PETŘÍČEK, Martin. Price elasticity of demand for accommodation sector. In SECOND INTERNATIONAL SCIENTIFIC CONFERENCE ON IT, TOURISM, ECONOMICS, MANAGEMENT AND AGRICULTURE - ITEMA 2018. 2018.
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Basic information
Original name Price elasticity of demand for accommodation sector
Name (in English) Price elasticity of demand for accommodation sector
Authors PETŘÍČEK, Martin.
Edition SECOND INTERNATIONAL SCIENTIFIC CONFERENCE ON IT, TOURISM, ECONOMICS, MANAGEMENT AND AGRICULTURE - ITEMA 2018, 2018.
Other information
Type of outcome Conference abstract
Confidentiality degree is not subject to a state or trade secret
Organization unit University College Prague – University of International Relations and Institute of Hospitality Management and Economics, Ltd.
Tags International impact, Reviewed
Changed by Changed by: doc. Ing. Martin Petříček, Ph.D., učo 14750. Changed: 31/3/2019 13:38.
Abstract
The paper focuses on measuring the price elasticity of selected customer segments of accommodation services in Prague. To measure elasticity, the simple log linear regression analysis method was chosen. Due to the required output, a simple regression analysis was performed. The inputs are considered as sales and the number of beds sold per night. Logarithmic data transformation was performed at all inputs. Outputs are available over the last five years. Measured elasticity can then serve as input for price optimization within revenue management. It is important that price elasticity during the selected years is moreover stable, and can be therefore used for future analysis and primarily for the optimization process.
Abstract (in English)
The paper focuses on measuring the price elasticity of selected customer segments of accommodation services in Prague. To measure elasticity, the simple log linear regression analysis method was chosen. Due to the required output, a simple regression analysis was performed. The inputs are considered as sales and the number of beds sold per night. Logarithmic data transformation was performed at all inputs. Outputs are available over the last five years. Measured elasticity can then serve as input for price optimization within revenue management. It is important that price elasticity during the selected years is moreover stable, and can be therefore used for future analysis and primarily for the optimization process.
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