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Title: Is peer-to-peer demand cointegrated at the listing level?
Authors: Pérez Rodríguez, Jorge Vicente 
Suárez Vega, Rafael Ricardo 
UNESCO Clasification: 5304 Actividad económica
Keywords: Demand modelling
Peer-to-peer accommodation
Fractionally integrated heterogeneous panel data analysis
Issue Date: 2023
Journal: Empirical Economics 
Abstract: In this paper, we analyse the long-run equilibrium demand of the peer-to-peer sharing economy. Our panel data demand model relates occupancy rates to relative prices of Airbnb and HomeAway listings, prices of competitors (hotels and apartments) and a proxy for income of tourists visiting the Canary Islands (Spain). We use a fractional heterogeneous panel datamodel which allows for a more general persistence and cointegration relationship and incorporates individual and interactive fixed effects.We find some evidence for (fractional) cointegration in P2P at the listing level. Regarding elasticities, classic cointegration methods give larger estimates for individual slopes and mean group coefficients than the fractional integrated heterogeneous model. Finally, own-price elasticities are inelastic, and the cross-price elasticity indicates that P2P listings and hotels are substitute goods. Income elasticity is lower than 1 and is not statistically significant, indicating that the demand for tourism in the Canary Islands is not sensitive to the economic conditions in the origin countries.
ISSN: 0377-7332
DOI: 10.1007/s00181-023-02522-7
Source: Empirical Economics [ISSN 0377-7332, EISSN 1435-8921], v. 95, (Noviembre 2023)
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