PETŘÍČEK, Martin and Štěpán CHALUPA. MEASURING PRICE ELASTICITY AND ITS APPLICATION INTO THE REVENUE OPTIMIZATION PROCESS. Online. In 11th INTERNATIONAL CONFERENCE PROCEEDINGS - HOSPITALITY, TOURISM AND EDUCATION. Prague: Institute of Hospitality Management in Prague 8., 2019, p. 87-94. ISBN 978-80-87411-87-2.
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Basic information
Original name MEASURING PRICE ELASTICITY AND ITS APPLICATION INTO THE REVENUE OPTIMIZATION PROCESS
Name (in English) MEASURING PRICE ELASTICITY AND ITS APPLICATION INTO THE REVENUE OPTIMIZATION PROCESS
Authors PETŘÍČEK, Martin and Štěpán CHALUPA.
Edition Prague, 11th INTERNATIONAL CONFERENCE PROCEEDINGS - HOSPITALITY, TOURISM AND EDUCATION, p. 87-94, 8 pp. 2019.
Publisher Institute of Hospitality Management in Prague 8.
Other information
Type of outcome Proceedings paper
Confidentiality degree is not subject to a state or trade secret
Publication form electronic version available online
Organization unit University College Prague – University of International Relations and Institute of Hospitality Management and Economics, Ltd.
ISBN 978-80-87411-87-2
Keywords in English Demand, Elasticity, Price
Tags International impact, Reviewed
Changed by Changed by: doc. Ing. Martin Petříček, Ph.D., učo 14750. Changed: 28/10/2019 10:38.
Abstract
The paper focuses on various possibilities of measuring price elasticity of demand with the application of log-log regression analysis. The elasticity measured can be than an input for the optimization process. The critical element of this optimization is the value of the coefficient of price elasticity, which was in the given contribution (for the selected accommodation facility) to the value -0.297, which indicates a price inelastic demand. This approach also has some limitations. It assumes a regression function that is linear in parameters, and also it is only a simple regression. Despite this fact, the results are comparable to other approaches.
Abstract (in English)
The paper focuses on various possibilities of measuring price elasticity of demand with the application of log-log regression analysis. The elasticity measured can be than an input for the optimization process. The critical element of this optimization is the value of the coefficient of price elasticity, which was in the given contribution (for the selected accommodation facility) to the value -0.297, which indicates a price inelastic demand. This approach also has some limitations. It assumes a regression function that is linear in parameters, and also it is only a simple regression. Despite this fact, the results are comparable to other approaches.
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