Do I book at exactly the right time? Airfare forecast accuracy across three price-prediction platforms
Tenghui Huang (),
Chih-Chien Chen () and
Zvi Schwartz ()
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Tenghui Huang: University of Delaware
Chih-Chien Chen: University of Nevada
Zvi Schwartz: University of Delaware
Journal of Revenue and Pricing Management, 2019, vol. 18, issue 4, 281-290
Abstract Customers are uncertain about the best time to get the lowest airfares due to the practice of dynamic pricing in revenue management. Even with the help of price-prediction platforms, the optimal time to buy the lowest-priced airfare remains unclear. This study compares airfare forecasts across the prediction outcomes suggested by Hopper, KAYAK, and FareHack. The data were recorded daily over a 77-day period, focusing on ten one-way route airfares during this time. The results show that, despite the importance of accurate forecasting, there is no best website for the optimal recommendation—prediction accuracy varies based on the number of days before the departure date.
Keywords: Forecast; Airfare; Prediction; Hopper; FareHack; KAYAK (search for similar items in EconPapers)
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