Are Innovations relevant for consumers in the hospitality industry?A hedonic approach for Cuban hotels
- Peña, Mario Raúl de la
- Núñez Serrano, Juan Andrés
- Turrión Sánchez, Jaime
- Velázquez Angona, Francisco Javier
ISSN: 2255-5471
Année de publication: 2015
Número: 5
Type: Working Paper
D'autres publications dans: Documentos de trabajo de la Facultad de Ciencias Económicas y Empresariales
Résumé
This paper evaluates the impact of innovative activity in the hotel industry on the willingness to pay by consumers. To this end we estimate a hedonic price function where innovation is identified indirectly through certain attributes. The contrast is performed on a representative sample of Cuban hotels considering a large number of attributes of hotels and rooms. To solve the usual problems of collinearity an original procedure is developed. The results highlight the importance of the attributes linked to innovation and internationalization on the price of the rooms of Cuban hotels.