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Consumer Behaviour in the Accommodation Services Market – a Comparison of Vienna, Bratislava and Prague in 2018

100%

Petříček M., Chalupa Š.

Comparative Economic Research. Central and Eastern Europe

2021

vol. 24

issue 2

137-152

Celem artykułu jest porównanie trzech rynków usług noclegowych przy użyciu danych empirycznych pochodzących z ponad 250 obiektów noclegowych usytuowanych w trzech miejscowościach (Wiedeń, Bratysława, Praga). Na podstawie danych dziennych dokonano ich porównania dla okresów miesięcznych w 2018 roku. Porównania dokonano na podstawie trzech podstawowych kryteriów – obłożenia, średniej stawki dziennej oraz wskaźnika cenowej elastyczności popytu. Elastyczność cen zmierzono za pomocą analizy regresji log‑log. Kluczowe wnioski z porównania są następujące: (1) Rynki wiedeński i praski są podobne pod względem obłożenia i współczynnika elastyczności cenowej. Z kolei rynek w Bratysławie wykazywał istotne statystycznie różnice w porównaniu z pozostałymi dwoma rynkami pod względem wszystkich badanych kryteriów. (2) Rynek w Bratysławie działał w znacznie niższym przedziale cenowym w porównaniu z innymi analizowanymi rynkami. W dłuższej perspektywie rynek ten charakteryzował się także mniejszym obłożeniem. (3) Rynki w Wiedniu i Pradze reagowały bardziej dynamicznie zmianą cen na zmiany w zachowaniu konsumentów. (4) Zidentyfikowano tak zwany „efekt listopada”, w którym wszystkie wskaźniki na wszystkich rynkach zachowywały się nietypowo. (5) Cechą wspólną wszystkich rynków jest to, że w długim okresie wykazywały one nieelastyczny cenowo popyt, a na przełomie roku wszystkie te kraje zmagały się z paradoksem Giffena.

The paper aims to compare three accommodation services markets using empirical data from more than 250 accommodation facilities in specific destinations (Vienna, Bratislava, Prague). The data are available on a daily basis, but the resulting comparison is then performed on a monthly basis within 2018. The comparison is performer based on three basic criteria – occupancy, average daily rate and an indicator of price elasticity of demand. Price elasticity is measured using a log‑log regression analysis. The key findings of the comparison are as follows: (1) The Vienna and Prague markets are similar in terms of occupancy and coefficient of price elasticity. In contrast, the Bratislava market showed statistically significant differences from the other two markets in all the criteria under review. (2) The Bratislava market operates at a significantly lower price range compared to the other markets analysed. In the long term, this market has also been lower in the field of occupancy. (3) The markets in Vienna and Prague respond more dynamically to changes in consumer behaviour by changing prices. (4) The so‑called “November Phenomenon” has been identified, where all indicators in all markets behave unconventionally. (5) All markets have in common the fact that they have shown price‑inelastic demand over the long term, and at the turn of the year, they all face Giffen’s paradox.

Personnel Decision Making of Chosen Czech Banking Subjects During the Economic Recession

81%

Kraft J., Nedomlelová I., Petříček M.

Creative and Knowledge Society

2011

vol. 1

issue 2

6-15

The article focuses on personnel decision making of important banking subjects during the ongoing economic recession with the specialization on financial crisis in 2008. Main objective of the article is to verify the implicit contract theory and to answer the question of how the selected banks solve problem of reducing labour costs during the crisis. Four important banks (Česká spořitelna, a. s., Komerční banka, a. s., GE Money Bank, a. s., Raiffeisenbank, a. s.) in years 2005 - 2010 are examined. To identify the economic crisis, is used model, which is based on the model, indicating the U. S. business cycle, which uses analytical team in Raiffeisenbank. Model used in this article is based on three variables (index of industrial production, business sales, employment rate). Employment rate is separate variable. The values of business sales are adjusted to the values of basis indices, for which the year 2005 is the basis. The development of all those three variables (index of industrial production, business sales, employment rate) is similar and it is possible to determine the period from the graphical representation, in which all variables reached their maximum and reversed their trend. To support this, a trend line was added to the graphs. The trend line was determined as a moving average for the four seasons. Based on the model, the beginning of the economic recession was indentified to the turn of 2007 and 2008. The biggest slumps can be seen during the year 2009. The investigated periods are therefore the years 2008 and 2009.The calculations of other variables, describing the current condition of the studied subject, are adjusted to the values of basis indices in the same way as the business sales. The year 2005 is set as a basis. Data from chosen banks' annual reports were used to study their current condition. The basic monitored data are: labour costs, number of employees and earnings after tax (EAT). This article focuses attention on the personal decisions of banks, especially on the monitoring of costs of employees and their evolution over time in the context of economic recession. The essential conclusion is the confirmation of the implicit contract theory of the new Keynesian economics, which appeared at all observed subject. It is possible to see a year delay between the reduction of the employees and reduction of salary costs. This delay causes further costs. The reduction was observed in all subjects.

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1 Comparative Economic Research. Central and Eastern Europe

1 Creative and Knowledge Society

2 Petříček M.

1 Chalupa Š.

1 Kraft J.

1 Nedomlelová I.

1 2021

1 2011

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Consumer Behaviour in the Accommodation Services Market – a Comparison of Vienna, Bratislava and Prague in 2018

Personnel Decision Making of Chosen Czech Banking Subjects During the Economic Recession