 Are innovations relevant for consumers in the hospitality industry? A hedonic approach for Cuban hotelsMario Raúl de la Peña, Juan Nuñez-Serrano, Jaime Turrion () and Francisco J. Velázquez Tourism Management, 2016, vol. 55, issue C, 184-196 Abstract: This paper evaluates the impact of innovative activity in the hotel industry on the willingness to pay by consumers. To this end, we estimate a hedonic price function where innovation is identified indirectly through certain attributes that previous literature has linked with hotel innovativeness. The test is performed on a representative sample of Cuban hotels, considering a large number of attributes of hotels and rooms. To solve the usual problems of collinearity, a million alternative models are estimated by choosing the variables included in a random manner and obtaining the final coefficients by means of an internal meta-analysis. The results are completed with a variance decomposition analysis. The results highlight the importance of the attributes linked to innovation and internationalization on the determination of room prices in Cuban hotels: membership of international hotel chains, high quality offers, diversified rooms, and adaptability to specific needs of each client. Keywords: Innovation; Hospitality industry; Prices; Hedonic pricing method (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:touman:v:55:y:2016:i:c:p:184-196 DOI: 10.1016/j.tourman.2016.02.009 Access Statistics for this article Tourism Management is currently edited by Chris Ryan More articles in Tourism Management from Elsevier |
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