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Exploring the use of artificial intelligence in price maximisation in the tourism sector: its application in the case of Airbnb in the Valencian Community

Luis Moreno-Izquierdo, Galina Egorova, Alexandre Peretó-Rovira and Adrián Más-Ferrando
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Luis Moreno-Izquierdo: University of Alicante
Galina Egorova: University of Alicante
Alexandre Peretó-Rovira: University of Alicante
Adrián Más-Ferrando: University of Alicante

INVESTIGACIONES REGIONALES - Journal of REGIONAL RESEARCH, 2018, issue 42, 113-128

Abstract: The use of machine learning is becoming more and more frequent in companies’ search for competitiveness. Literature on the subject show us how in many cases artificial intelligence can help companies to improve their knowledge about users, optimize prices or guide buyers in their choices. To confirm that the application of artificial intelligence models allows companies to obtain specifically better price optimisation procedures than with other traditional models, we have studied more than 10,000 Airbnb properties in the three main cities in the Valencian Community (Valencia, Alicante and Castellón), noting that the estimation process using neural networks offers significantly more satisfactory results than the use of hedonic models.

Keywords: Machine Learning; Airbnb; tourism; hedonic prices; Valencian Region (search for similar items in EconPapers)
JEL-codes: L83 O32 R10 (search for similar items in EconPapers)
Date: 2018
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