Booking in the Rain. Testing the Impact of Public Information on Prices

IF 1.2 Q3 ECONOMICS

Italian Economic Journal Pub Date : 2022-08-16 DOI:10.1007/s40797-022-00199-y

Paolo Figini, Simona Cicognani, Lorenzo Zirulia

引用次数: 2

Abstract

Weather forecasts are a rare example of public information which is, at the same time, relevant for agents' decisions and entirely exogenous for both sides of the (tourism) market. We develop a model where signals of good weather have a positive impact on accommodation prices, the effect being stronger the higher the accuracy of the forecast and the ex-ante uncertainty in weather conditions. Using data from a sea and sun destination, we estimate an augmented hedonic price model and find that results robustly support the theory. We also find that the response of prices to weather forecasts is larger for upper-scale hotels than for low- and mid-scale hotels, a result we link to the superior pricing capability of the former.

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在雨中预订。检验公开信息对价格的影响

天气预报是一个罕见的公共信息的例子，它同时与代理商的决策相关，对(旅游)市场的双方都是完全外生的。我们开发了一个模型，其中好天气的信号对住宿价格有积极的影响，预测的准确性越高，天气条件的事前不确定性越强。使用来自海洋和阳光目的地的数据，我们估计了一个增强的享乐价格模型，并发现结果有力地支持了这一理论。我们还发现，高档酒店的价格对天气预报的响应大于中低档酒店，我们将这一结果与前者优越的定价能力联系起来。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Italian Economic Journal ECONOMICS-

CiteScore

2.30

自引率

8.30%

发文量

期刊介绍： Italian Economic Journal (ItEJ) is the official peer-reviewed journal of the Italian Economic Association. ItEJ publishes scientific articles in all areas of economics and economic policy, providing a scholarly, international forum for all methodological approaches and schools of thought. In particular, ItEJ aims at encouraging and disseminating high-quality research on the Italian and the European economy. To fulfill this aim, the journal welcomes applied, institutional and theoretical papers on relevant and timely issues concerning the European and Italian economic debate.ItEJ merges the Rivista Italiana degli Economisti (RIE), the journal founded by the Italian Economic Association in 1996, with the Giornale degli Economisti (GdE), founded in 1875 and enriched by contributions from renowned economists, including Amoroso, Black, Barone, De Viti de Marco, Edgeworth, Einaudi, Modigliani, Pantaleoni, Pareto, Slutsky, Tinbergen and Walras.