The Price of a Reservation

Topics:
Lodging
Tags:
Cornell University,
Finance,
Financial Accounting,
Management,
Reservation,
Strategy
Source:
Cornell University

Vendor Registration: required

Overview: Reservations are widely used in many hospitality and service related industries to eliminate customer uncertainty about the price and future availability of the desired service. While such a commitment is desirable for the consumer, it is costly for the issuer. This paper, using hotel reservations as an example, shows that for a specific group of price sensitive customers, reservations are analogous to financial call option contracts written by the hotel and given to the guests.

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Format: PDF | Size: 180KB | Date: Sep 2001 | Pages: 21

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