Hedonic Pricing Models in Rural Tourism: Analyzing Factors Influencing Accommodation Pricing in Romania Using Geographically Weighted Regression
2024
Marius-Ionuț Gordan | Valentina Constanța Tudor | Cosmin Alin Popescu | Tabita Cornelia Adamov | Elena Peț | Ioana Anda Milin | Tiberiu Iancu
This study investigates the factors influencing pricing in Romanian rural tourism using a hedonic pricing model through a hybrid LASSO-OLS regression and geographically weighted regression (GWR). By analyzing data from 5028 unique accommodation units across 1170 local administrative units, we identify some key pricing determinants, including accommodation size, capacity, facilities, and environmental attributes. The results reveal that larger accommodations and those with higher guest capacities command higher prices. Luxurious facilities, such as massage services, pools, and fireplaces, significantly increase pricing, although the impact of such features varies by region, as do accommodation type and natural scenery, with agritouristic boarding houses and proximity to natural attractions like water bodies and forests being more valued in certain regions. These factors can aid rural entrepreneurs in optimizing pricing to enhance competitiveness and profitability.
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