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Journal article
Applying Game Theory and Time Series in Smith Travel Accommodation Report (STAR)
Advances in hospitality and tourism research (AHTR): An international journal of akdeniz university tourism faculty (online), Vol.4(2), pp.140-161
01/01/2016
Web of Science ID: WOS:000411755400004
Abstract
Although Smith Travel Accommodations Report (STAR) benchmarks hotel performance against its competitive aggregate and local markets, hotel managers consider STAR as a reference document rather than a strategy model for hotel competition. Recent research report managers prefer less information to use it as clues for a decision rather than more information not to be able to make a decision. It is imperative for hotel managers to use STAR as a clue for the competition. Limited research has focused on techniques to build a clue for STAR as a practice strategy. The present study has built two matrices by STAR indices. After that, game theory strategies were conducted to forecast the outcomes whenever hotel mangers change price. A sample of hotel guests who stayed in seven top hotel destinations in the U.S. during the ten-year period (2005-2015) was selected in the scenario with two assumptions: (1) there are two players in the U.S. meeting business: Player 1 includes hoteliers in Washington DC, Virginia, and Maryland and player 2 includes hoteliers in Orlando, Los Angeles, Chicago, and New York and (2) customers in a hotel of player 1 prefer staying in the hotel of player 1 rather than staying in the hotel of player 2 and vice versa. Findings indicate that two matrices have provided hoteliers with simple clues of different strategies in each month during the year to maximize their revenue.
Details
- Title
- Applying Game Theory and Time Series in Smith Travel Accommodation Report (STAR)
- Publication Details
- Advances in hospitality and tourism research (AHTR): An international journal of akdeniz university tourism faculty (online), Vol.4(2), pp.140-161
- Resource Type
- Journal article
- Publisher
- Akdeniz Universitesi; Turkey
- Number of pages
- 22
- Identifiers
- WOS:000411755400004; 99380171545906600
- Academic Unit
- Lewis Bear Jr. College of Business; Commerce
- Language
- English