Hedonic price models with geographically weighted regression: An application to hospitality

Soler, Ismael P.; Gémar, Germán

doi:10.1016/j.jdmm.2017.12.001

Cited by 56 publications

(51 citation statements)

References 57 publications

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“…Nonetheless, there is no concrete evidence that one functional form is better than the other forms [71]. Henceforth, some researchers believe that the method of Box-Cox transformation allows investigators to choose the proper function of the hedonic regression model based on the best fit for a particular data set [78][79][80]. Davidson and MacKinnon (1993) explained that the complicated transformation processes could generate more random errors [81].…”

Section: The Hedonic Methods Model Developmentmentioning

confidence: 99%

The Effect of Sustainable Urban Planning and Slum Disamenity on The Value of Neighboring Residential Property: Application of The Hedonic Pricing Model in Rent Price Appraisal

et al. 2019

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This study is the first to perform a focalized analysis on city development, sustainable urban planning, and the negative impact of slum area disamenity on property valuation in suburban and posh areas of the Islamabad region, Pakistan. Slums exist in almost every country in the world. However, in the process of urbanization and city development, researchers have focused merely on the crumbled infrastructure, crimes, and other social problems associated with slums. Studies have covered the adverse effects of these factors on property value, although this unmatched study is the first to examine the negative impact of slum proximity on the valuation of properties in the surrounding areas and on the rental value of houses located in Islamabad. The survey method is applied to obtain feedback from inhabitants, and the study incorporated the hedonic price model to assess rental values within a range of one kilometer from selected slum areas. The findings revealed that slum neighborhoods negatively impact sustainable house rental values, as compared with the rental values of houses located far away. Rents became higher as the distance from the slums increased. The results showed that having slums in the vicinity caused a decline of almost 10% in rent. However, the rental value of a similar house unit, located 500 meters away, was found to be almost 10% higher. In the semi-log model, house rental values increased by approximately 12.40% at a distance of one kilometer from slums, and vice versa. This study will use residents’ feedback to help government officials and policymakers to resolve slum issues, which is essential for maintaining sustainable development and adequate city planning. This study sample’s findings are not generalizable to all slums, as the results are specific to this region.

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Section: The Hedonic Methods Model Developmentmentioning

confidence: 99%

The Effect of Sustainable Urban Planning and Slum Disamenity on The Value of Neighboring Residential Property: Application of The Hedonic Pricing Model in Rent Price Appraisal

et al. 2019

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“…In recent years, discussions among tourism and hospitality scholars have increasingly attempted to address the fact that hotel room prices can be influenced differently by their site and situation attributes related to hotel location (Latinopoulos, 2018;Soler & Gemar, 2018). Site attributes refer to a hotel's physical or structural factors, such as size, class, age and service quality, while situation attributes refer to a hotel's outdoor environmental characteristics, such as proximity to airports, transportation stations and tourist attractions (Zhang et al, 2011a).…”

Section: Introductionmentioning

confidence: 99%

Why are hotel room prices different? Exploring spatially varying relationships between room price and hotel attributes

Kim

Jang

Kang

et al. 2020

Journal of Business Research

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Despite abundant research on modeling hotel room prices, traditional hedonic pricing models (HPMs) have failed to consider spatial variations in the relationships among hotel room price and attribute variables. This study demonstrates the utility of a spatial HPM (s-HPM) using a geographically weighted regression analysis of 387 hotels in the Chicago area. Specifically, this study explored spatial variations in modeling hotel room prices and further identified spatial clustering patterns of relationships between room price and hotel attributes across market segments. The findings reveal that the s-HPM successfully identified spatially varying relationships between room price and hotel attributes, such as site attributessize, age, class and service qualityand situation attributesdistances to airports, highways and tourist attractionsacross the study area. This study contributes to a better understanding of local patterns of modeling room prices, ultimately providing guidelines for effective location-based hotel room pricing strategies.

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“…Soler and Gemar [30], using TripAdvisor ratings in a recent hedonic study for Malaga, mentioned as a specific condition of hotels' location, i.e., pedestrian zones. Tourists might appreciate walking-friendly environments.…”

Section: Hedonic Regression Resultsmentioning

confidence: 99%

Nonmarket Valuation of Cultural and Environmental Impacts of Sustainable City Tourism in Vienna, Austria

Amrusch

Wirl

2018

WIT Transactions on Ecology and the Environment

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The main purpose of this paper is to monetarily assess the effect of cultural and natural goods and services on tourism in Vienna, Austria. By means of hedonic modelling, we investigate how the value of tourist places, cultural and natural monuments is capitalized in commercial housing prices. First, in the context of variable selection, main tourist attractions are identified. In the second section, by controlling for accessibility effects of transportation, the investigation area is defined. Using hedonic regression analyses, the tourists' willingness to pay for the adjacency to monuments is quantified. Finally, results obtained are used to illustrate the influence of sustainable city tourism on the preservation of cultural and natural monuments. There are particular important trade-offs between preservation and new construction. Keywords: hedonic model, nonmarket valuation of cultural goods and services, accessibility to monuments in sustainable tourism.

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Hedonic price models with geographically weighted regression: An application to hospitality

Cited by 56 publications

References 57 publications

The Effect of Sustainable Urban Planning and Slum Disamenity on The Value of Neighboring Residential Property: Application of The Hedonic Pricing Model in Rent Price Appraisal

The Effect of Sustainable Urban Planning and Slum Disamenity on The Value of Neighboring Residential Property: Application of The Hedonic Pricing Model in Rent Price Appraisal

Why are hotel room prices different? Exploring spatially varying relationships between room price and hotel attributes

Nonmarket Valuation of Cultural and Environmental Impacts of Sustainable City Tourism in Vienna, Austria

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