Hedonic Pricing Models in Rural Tourism: Analyzing Factors Influencing Accommodation Pricing in Romania Using Geographically Weighted Regression

Marius-Ionuț Gordan, Valentina Constanța Tudor (), Cosmin Alin Popescu, Tabita Cornelia Adamov, Elena Peț (), Ioana Anda Milin and Tiberiu Iancu
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Marius-Ionuț Gordan: Faculty of Management and Rural Tourism, University of Life Sciences “King Mihai I” from Timișoara, Calea Aradului No. 119, 300645 Timişoara, Romania
Valentina Constanța Tudor: Faculty of Management and Rural Development, University of Agronomic Sciences and Veterinary Medicine, 010961 Bucharest, Romania
Cosmin Alin Popescu: Faculty of Agriculture, University of Life Sciences “King Mihai I” from Timișoara, Calea Aradului No. 119, 300645 Timişoara, Romania
Tabita Cornelia Adamov: Faculty of Management and Rural Tourism, University of Life Sciences “King Mihai I” from Timișoara, Calea Aradului No. 119, 300645 Timişoara, Romania
Elena Peț: Faculty of Management and Rural Tourism, University of Life Sciences “King Mihai I” from Timișoara, Calea Aradului No. 119, 300645 Timişoara, Romania
Ioana Anda Milin: Faculty of Management and Rural Tourism, University of Life Sciences “King Mihai I” from Timișoara, Calea Aradului No. 119, 300645 Timişoara, Romania
Tiberiu Iancu: Faculty of Management and Rural Tourism, University of Life Sciences “King Mihai I” from Timișoara, Calea Aradului No. 119, 300645 Timişoara, Romania

Agriculture, 2024, vol. 14, issue 8, 1-22

Abstract: This study investigates the factors influencing pricing in Romanian rural tourism using a hedonic pricing model through a hybrid LASSO-OLS regression and geographically weighted regression (GWR). By analyzing data from 5028 unique accommodation units across 1170 local administrative units, we identify some key pricing determinants, including accommodation size, capacity, facilities, and environmental attributes. The results reveal that larger accommodations and those with higher guest capacities command higher prices. Luxurious facilities, such as massage services, pools, and fireplaces, significantly increase pricing, although the impact of such features varies by region, as do accommodation type and natural scenery, with agritouristic boarding houses and proximity to natural attractions like water bodies and forests being more valued in certain regions. These factors can aid rural entrepreneurs in optimizing pricing to enhance competitiveness and profitability.

Keywords: hedonic pricing; rural tourism; agritourism; geographically weighted regression (search for similar items in EconPapers)
JEL-codes: Q1 Q10 Q11 Q12 Q13 Q14 Q15 Q16 Q17 Q18 (search for similar items in EconPapers)
Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:gam:jagris:v:14:y:2024:i:8:p:1259-:d:1446694

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