Exploring the use of artificial intelligence in price maximisation in the tourism sector: its application in the case of Airbnb in the Valencian Community

The use of machine learning is becoming more and more frequent in companies' search for competitiveness. Literature on the subject show us how in many cases artificial intelligence can help companies to improve their knowledge about users, optimize prices or guide buyers in their choices. To co...

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Bibliographic Details
Published inInvestigaciones regionales no. 42; pp. 113 - 128
Main Authors Moreno-Izquierdo, Luis, Egorova, Galina, Peretó-Rovira, Alexandre, Más-Ferrando, Adrián
Format Journal Article
LanguageEnglish
Published Madrid Investigaciones Regionales 01.01.2018
Subjects
Airbnb
Algorithms
Aprendizaje automático
Artificial intelligence
Competition
hedonic prices
Machine learning
Neural networks
precios hedónicos
Prices
Product differentiation
Profitability
región valenciana
Rentals
Tourism
turismo
User behavior
Valencian region
Spain
Online AccessGet full text
ISSN1695-7253
2340-2717
2340-2717

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Summary:The use of machine learning is becoming more and more frequent in companies' search for competitiveness. Literature on the subject show us how in many cases artificial intelligence can help companies to improve their knowledge about users, optimize prices or guide buyers in their choices. To confirm that the application of artificial intelligence models allows companies to obtain specifically better price optimisation procedures than with other traditional models, we have studied more than 10,000 Airbnb properties in the three main cities in the Valencian Community (Valencia, Alicante and Castellón), noting that the estimation process using neural networks offers significantly more satisfactory results than the use of hedonic models.
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ISSN:1695-7253
2340-2717
2340-2717