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Worldwide hedonic prices of subjective characteristics of hostels

2015; Elsevier BV; Volume: 52; Linguagem: Inglês

10.1016/j.tourman.2015.07.001

1879-3193

Glauber Eduardo de Oliveira Santos,

Consumer Retail Behavior Studies

An overnight at an accommodation establishment might be understood as a package of several different items. Since they are not traded separately in the market, their values for the consumer are difficult to measure. On the other hand, this information is be useful for managers to develop better strategies regarding the mix of services and facilities of their establishments. Analytical decomposition of total prices by different characteristics can be done through hedonic price techniques. In this paper, hedonic prices are used to analyze the impact of different characteristics on prices of hostels. Accommodation prices of more than 8000 hostels worldwide are explained by their characteristics as rated by guests. Results show that the most relevant characteristics are cleanliness, location and facilities.