Approach to Modelling and Forecasting Monthly Guest Nights in Hotels
Starting from a day-to-day model on hotel specific guest nights we obtain an integer-valued moving average model by cross-sectional and temporal aggregation. The two parameters of the aggregate model reflect the daily mean check-in and the daily check-out probability. Letting the parameters be functions of dummy and economic variables we demonstrate the potential of the approach in terms of interesting interpretations. Empirical results are presented for a series of Norwegian guests in Swedish hotels. The results indicate strong seasonal patterns in both mean check-in and in the check-out probability. Models based on differenced series are preferred in terms of goodness-of-fit. In a forecast comparison the improvements due to economic variables is minute.
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|Date of creation:||14 Apr 1999|
|Date of revision:|
|Publication status:||Published in International Journal of Forecasting , 2002, pages 19-30.|
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