2019
MEASURING PRICE ELASTICITY AND ITS APPLICATION INTO THE REVENUE OPTIMIZATION PROCESS
PETŘÍČEK, Martin a Štěpán CHALUPAZákladní údaje
Originální název
MEASURING PRICE ELASTICITY AND ITS APPLICATION INTO THE REVENUE OPTIMIZATION PROCESS
Název anglicky
MEASURING PRICE ELASTICITY AND ITS APPLICATION INTO THE REVENUE OPTIMIZATION PROCESS
Autoři
PETŘÍČEK, Martin a Štěpán CHALUPA
Vydání
Prague, 11th INTERNATIONAL CONFERENCE PROCEEDINGS - HOSPITALITY, TOURISM AND EDUCATION, od s. 87-94, 8 s. 2019
Nakladatel
Institute of Hospitality Management in Prague 8.
Další údaje
Typ výsledku
Stať ve sborníku
Utajení
není předmětem státního či obchodního tajemství
Forma vydání
elektronická verze "online"
Organizační jednotka
University College Prague – Vysoká škola mezinárodních vztahů a Vysoká škola hotelová a ekonomická s.r.o.
ISBN
978-80-87411-87-2
Klíčová slova anglicky
Demand, Elasticity, Price
Příznaky
Mezinárodní význam, Recenzováno
Změněno: 28. 10. 2019 10:38, doc. Ing. Martin Petříček, Ph.D.
V originále
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.
Anglicky
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.