Pub Date : 2023-09-19DOI: 10.1177/13548166231202358
Faruk Balli, Hung Do, Hina Uqaili
We examine the effect of the decomposition of tourist demand on tourism receipts. We find that tourists from OECD economies or from countries that have strong trade connections with the host economy tend to spend more money in emerging economies. However, tourists from countries that have sociocultural or geographic linkages, such as sharing the same border, having the same religion or language, or have the same ethnicity as those in the host country, tend to spend less money.
{"title":"The decomposition of tourism demand and tourism receipts","authors":"Faruk Balli, Hung Do, Hina Uqaili","doi":"10.1177/13548166231202358","DOIUrl":"https://doi.org/10.1177/13548166231202358","url":null,"abstract":"We examine the effect of the decomposition of tourist demand on tourism receipts. We find that tourists from OECD economies or from countries that have strong trade connections with the host economy tend to spend more money in emerging economies. However, tourists from countries that have sociocultural or geographic linkages, such as sharing the same border, having the same religion or language, or have the same ethnicity as those in the host country, tend to spend less money.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":"73 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135015963","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-13DOI: 10.1177/13548166231199156
Ganna V Demydyuk, Mats Carlbäck
This study examines the relationship between revenue and profit drivers and long-term financial performance in the hotel industry based on 17-years data (2004–2020) of six US hotel chains. The analysis creates, tests, and analyzes a cross-level model that examines the complex endogenous relationships, underlying long-term financial performance of hotels. Specifically, we examine the interaction of room price (ADR) and customer satisfaction (ACSI) within a sales-volume-driver framework that impacts financial performance through profitability, measured at both the operating and accounting levels. This study seeks to advance our understanding of these relationships, their characteristics, and their implications for long-term financial performance in the hotel industry. The findings reveal that customer satisfaction is more important than price in achieving long-term financial success in the hotel industry, whereas room nights sold is significant positive driver of all performance levels.
{"title":"Balancing short-term gains and long-term success in lodging: The role of customer satisfaction and price in hotel profitability model","authors":"Ganna V Demydyuk, Mats Carlbäck","doi":"10.1177/13548166231199156","DOIUrl":"https://doi.org/10.1177/13548166231199156","url":null,"abstract":"This study examines the relationship between revenue and profit drivers and long-term financial performance in the hotel industry based on 17-years data (2004–2020) of six US hotel chains. The analysis creates, tests, and analyzes a cross-level model that examines the complex endogenous relationships, underlying long-term financial performance of hotels. Specifically, we examine the interaction of room price (ADR) and customer satisfaction (ACSI) within a sales-volume-driver framework that impacts financial performance through profitability, measured at both the operating and accounting levels. This study seeks to advance our understanding of these relationships, their characteristics, and their implications for long-term financial performance in the hotel industry. The findings reveal that customer satisfaction is more important than price in achieving long-term financial success in the hotel industry, whereas room nights sold is significant positive driver of all performance levels.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135742080","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-11DOI: 10.1177/13548166231200932
Jorge V Pérez-Rodríguez, Juan M Hernández, Julián Andrada-Félix
This paper examines whether short-term rental listings in the sharing accommodation market take account of market risk in their pricing. To do so, we estimate time-varying market risks, and forecast price changes using daily supply-price time series. The empirical analysis was conducted using daily data for the Canary Islands sharing accommodation market for the period January 2016 to September 2021. The following main results were obtained. First, individual listings face systematic risks that are lower than the average market listing return, but multi-unit hosts are more sensitive to market index variations than single-unit hosts. Second, there is a time-varying but long-range dependence on market risk, indicating a slow reversion to the mean level of volatility. Price changes also reflect negative long-range dependence or anti-persistence. Third, volatility does not affect price adjustments in the market (no evidence of risk-return trade-off) for types of hosts and lodgings. Fourth, models can be used to perform risk management using value-at-risk approaches, and market risks are greater for houses and single-unit hosts in the GBP market. Finally, prices can be predicted in different horizons using long-range dependence models.
{"title":"Modelling prices and volatilities in the sharing economy","authors":"Jorge V Pérez-Rodríguez, Juan M Hernández, Julián Andrada-Félix","doi":"10.1177/13548166231200932","DOIUrl":"https://doi.org/10.1177/13548166231200932","url":null,"abstract":"This paper examines whether short-term rental listings in the sharing accommodation market take account of market risk in their pricing. To do so, we estimate time-varying market risks, and forecast price changes using daily supply-price time series. The empirical analysis was conducted using daily data for the Canary Islands sharing accommodation market for the period January 2016 to September 2021. The following main results were obtained. First, individual listings face systematic risks that are lower than the average market listing return, but multi-unit hosts are more sensitive to market index variations than single-unit hosts. Second, there is a time-varying but long-range dependence on market risk, indicating a slow reversion to the mean level of volatility. Price changes also reflect negative long-range dependence or anti-persistence. Third, volatility does not affect price adjustments in the market (no evidence of risk-return trade-off) for types of hosts and lodgings. Fourth, models can be used to perform risk management using value-at-risk approaches, and market risks are greater for houses and single-unit hosts in the GBP market. Finally, prices can be predicted in different horizons using long-range dependence models.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":"68 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135982007","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-11DOI: 10.1177/13548166231201199
Timothy Webb, Misuk Lee, Zvi Schwartz, Ira Vouk
Revenue management (RM) systems forecast demand and optimize prices to maximize a hotel’s revenue. The RM function operates in coordination between a system and an analyst. Systems provide recommendations while analysts review the forecasts and prices to approve or make subjective adjustments. In many cases the recommendations are a “black box” with little insight regarding how recommendations are derived. This article proposes the k-Nearest Neighbor (k-NN) algorithm as a forecasting approach that can transition the “black box” to a “glass box.” The benefits of the k-NN are discussed in detail and compared with neural networks. The analysis is conducted on 35 hotels in partnership with a leading RM service provider. The results indicate similar performance for both techniques, leading to an important discussion on model evaluation outside of accuracy. In particular, the article discusses some of the unique advantages k-NN provides for the RM discipline.
{"title":"Beyond accuracy: The advantages of the k-nearest neighbor algorithm for hotel revenue management forecasting","authors":"Timothy Webb, Misuk Lee, Zvi Schwartz, Ira Vouk","doi":"10.1177/13548166231201199","DOIUrl":"https://doi.org/10.1177/13548166231201199","url":null,"abstract":"Revenue management (RM) systems forecast demand and optimize prices to maximize a hotel’s revenue. The RM function operates in coordination between a system and an analyst. Systems provide recommendations while analysts review the forecasts and prices to approve or make subjective adjustments. In many cases the recommendations are a “black box” with little insight regarding how recommendations are derived. This article proposes the k-Nearest Neighbor (k-NN) algorithm as a forecasting approach that can transition the “black box” to a “glass box.” The benefits of the k-NN are discussed in detail and compared with neural networks. The analysis is conducted on 35 hotels in partnership with a leading RM service provider. The results indicate similar performance for both techniques, leading to an important discussion on model evaluation outside of accuracy. In particular, the article discusses some of the unique advantages k-NN provides for the RM discipline.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":"86 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135982377","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-11DOI: 10.1177/13548166231190142
G. Bianchi, Yong Chen
This research note delineates the conflict of hotel rate parity and key clauses of competition laws in both Europe and the U.S. We trace the origin of hotel rate parity to the principle of most favored nation (MFN) in international trade agreements. We show that rate parity challenges two pillars of competition law. Under rate parity agreements, it is travel intermediaries—not hotels—that demand rate parity, which comes down to the dominance of travel intermediaries over small and independent hotels. The courts view MFN status as a hindrance to competition and therefore in violation of competition law. The trend and message in Europe are clear: the clause is most likely to be judged as not complying with EU competition law and its national equivalents. In the U.S. though, a lack of case decisions precludes us from reaching any conclusion about the fate of the MFN clause.
{"title":"The legal aspects of hotel rate parity","authors":"G. Bianchi, Yong Chen","doi":"10.1177/13548166231190142","DOIUrl":"https://doi.org/10.1177/13548166231190142","url":null,"abstract":"This research note delineates the conflict of hotel rate parity and key clauses of competition laws in both Europe and the U.S. We trace the origin of hotel rate parity to the principle of most favored nation (MFN) in international trade agreements. We show that rate parity challenges two pillars of competition law. Under rate parity agreements, it is travel intermediaries—not hotels—that demand rate parity, which comes down to the dominance of travel intermediaries over small and independent hotels. The courts view MFN status as a hindrance to competition and therefore in violation of competition law. The trend and message in Europe are clear: the clause is most likely to be judged as not complying with EU competition law and its national equivalents. In the U.S. though, a lack of case decisions precludes us from reaching any conclusion about the fate of the MFN clause.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":" ","pages":""},"PeriodicalIF":4.4,"publicationDate":"2023-08-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48823805","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-07DOI: 10.1177/13548166231190424
C. Álvarez-Albelo, J. A. Martínez-González
A destination card has been widely used by destination management organizations to coordinate the complementary tourism supply. Such coordination, which involves pricing a destination card, is challenging when a foreign tour operator is present. Though the literature shows that cooperative pricing between a destination management organization and a tour operator increases total profits, the most advantageous profit sharing for a destination has not been addressed. With a theoretical model of base and add-on products, this paper identifies the arrangement between a public destination management organization and a foreign tour operator that will accrue the highest profits for a destination. It is found that the most profitable option for a destination is a cooperative agreement in which the foreign tour operator is offered the same profits as a price leader under non-cooperation. This result comes from the fact that non-cooperation entails an unstable situation in which the tour operator is not willing to relinquish price leadership. The findings are of practical interest to help achieve economic sustainability in tourism destinations that rely on foreign tour operators and seek to coordinate their complementary tourism supply.
{"title":"Coordination of complementary tourism supply through a destination card: The pursuit of profitability in the presence of a foreign tour operator","authors":"C. Álvarez-Albelo, J. A. Martínez-González","doi":"10.1177/13548166231190424","DOIUrl":"https://doi.org/10.1177/13548166231190424","url":null,"abstract":"A destination card has been widely used by destination management organizations to coordinate the complementary tourism supply. Such coordination, which involves pricing a destination card, is challenging when a foreign tour operator is present. Though the literature shows that cooperative pricing between a destination management organization and a tour operator increases total profits, the most advantageous profit sharing for a destination has not been addressed. With a theoretical model of base and add-on products, this paper identifies the arrangement between a public destination management organization and a foreign tour operator that will accrue the highest profits for a destination. It is found that the most profitable option for a destination is a cooperative agreement in which the foreign tour operator is offered the same profits as a price leader under non-cooperation. This result comes from the fact that non-cooperation entails an unstable situation in which the tour operator is not willing to relinquish price leadership. The findings are of practical interest to help achieve economic sustainability in tourism destinations that rely on foreign tour operators and seek to coordinate their complementary tourism supply.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":" ","pages":""},"PeriodicalIF":4.4,"publicationDate":"2023-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43523835","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-02DOI: 10.1177/13548166231189142
Jaehee Gim, S. Jang
In an attempt to manage earnings upward, firm managers commonly deviate from normal business activities (i.e., real earnings management) and misrepresent accruals on financial reports (i.e., accrual earnings management). The current study aimed to demonstrate that due to the financial and regulatory uniqueness of lodging real estate investment trusts (REITs), lodging REITs diverge from lodging C-corporations (C-corps) in their earnings management behavior. Specifically, drawing on signaling theory and precautionary motive theory, the current study showed that compared to lodging C-corps, lodging REITs are less likely to engage in accrual earnings management but more actively conduct real earnings management. Furthermore, the deterrent impact of cash holdings on real earnings management using unusually low discretionary expenditures was found to be weaker for lodging REITs than for lodging C-corps. The findings of the current study will enhance stakeholders’ understanding of lodging firms’ earnings management behavior by shedding light on the different business types in the lodging industry.
{"title":"Earnings management practices of the lodging industry: Diverging behaviors of lodging real estate investment trusts and lodging C-corps","authors":"Jaehee Gim, S. Jang","doi":"10.1177/13548166231189142","DOIUrl":"https://doi.org/10.1177/13548166231189142","url":null,"abstract":"In an attempt to manage earnings upward, firm managers commonly deviate from normal business activities (i.e., real earnings management) and misrepresent accruals on financial reports (i.e., accrual earnings management). The current study aimed to demonstrate that due to the financial and regulatory uniqueness of lodging real estate investment trusts (REITs), lodging REITs diverge from lodging C-corporations (C-corps) in their earnings management behavior. Specifically, drawing on signaling theory and precautionary motive theory, the current study showed that compared to lodging C-corps, lodging REITs are less likely to engage in accrual earnings management but more actively conduct real earnings management. Furthermore, the deterrent impact of cash holdings on real earnings management using unusually low discretionary expenditures was found to be weaker for lodging REITs than for lodging C-corps. The findings of the current study will enhance stakeholders’ understanding of lodging firms’ earnings management behavior by shedding light on the different business types in the lodging industry.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":" ","pages":""},"PeriodicalIF":4.4,"publicationDate":"2023-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47445905","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-01DOI: 10.1177/13548166221104291
Han Liu, Yongjing Wang, Haiyan Song, Y. Liu
Tourism demand nowcasting is generally carried out using econometric models that incorporate either macroeconomic variables or search query data as explanatory variables. Nowcasting model accuracy is normally evaluated by traditional loss functions. This study proposes a novel statistical method, the monotonicity test, to assess whether the nowcasting errors obtained from the ordinary least squares, generalised dynamic factor model and generalised dynamic factor model combined with mixed data sampling model are monotonically decreasing when new data on explanatory variables become available, based on the mixed frequency data between 1 January 2011 and 31 December 2019. The results of the empirical analysis show that nowcasts generated results based on two data sources combined are superior to that based on a single data source. Compared with traditional loss functions, the monotonicity test leads to a more objective and convincing nowcasting model performance. This study is the first attempt to evaluate tourism demand nowcasting performance using a monotonicity test.
{"title":"Measuring tourism demand nowcasting performance using a monotonicity test","authors":"Han Liu, Yongjing Wang, Haiyan Song, Y. Liu","doi":"10.1177/13548166221104291","DOIUrl":"https://doi.org/10.1177/13548166221104291","url":null,"abstract":"Tourism demand nowcasting is generally carried out using econometric models that incorporate either macroeconomic variables or search query data as explanatory variables. Nowcasting model accuracy is normally evaluated by traditional loss functions. This study proposes a novel statistical method, the monotonicity test, to assess whether the nowcasting errors obtained from the ordinary least squares, generalised dynamic factor model and generalised dynamic factor model combined with mixed data sampling model are monotonically decreasing when new data on explanatory variables become available, based on the mixed frequency data between 1 January 2011 and 31 December 2019. The results of the empirical analysis show that nowcasts generated results based on two data sources combined are superior to that based on a single data source. Compared with traditional loss functions, the monotonicity test leads to a more objective and convincing nowcasting model performance. This study is the first attempt to evaluate tourism demand nowcasting performance using a monotonicity test.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":"29 1","pages":"1302 - 1327"},"PeriodicalIF":4.4,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44035504","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-01DOI: 10.1177/13548166221106442
Maruška Vizek, N. Stojčić, Josip Mikulić
The tourism effects on housing prices within cities and regions have been analyzed in the literature, but there is a lack of evidence on the spatial effects of these processes. In areas hit by overtourism, house price hikes have the potential of spillovers to adjacent cities and towns as well as across wider space. Our study widens existing knowledge on the tourism-housing relationship by exploring the existence and extent of spatial spillovers from tourism-intensive cities and towns on housing prices of neighboring areas. A Durbin spatial autoregression panel model is applied on a population of cities and towns from Croatia, one of the small tourism-driven European economies during the 2012–2019 period. Different spatial weight matrices are applied to the model to explore the spatial reach of effects. Our findings, robust to the use of different tourism activity proxies, provide support to the existence of spatial spillover effects. The strongest effects of tourism on housing prices within and between cities come through the conversion of housing stock in rental properties rather than through the increase of private accommodation share in total accommodation capacities. Particularly strong effects are found once full spatial correlation is taken into account.
{"title":"Spatial spillovers of tourism activity on housing prices: The case of Croatia","authors":"Maruška Vizek, N. Stojčić, Josip Mikulić","doi":"10.1177/13548166221106442","DOIUrl":"https://doi.org/10.1177/13548166221106442","url":null,"abstract":"The tourism effects on housing prices within cities and regions have been analyzed in the literature, but there is a lack of evidence on the spatial effects of these processes. In areas hit by overtourism, house price hikes have the potential of spillovers to adjacent cities and towns as well as across wider space. Our study widens existing knowledge on the tourism-housing relationship by exploring the existence and extent of spatial spillovers from tourism-intensive cities and towns on housing prices of neighboring areas. A Durbin spatial autoregression panel model is applied on a population of cities and towns from Croatia, one of the small tourism-driven European economies during the 2012–2019 period. Different spatial weight matrices are applied to the model to explore the spatial reach of effects. Our findings, robust to the use of different tourism activity proxies, provide support to the existence of spatial spillover effects. The strongest effects of tourism on housing prices within and between cities come through the conversion of housing stock in rental properties rather than through the increase of private accommodation share in total accommodation capacities. Particularly strong effects are found once full spatial correlation is taken into account.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":"29 1","pages":"1376 - 1390"},"PeriodicalIF":4.4,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49545019","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-28DOI: 10.1177/13548166231191551
K. Cheung
Many tourism studies leverage the hedonic price model to gauge tourists’ willingness to pay for diverse attributes of short-term rental properties. However, when this estimation is applied to the temporal analysis, it can be biased if variables varying with time, such as term structure effects in short-term rentals, are omitted. This paper introduces a repeat sales Airbnb ADR (average daily rate) index to track the change in quality-adjusted rentals of Airbnb properties over time in Auckland, New Zealand, while factoring in the term structure. The findings confirm that using repeat sales data from Airbnb listings can significantly mitigate the bias linked to time-varying attributes. Results demonstrate that when the term structure is not considered, the ADR calculated by the hedonic method may be overestimated by 0.2% per day of the tenancy term. The inventive Airbnb ADR repeat sales index enables the assessment of Airbnb rental trends, taking into account changes in the term structure of leases. This new index can potentially enhance Airbnb listings by incorporating the effects of lease term structures.
{"title":"Airbnb pricing and term structure: A temporal analysis of omitted variable bias and repeat sales method as remedies","authors":"K. Cheung","doi":"10.1177/13548166231191551","DOIUrl":"https://doi.org/10.1177/13548166231191551","url":null,"abstract":"Many tourism studies leverage the hedonic price model to gauge tourists’ willingness to pay for diverse attributes of short-term rental properties. However, when this estimation is applied to the temporal analysis, it can be biased if variables varying with time, such as term structure effects in short-term rentals, are omitted. This paper introduces a repeat sales Airbnb ADR (average daily rate) index to track the change in quality-adjusted rentals of Airbnb properties over time in Auckland, New Zealand, while factoring in the term structure. The findings confirm that using repeat sales data from Airbnb listings can significantly mitigate the bias linked to time-varying attributes. Results demonstrate that when the term structure is not considered, the ADR calculated by the hedonic method may be overestimated by 0.2% per day of the tenancy term. The inventive Airbnb ADR repeat sales index enables the assessment of Airbnb rental trends, taking into account changes in the term structure of leases. This new index can potentially enhance Airbnb listings by incorporating the effects of lease term structures.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":" ","pages":""},"PeriodicalIF":4.4,"publicationDate":"2023-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44308669","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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