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- Privatization and optimum-welfare in an international Cournot duopolyPublication . Ferreira, Fernanda A.; Ferreira, FlávioIn this paper, we will analyse the relationship between privatization of a public firm and tax revenue for the domestic government in an international competition, with import tariffs. We consider a duopoly model where a domestic public firmand a foreign private firmcompete in the domesticmarket, asCournot players. Furthermore, the domestic government imposes a tariff to regulate an imported good, and may have a higher preference for tariff revenue than for social welfare. We compute the outputs at equilibrium and we show that privatization (i) will increase the profits of both domestic and foreign firms; (ii) will increase the tariff imposed to the imported good; and (iii) will decrease the domestic welfare. Furthermore, we demonstrate that a rise in the government’s preference for tariff revenues raises the social welfare in both mixed and private models.
- Trends in hotel pricing: identifying guest value hotel attributes using the cases of Lisbon and PortoPublication . Castro, Conceição; Ferreira, Fernanda A.; Ferreira, FlávioPurpose – The aim of this paper is to analyze and compare the effect of different hotel characteristics and room attributes on room rates of hotels in the cities of Lisbon and Porto, the capital and second most important city in Portugal. Design/methodology/approach – Using the hedonic pricing method, hotel characteristics are decomposed and analyzed, giving us the perception of the impact of each hotel attributes on the room rates and the people’s willingness to pay for this. Ordinary least square regression analysis was applied to the hedonic price model to find which variables could explain differences in the hotel room rates in Lisbon and Porto. Findings – The results suggest that in Lisbon and in Porto, a number of common characteristics have significant effects on consumer willingness to pay for a stay in a hotel as star rating, consumer rating and the room size. In Porto, the existence of a fitness centre and in Lisbon, the distance to the city centre are also attributes that create a premium in room rates. Practical implications – The knowledge of the most valued characteristics by consumers is an important tool for hotel managers to define a price strategy. Also important is the knowledge of the attributes that provide more added value for consumers as these should be taken into account in new investment decisions. Originality/value – This study highlights the implications of the way one defines and measures qualitative hotel characteristics in hedonic pricing. Although the hedonic method has been applied in several studies, to our knowledge, in Portugal, there are few studies applied only to hotel room rates, and there are no studies comparing hotel room rates in different Portuguese cities. Moreover, the research highlights the critical role of a proper definition and measurement of the variables in hedonic pricing in general and the hotel star in particular.
- Environmental taxation: privatization in an international duopoly with tariffsPublication . Ferreira, Fernanda A.; Ferreira, Flávio
- Tourism planning and development: the case of Portugal’s Norte regionPublication . Lopes, Ana Paula; Soares, Filomena BaptistaTourism has been gaining increasing importance in the global economy, in general, and, more specifically, in Europe, Portugal, and smaller areas such as Portugal’s Norte region. The north of Portugal has a rich cultural, historical and architectural landscape heritage, including some pearls that the United Nations Educational, Scientific and Cultural Organisation has classified over the years as World Heritage Sites. With its wide-ranging impact on economic growth, employment and social development, tourism can be a powerful tool with which to shape the Portuguese economy, contributing to the country’s competitiveness, richness and cohesion. Therefore, the government and tourism stakeholders have recently made a stronger commitment to developing this sector. The goal of this study was to analyse tourism policies’ contributions to the development of the tourism sector in the northernmost region of Portugal, included in the National Strategic Plan for Tourism (PENT) and in the Regional North Tourism Agenda (ART). This study sought to achieve these objectives by focusing on two main aspects. First, it examined the characteristics of the sector, identifying the tourism products in the Norte region. Second, this research analysed the overall picture of the sector’s development between 2004 and 2014. For that, we made a descriptive analysis of the main tourism indicators based on data collected from several sources, namely the Instituto Nacional de Estatística (National Statistics Institute) (INE), PENT, the Comissão de Coordenação e Desenvolvimento Regional do Norte (Northern Portugal Regional Coordination and Development Commission), Turismo de Portugal (Tourism of Portugal) and Turismo do Porto e Norte de Portugal (Tourism of Oporto and Northern Portugal). The results reveal that investment in tourism in the Norte region has included offering eight primary tourism products and differentiators in four tourism subregions (i.e. Oporto Metropolitan Area, Alto Minho, Douro and Terras de Trás-os-Montes). Comparing the forecast values in terms of overnight stays, tourists and revenue set by PENT, the reality showed that the results were a little bit far from the expected; however, the findings confirm the common perception that Portugal’s Norte region is still experiencing a trend towards growth as a tourist destination.
- Domestic and international price-setting mixed triopoliesPublication . Ferreira, Fernanda A.; Ferreira, FlávioWe will consider two models describing certain market structures: (i) a domestic market in which a public firm (whose objective is to maximize social welfare) competes with two private firms (whose objective is to maximize their own profits); and (ii) an international market in which a domestic public firm competes with one domestic private firm and one foreign private firm. In both situations, firms decide simultaneously the price for their substitutable goods. We compare the maximum-revenue tariff with the optimum-welfare tariff, and also the other output equilibria obtained in each case. Furthermore, we also compare the results in the domestic competition with the ones in the international competition.
- Privatization and government preference: Cournot vs Bertrand modelsPublication . Ferreira, Fernanda A.; Ferreira, FlávioWe will consider a mixed Bertrand duopoly model (that means, two firms decide simultaneously their prices for a substitutable good) to study the relationship between the privatization of a state-owned public firm and government preferences for tax revenue. In the model, we assume that the government imposes a specific tax rate on the quantity produced by each firm. The public firm aims to maximize social welfare, whereas the government’s objective function is a weighted sum between social welfare and tax revenue. Of course, the private firm aims to maximize its own profit. Furthermore, we also present the results for the Cournot duopoly model with differentiated goods, and we do a comparison between both models. We also present comparative static results.
- The influence of hotel attributes on room rates: the case of BucharestPublication . Ferreira, Fernanda A.; Bode, Oana Ruxandra; Rus, Rozalia Veronica; Toader, ValentinLocated in the southeast of Romania, Bucharest is the capital and the largest city in the country. Economically, Bucharest is the most prosperous city in Romania. During the last years, this city faced one of the highest growths in the number of hotels. Nowadays, due to the development of Internet-based technologies, the reservation process has changed; travelers can easily get information about the experience of other guests and also compare prices. The aim of the present paper is to analyze how prices for a hotel stay, in the city of Bucharest, can be influenced by some quality signaling factors, as star rating, online consumer’s ratings and the number of consumer’s comments. By using a multiple regression model for 3 to 5-star hotels in Bucharest, we identify, on one hand, the factors that have a positive influence on hotel room rates and, on the other hand, the factors that have a negative impact on the consumer’s willingness to pay. Our main results supply signals to hoteliers concerning the attributes most valuable for consumers which can lead to a higher room rate premium.
- Online hotel ratings and its influence on hotel room rates: the case of Lisbon, PortugalPublication . Castro, Conceição; Ferreira, Fernanda A.Lisbon is one of the European Union cities that has one of the highest growth in the number of hotels. With the digital revolution, travelers can easily not only compare prices but also get information about the experience of other guests which can influence prices. The aim of this paper is to analyze how prices for a hotel stay can be influenced by some quality signaling factors, as star rating and online consumer’s ratings (location, cleanliness, comfort, facilities, staff and value for money, available on Booking.com), the volume of consumer’s comments and the availability of rooms in Lisbon. For 151 hotels in Lisbon, from 3 to 5 stars, through a multiple regression model, the results suggest that hotel category, location and facilities ratings have a positive influence on hotel room rates, but higher trade-off between what clients pay and the guest hotel stay experience has a negative impact on the consumer’s willingness to pay, as well as the number of comments. Among different hotel categories, the influent factors are different. Our main findings provide signs to hoteliers to take corrective actions towards the attributes most valuable for consumers and that can provide a higher room rate premium.
- Entrepreneurs’ self-perception of skills in rural tourismPublication . Castro, Conceição; Ferreira, Fernanda A.The objective of this paper is to study the perception of entrepreneurial and personal maturity skills among owners of rural tourism businesses and structure these skills. The main obstacles to entrepreneurship felt by these entrepreneurs are also analysed. Using the results of a survey of rural tourism businesses in Northern Portugal, exploratory (EFA) and confirmatory factor analysis (CFA) were conducted. The data was evaluated through CFA, using Analysis of Moment Structure and performed a Structural Equation Model. The CFA led to two distinct factors: one includes emotional coping, critical evaluation and networking (personal maturity) skills, while the other (entrepreneurial) includes goal setting and environment scanning skills. The findings reveal, after a cluster analysis based on the resulting component scores, three different groups of entrepreneurs with different perception of competencies, background and type of business. The owners/managers encountered some restrictions in the start-up process as the bureaucracy and the lack of financial support and information. Studying rural tourism owner's perceived entrepreneurial competencies provide advances in identifying its dimensionality and corresponding profiles and help defining strategies to enhance them, in order to promote success and local development.
- A multicriteria decision model for the selection of information system for a logistics company using MMASSI/TIPublication . Pereira, Teresa; Ferreira, Fernanda A.; Araújo, CatarinaThe aim of this work is to apply a methodology of decision support based on a multi-criteria decision analyses (MCDA), model that allows the evaluation and selection of an information system in a Logistics context. We carried out a literature review on supply chain management, logistics and decision theory to support all the practical work. A multi-criteria methodology for decision making support – Multi-criteria Methodology for the Assessment and Selection of Information Systems / Information Technologies (MMASSI / IT) based on logistics processes was applied during the MCDA, supported by a computer application. The ranking of the information systems best suited the decisional context was obtained and its sensitivity and robustness analyses performed.