Resumen de Using brochure information for the hedonic analysis of holiday packages

Stephan Haroutunian, Pandelis Mitsis, Panos Pashardes

• This paper investigates the production of misleading results from hedonic analysis when heterogeneity in the effects of quality characteristics is ignored. Two causes of such heterogeneity are examined: (a) when quality is registered in different ways in the brochures of different tour operators and (b) when the effects of quality characteristics differ between packages with a different star rating. Furthermore, the authors test the impact of the presence of these two sources of heterogeneity on the estimated effects of quality characteristics on price, along with a third possible source of heterogeneity � the rating system of the hotels. They then discuss the policy implications of their empirical findings.