Hotels, prices and risk premium in exceptional times
The case of Milan hotels during the first Covid-19 outbreak
Bibliographic Data
| ID | 13136457 |
|---|---|
| Authors | Anastasia Arabadzhyan (0000-0003-3069-4253, University of York), Paolo Figini (0000-0003-3625-6828, University of Bologna, corresponding author), Lorenzo Zirulia (0000-0002-2876-2037, University of Bologna) |
| Year | 2021 |
| Volume | 2 |
| Issue | 2 |
| Pages | 100023-100023 |
| Publication date | 2021-07-10 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Annals of Tourism Research Empirical Insights (JOURNAL) |
| Journal identifiers | ISSN: 2666-9579 • E-ISSN: 2666-9579 |
| Publisher | Elsevier BV (PUBLISHER) |
| DOI | 10.1016/j.annale.2021.100023 |
| OpenAlex | W3179589044 |
| Language | EN |
| Citations received | 7 |
| References cited | 34 |
The COVID-19 outbreak affects hotels by changing demand and supply. We investigate the case of Milan, the outbreak epicentre in Europe, by studying the hotels' reaction before, during, and after the lockdown. We monitor room offers and prices posted on Booking.com in January–September 2020. Findings suggest that: i) the reaction at the beginning of the pandemic was a fall in prices; ii) the number of active hotels dropped with the lockdown, while prices stabilised, a fact that we attribute to fairness considerations; iii) hotels managed uncertainty by increasing the free cancellation options and the risk premium, especially for short-term leads; iv) news and expectations on the pandemic, and the introduction of travel limitations, were essential drivers of managerial decisions
2019-20 coronavirus outbreak · Business · Coronavirus disease 2019 (COVID-19 · Economics · Outbreak · Pandemic · Severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2 · Aviation Industry Analysis and Trends · Consumer Market Behavior and Pricing · Diverse Aspects of Tourism Research · Medicine
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| Unique citing works | 7 |
|---|---|
| Citations per year | 1.75 |
| Citation span | 2022 - 2026 (5) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 7 |