Applying Game Theory and Time Series in Smith Travel Accommodation Resort (STAR)
| Autor: | TRAN, Xuan, DEWI, Ni Putu Kumala, JENKINS, Zachary, TRAN, Duy, VO, Ngoc |
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| Jazyk: | angličtina |
| Rok vydání: | 2016 |
| Předmět: | |
| Zdroj: | Advances in Hospitality and Tourism Research, Vol 4, Iss 2, Pp 140-161 (2016) Volume: 4, Issue: 2 140-161 Advances in Hospitality and Tourism Research (AHTR) |
| ISSN: | 2147-9100 2148-7316 |
| Popis: | 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. |
| Databáze: | OpenAIRE |
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