Hedonic pricing and the sharing economy: how profile characteristics affect Airbnb accommodation prices in Barcelona, Madrid, and Seville

References

• Abrate, G., Capriello, A., & Fraquelli, G. (2011). When quality signals talk: Evidence from the Turin hotel industry. Tourism Management, 32(4), 912–921. doi: 10.1016/j.tourman.2010.08.006
   Web of Science ®Google Scholar
• Airbnb Inc. (2019, September 8). Fast facts. Retrieved from Airbnb https://press.airbnb.com/fast-facts/
   Google Scholar
• AirDNA LLC. (2018, December 6). Short-term rental data methodology - The AI behind AirDNA. Retrieved from AirDNA https://www.airdna.co/blog/short-term-rental-data-methodology
   Google Scholar
• Ardelean, A. (2006). How strong is the love of variety? Purdue CIBER working paper no. 46. West Lafayette, IN: Purdue University.
   Google Scholar
• Aznar, J. P., Sayeras, J. M., Segarra, G., & Claveria, J. (2018). Airbnb landlords and price strategy: Have they learnt price discrimination from the hotel industry? Evidence from Barcelona. International Journal of Tourism Sciences, 18(1), 16–28. doi: 10.1080/15980634.2018.1438099
   Google Scholar
• Bajari, P., Fruehwirth, J. C., Kim, K., & Timmins, C. (2012). A rational expectations approach to hedonic price regressions with time-varying unobserved product attributes: The price of pollution. American Economic Review, 102(5), 1898–1926. doi: 10.1257/aer.102.5.1898
   Web of Science ®Google Scholar
• Balaguer, J., & Pernías, J. C. (2013). Relationship between spatial agglomeration and hotel prices. Evidence from business and tourism consumers. Tourism Management, 36, 391–400. doi: 10.1016/j.tourman.2012.10.004
   Web of Science ®Google Scholar
• Benítez-Aurioles, B. (2018). The role of distance in the peer-to-peer accommodation market for tourist accommodation. Tourism Economics, 24(3), 237–250. doi: 10.1177/1354816617726211
   Web of Science ®Google Scholar
• Brentari, E., Levaggi, R., & Zuccolotto, P. (2011). Pricing strategies for Italian red wine. Food Quality and Preference, 22(8), 725–732. doi: 10.1016/j.foodqual.2011.06.001
   Web of Science ®Google Scholar
• Breusch, T. S., & Pagan, A. R. (1979). A simple test for heteroscedasticity and random coefficient variation. Econometrica, 47(5), 1287–1294. doi: 10.2307/1911963
   Web of Science ®Google Scholar
• Bull, A. O. (1994). Pricing a motel’s location. International Journal of Contemporary Hospitality Management, 6(6), 10–15. doi: 10.1108/09596119410070422
   Google Scholar
• Chamberlain, E. (1933). The theory of monopolistic competition. Cambridge, MA: Harvard University Press.
   Google Scholar
• Chattopadhyay, M., & Mitra, S. K. (2019). Do airbnb host listing attributes influence room pricing homogenously? International Journal of Hospitality Management, 81, 54–64. doi: 10.1016/j.ijhm.2019.03.008
   Web of Science ®Google Scholar
• Chen, Y., & Xie, K. (2017). Consumer valuation of Airbnb listings: A hedonic pricing approach. International Journal of Contemporary Hospitality Management, 29(9), 2405–2424. doi: 10.1108/IJCHM-10-2016-0606
   Web of Science ®Google Scholar
• Cho, M., Lee, K., Choi, H., Hong, S., Park, C.-h., & Kim, H.-J. (2013). Introduction strategy of inter-corporate sharing economy for small businesses competitiveness reinforcement. International Conference on Business Administration (pp. 109–118), WSEAS, Tenerife.
   Google Scholar
• Demary, V. (2015). Competition in the sharing economy, IW policy paper, no. 19/2015. Köln: Institut der deutschen Wirtschaft Köln.
   Google Scholar
• Edwards, C. D. (1933). Review: The theory of monopolistic competition by Edward chamberlain. The American Economic Review, 23(4), 683–685.
   Google Scholar
• Eugenio-Martin, J. L., Cazorla-Artiles, J. M., & González-Martel, C. (2019). On the determinants of Airbnb location and its spatial distribution. Tourism Economics, 25(8), 1224–1244. doi: 10.1177/1354816618825415
   Web of Science ®Google Scholar
• Falk, M., Larpin, B., & Scaglione, M. (2019). The role of specific attributes in determining prices of Airbnb listings in rural and urban locations. International Journal of Hospitality Management, 83, 132–140. doi: 10.1016/j.ijhm.2019.04.023
   Web of Science ®Google Scholar
• FLEXE Inc. (2018, November 9). About us | FLEXE: On-demand warehouse space. Retrieved from FLEXE Inc. Web site https://www.flexe.com/company
   Google Scholar
• Fon Wireless Limited. (2018, November 9). Fon is the global WiFi network with millions of hotspots. Retrieved from Fon Wireless Limited Web site https://fon.com/
   Google Scholar
• Fox, J. (2007, October 26). ncv.test function. Retrieved from R Documentation https://www.rdocumentation.org/packages/car/versions/1.2-6/topics/ncv.test
   Google Scholar
• Garcia-Ayllon, S. (2018). Urban transformations as an indicator of unsustainability in the P2P mass tourism phenomenon: The Airbnb case in Spain through three case studies. Sustainability, 10(8), 2933. doi:10.3390/su10082933
   Web of Science ®Google Scholar
• Geerts, W. (2018). Top 100 city destinations 2018. Düsseldorf: Euromonitor International.
   Google Scholar
• Gibbs, C., Guttentag, D., Gretzel, U., Morton, J., & Goodwill, A. (2018). Pricing in the sharing economy: A hedonic pricing model applied to Airbnb listings. Journal of Travel & Tourism Marketing, 35(1), 46–56. doi: 10.1080/10548408.2017.1308292
   Web of Science ®Google Scholar
• Gibbs, C., Guttentag, D., Gretzel, U., Yao, L., & Morton, J. (2018). Use of dynamic pricing strategies by Airbnb hosts. International Journal of Contemporary Hospitality Management, 30(1), 2–20. doi: 10.1108/IJCHM-09-2016-0540
   Web of Science ®Google Scholar
• Goodman, A. C. (1978, October). Hedonic prices, price indices and housing markets. Journal of Urban Economics, 5(4), 471–484. doi: 10.1016/0094-1190(78)90004-9
   Web of Science ®Google Scholar
• Gunter, U. (2018). What makes an Airbnb host a superhost? Empirical evidence from San Francisco and the Bay area. Tourism Management, 66, 26–37. doi: 10.1016/j.tourman.2017.11.003
   Web of Science ®Google Scholar
• Gunter, U., & Önder, I. (2018). Determinants of Airbnb demand in Vienna and their implications for the traditional accommodation industry. Tourism Economics, 24(3), 270–293. doi: 10.1177/1354816617731196
   Web of Science ®Google Scholar
• Gutiérrez, J., García-Palomares, J., Romanillos, G., & Salas-Olmedo, M. H. (2017). The eruption of Airbnb in tourist cities: Comparing spatial patterns of hotels and peer-to-peer accommodation in Barcelona. Tourism Management, 62, 278–291. doi: 10.1016/j.tourman.2017.05.003
   Web of Science ®Google Scholar
• Guttentag, D. (2015). Airbnb: Disruptive innovation and the rise of an informal tourism accommodation sector. Current Issues in Tourism, 18(12), 1192–1217. doi: 10.1080/13683500.2013.827159
   Web of Science ®Google Scholar
• Hill, D. (2015). How much is your spare room worth? IEEE Spectrum, 52(9), 32–58. doi: 10.1109/MSPEC.2015.7226609
   Web of Science ®Google Scholar
• Hook, L. (2018, January 25). Airbnb marks first full year of profitability in 2017 | Financial Times. Retrieved from Financial Times https://www.ft.com/content/96215e16-0201-11e8-9650-9c0ad2d7c5b5
   Google Scholar
• Hung, W.-T., Shang, J.-K., & Wang, F.-C. (2010). Pricing determinants in the hotel industry: Quantile regression analysis. International Journal of Hospitality Management, 29, 378–384. doi: 10.1016/j.ijhm.2009.09.001
   Web of Science ®Google Scholar
• Koenker, R., & Bassett, G. (1978). Regression quantiles. Econometrica, 46, 33–50. doi: 10.2307/1913643
   Web of Science ®Google Scholar
• Krugman, P. R. (1979). Increasing returns, monopolistic competition, and international trade. Journal of International Economics, 9(4), 469–479. doi: 10.1016/0022-1996(79)90017-5
   Web of Science ®Google Scholar
• Krugman, P. R. (1980). Scale economies, product differentiation, and the pattern of trade. The American Economic Review, 70(5), 950–959.
   Web of Science ®Google Scholar
• Kutner, M. H., Nachtsheim, C. J., & Neter, J. (2004). Applied linear regression models (4th ed.). Irwin: McGraw-Hill.
   Google Scholar
• Lambea Llop, N. (2017). A policy approach to the impact of tourist dwellings in condominiums and neighbourhoods in Barcelona. Urban Research & Practice, 10(1), 120–129. doi:10.1080/17535069.2017.1250522
   Web of Science ®Google Scholar
• Li, J., Moreno, A., & Zhang, D. J. (2016). Pros vs Joes: Agent pricing behavior in the sharing economy. University of Michigan. Ann Arbor: Ross School of Business. doi:10.2139/ssrn.2708279
   Google Scholar
• Liao, W.-C., & Wang, X. (2012). Hedonic house prices and spatial quantile regression. Journal of Housing Economics, 21(1), 16–27. doi: 10.1016/j.jhe.2011.11.001
   Web of Science ®Google Scholar
• Magno, F., Cassia, F., & Ugolini, M. M. (2018). Accommodation prices on Airbnb: Effects of host experience and market demand. The TQM Journal, 30(5), 608–620. doi: 10.1108/TQM-12-2017-0164
   Google Scholar
• Martínez-Garmendia, J. (2010). Application of hedonic price modeling to consumer packaged goods using store scanner data. Journal of Business Research, 63(7), 690–696. doi: 10.1016/j.jbusres.2009.05.002
   Web of Science ®Google Scholar
• Martín Martín, J. M., Rodriguez Martín, J. A., Zermeño Mejía, K. A., & Salinas Fernández, J. A. (2018). Effects of vacation rental websites on the concentration of tourists—potential environmental impacts. An application to the Balearic Islands in Spain. International Journal of Environmental Research and Public Health, 15(2), 347. doi:10.3390/ijerph15020347
   Web of Science ®Google Scholar
• McConnell, K. E., & Strand, I. E. (2000). Hedonic prices for fish: Tuna prices in Hawaii. American Journal of Agricultural Economics, 82(1), 133–144. doi: 10.1111/0002-9092.00011
   Web of Science ®Google Scholar
• Mok, H. M., Chan, P. P., & Cho, Y.-S. (1995, January). A hedonic price model for private properties in Hong Kong. The Journal of Real Estate Finance and Economics, 10(1), 37–48. doi: 10.1007/BF01099610
   Web of Science ®Google Scholar
• Moreno-Izquierdo, L., Ramón-Rodríguez, A. B., Such-Devesa, M. J., & Perles-Ribes, J. F. (2019). Tourist environment and online reputation as a generator of added value in the sharing economy: The case of Airbnb in urban and sun- and-beach holiday destinations. Journal of Destination Marketing & Management, 11, 53–66. doi: 10.1016/j.jdmm.2018.11.004
   Web of Science ®Google Scholar
• Önder, I., Weismayer, C., & Gunter, U. (2019). Spatial price dependencies between the traditional accommodation sector and the sharing economy. Tourism Economics, 25(8), 1150–1166. doi: 10.1177/1354816618805860
   Web of Science ®Google Scholar
• Palos-Sanchez, P. R., & Correia, M. B. (2018). The collaborative economy based analysis of demand: Study of Airbnb case in Spain and Portugal. Journal of Theoretical and Applied Electronic Commerce Research, 13(3), 85–98. doi: 10.4067/S0718-18762018000300105
   Web of Science ®Google Scholar
• Pindyck, R. S., & Rubinfeld, D. L. (2018). Microeconomics (9th ed.). London: Pearson Education Limited.
   Google Scholar
• Robinson, J. (1933). The economics of imperfect competition. New York, NY: Macmillan.
   Google Scholar
• Roden, L. (2017, October 24). Seville named best city to travel to in 2018 by Lonely Planet. Retrieved from The Local https://www.thelocal.es/20171024/seville-named-best-city-to-travel-to-in-2018-by-lonely-planet
   Google Scholar
• Rodríguez-Pérez de Arenaza, D., Hierro, L. Á., & Patiño, D. (2019). Airbnb, sun-and-beach tourism and residential rental prices. The case of the coast of Andalusia (Spain). Current Issues in Tourism. doi:10.1080/13683500.2019.1705768
   Web of Science ®Google Scholar
• Rosen, S. (1974). Hedonic prices and implicit markets: Product differentiation in pure competition. Journal of Political Economy, 82(1), 34–55. doi: 10.1086/260169
   Web of Science ®Google Scholar
• Schamel, G. (2012). Weekend vs. midweek stays: Modelling hotel room rates in a small market. International Journal of Hospitality Management, 31, 1113–1118. doi: 10.1016/j.ijhm.2012.01.008
   Web of Science ®Google Scholar
• Smith, O. (2018, December 24). Which was the world’s most visited country in 2018? Retrieved from The Telegraph https://www.telegraph.co.uk/travel/lists/the-fastest-growing-travel-destinations-of-2018/
   Google Scholar
• Tang, L., Kim, J., & Wang, X. (2019). Estimating spatial effects on peer-to-peer accommodation prices: Towards an innovative hedonic model approach. International Journal of Hospitality Management, 81, 43–53. doi: 10.1016/j.ijhm.2019.03.012
   Web of Science ®Google Scholar
• TaskRabbit Inc. (2018, November 9). TaskRabbit connects you to safe and reliable help in your neighborhood. Retrieved from TaskRabbit https://www.taskrabbit.com/
   Google Scholar
• Teubner, T., Hawlitschek, F., & Dann, D. (2017). Price determinants on Airbnb: How reputation pays off in the sharing economy. Journal of Self-Governance and Management Economics, 5(4), 53–80. doi: 10.22381/JSME5420173
   Google Scholar
• Thrane, C. (2007). Examining the determinants of room rates for hotels in capital cities: The Oslo experience. Journal of Revenue and Pricing Management, 5(4), 315–323. doi: 10.1057/palgrave.rpm.5160055
   Google Scholar
• Turo Inc. (2018, November 9). Turo car sharing marketplace. Retrieved from Turo https://turo.com/
   Google Scholar
• Vincenty, T. (1975). Direct and inverse solutions of geodesics on the ellipsoid with application of nested equations. Survey Review, 23(176), 88–93. doi: 10.1179/sre.1975.23.176.88
   Google Scholar
• Wang, D., & Nicolau, J. L. (2017). Price determinants of sharing economy based accommodation rental: A study of listings from 33 cities on Airbnb.com. International Journal of Hospitality Management, 62, 120–131. doi: 10.1016/j.ijhm.2016.12.007
   Web of Science ®Google Scholar
• Witte, A. D., Sumka, H. J., & Erekson, H. (1979, September). An estimate of a structural hedonic price model of the housing market: An application of Rosen’s theory of implicit markets. Econometrica, 47(5), 1151–1173. doi: 10.2307/1911956
   Web of Science ®Google Scholar
• Wooldridge, J. M. (2012). Introductory econometrics: A modern approach (5th ed.). Mason: Cengage Learning.
   Google Scholar
• Yang, Z. (2001). An application of the hedonic price model with uncertain attribute - The case of the people’s Republic of China. Property Management, 19(1), 50–63. doi: 10.1108/02637470110366202
   Google Scholar
• Yrigoy, I. (2019). Rent gap reloaded: Airbnb and the shift from residential to touristic rental housing in the Palma Old Quarter in Mallorca, Spain. Urban Studies, 56(13), 2709–2726. doi: 10.1177/0042098018803261
   Web of Science ®Google Scholar
• Zervas, G., Proserpio, D., & Byers, J. W. (2017, October). The rise of the sharing economy: Estimating the impact of Airbnb on the hotel industry. Journal of Marketing Research, 54, 687–705. doi: 10.1509/jmr.15.0204
   Web of Science ®Google Scholar
• Zhang, Z., Chen, R. J., Han, L. D., & Yang, L. (2017). Key factors affecting the price of Airbnb listings: A geographically weighted approach. Sustainability, 9(9), 1635. doi:10.3390/su9091635
   Web of Science ®Google Scholar
• Zhang, Z., Ye, Q., & Law, R. (2011). Determinants of hotel room price: An exploration of travelers’ hierarchy of accommodation needs. International Journal of Contemporary Hospitality Management, 23(7), 972–981. doi: 10.1108/09596111111167551
   Web of Science ®Google Scholar