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ISSN: 1131-6837 / e-ISSN: 1988-2157
Managemen Le e s
Cuade nos de Ges ión
Enp esa Ins i u ua, UPV/EHU
Conocimien o en Ges ión/Managemen Knowledge
N.º 1, año 2020 • ISSN: 1131-6837 / e-ISSN: 1988-2157
Non-mone a y p ice pe cei ed in e-pee - o pee accommoda ion. Ai bnb gues s’
pe spec i e
P ecio no mone a io pe cibido en alojamien os e-pee - o-pee . La pe spec i a de los huéspedes de
Ai bnb
Inés Küs e *, Juan J. Pascuala
a Agency Accoun S a egis Manage o Google Spain – Depa men o Ma ke ing – Uni e si y o Valencia – A a Ta onge s sn 46022 Valencia. –[email protected]
* Co esponding au ho : Depa men o Ma ke ing – Uni e si y o Valencia – Facul y o Economics, A a Ta onge s sn 46022 Valencia.– ines.kus e @u .es – h ps://o cid.
o g/0000-0002-8688-9175
ARTICLE INFO
Recei ed 22 Ap il 2020,
Accep ed 18 No embe 2020
A ailable online 11 Janua y 2021
DOI: 10.5295/cdg.201290ik
JEL CODES: M; M3; M0
ABSTRACT
P ice is conside ed as a key a iable in p edic ing buying beha io . Howe e , ew s udies ha e ocused on how
non-mone a y p ice is a ec ed and can a ec o he componen s o he consume endogenous a iables. This
pape seeks (1) o analyze he e ec s o an eceden s o beha iou al p ice (pas expe ience, he bene i s and isks
o pee o pee accommoda ion se ices) on he gues pe cei ed p ice, and (2) o de e mine he e ec o his p ice
and pas expe ience on gues in en ions. Wi h a sample o 136 Ai bnb gues s and he use o SEM, esul s show
ha pas expe ience, inancial isk, and ime isk in luence he non-mone a y pe cei ed p ice. This p ice and pas
expe ience a ec gues in en ions. This pape ies o b idge ce ain gaps de ec ed in he li e a u e: (1) we p o-
pose o ex end he wo main ac o s unde lined, conside ing non-mone a y cos s, (2) his pape ocuses on pee
consume s because he e is a lack o speci ica ion in p e ious s udies due o au ho s ha e no di e en ia ed use s
in o hos o gues when hey analyse in en ions, (3) p e ious li e a u e has esea ch in Ai bnb p ices bu no in he
ac o s ha a ec p ice, no in beha iou al p ice s a egies, and (4) much o he wo k o da e has been quali a i e
in na u e, whe eas his s udy akes a quan i a i e app oach.
Keywo ds: Pe cei ed non-mone a y p ice; gues s’ in en ions; eC2C accommoda ion; Ai bnb
RESUMEN
El p ecio se conside a una a iable cla e a la ho a de de e mina el compo amien o de comp a. Sin emba go,
pocos es udios se han cen ado en in es iga cómo el p ecio no mone a io se e a ec ado y puede a ec a o as
a iables endógenas del consumido . Así, es e abajo pe sigue (1) analiza los an eceden es en el p ecio compo -
amen al (expe iencia p e ia, bene icios y iesgos de los se icios de alojamien o pee - o-pee ), y (2) de e mina
el e ec o de es e p ecio no mone a io y de la expe iencia pasada en las in enciones del huésped. Con una mues a
de 136 huéspedes de Ai bnb y el uso de modelos de ecuaciones es uc u ales, los esul ados mues an que la expe-
iencia pasada, el iesgo inancie o y el iesgo de iempo in luyen en el p ecio no mone a io pe cibido. Es e p ecio
y la expe iencia pasada in luyen en las in enciones de los huéspedes. Así, a a és de es e manusc i o, se pe siguen
cub i cie os gaps de ec ados en la li e a u a: (1) p oponemos amplia los dos ac o es p incipales sub ayados,
conside ando los p ecios no mone a ios, (2) es e abajo se cen a en los huéspedes debido a que es udios p e ios
no han di e enciado en e an i iones o huéspedes al analiza las in enciones, (3) si bien algunos abajos p e ios
han in es igado sob e los p ecios de Ai bnb, no han analizado los ac o es que los a ec an, ni las es a egias de
p ecios no mone a ios, y (4) g an pa e del abajo, has a la echa, ha sido de na u aleza cuali a i a, mien as que
es e es udio adop a un en oque cuan i a i o.
Palab as cla e: P ecio no mone a io pe cibido; in enciones de los huéspedes; alojamien os eC2C; Ai bnb
Managemen Le e s / Cuade nos de Ges ión 21/1 (2021) 103-113
104 I. Küs e , J. J. Pascual
1. INTRODUCTION
Pee o pee accommoda ion is ela ed o he so-called sha -
ing economy, he economy among indi iduals who en hei
homes, ca s, ga dens, and e en bikes and bicycles o gain some-
hing o money in di icul imes. Bu , as Sigala (2017) s a es, i
is ad ised ha collabo a i e consump ion will con inue o ise
a e he economy is ully eco e ed and, hence, will dis up a-
di ional alue chains and h ea en companies ha a e being by-
passed by cus ome s who a e connec ing and buying wi h each
o he (Tussyadiah and Pesonen 2016). Because o online social
ne wo k pla o ms, people easily sha e access o esou ces si ing
idle, such as accommoda ion (i.e., sho - e m en als), wi h one
ano he (Tussyadiah and Pesonen 2016). The eason can be ha
he use o hese pla o ms implies bene i s such as con enience,
easy choice, compe i i e ac o , and access o a wide ange o
p oduc s and se ices (Laudon and T a e 2004).
Since i s o igins in 1995 o he hand o eBay (Laudon and T a e
2004), his business has been g owing. S a is a (2018) shows he
coun ies wi h he mos Ai bnb lis ings as o Augus 2017 (US,
F ance, I aly, Spain, and Uni ed Kingdom). The Uni ed S a es had
he mos Ai bnb lis ings as o Augus 2017 wi h 660 housand
lis ings, ollowed by F ance wi h 48500, I aly wi h 340000, Spain
wi h 245000, and he UK wi h 175000 (S a is a 2018).
These da a ha e p o oked some in e es in he academic
communi y. No in ain, in 2011, i was only possible o ind a
job in which Ai bnb appea s (Luchs e al. 2011); while in 2017,
he igu e eached 2970 pape s ha in some way o ano he o-
cused hei in e es on his collabo a i e hos ing model (acco d-
ing o Google Schola ’s consul a ion).
In his sense, and because pee - o-pee (P2P) accommoda-
ions ha e g own exponen ially, i is c i ical o unde s and mo i-
a ions o gues s o choose his kind o accommoda ion ins ead
o a ho el (Bela mino e al. 2017; Volgge e al. 2019). I is pos-
sible o ind s udies ha analyse he mo i a ions o bene i s o
his accommoda ion al e na i e (Dolnica and Talebi 2020), bu
acco ding o Tussyadiah and Pesonen (2016), wo main ac o s
d i e he use o his kind o accommoda ion: social appeal and
economic appeal. This pape conside s hose gues s ha don’
wan o sha e he accommoda ion wi h o he people, ha choose
i as a cheape al e na i e ins ead o go o a ho el and look o
ull-accommoda ions ( hey book he en i e house, apa men ,
la ). Because o his, his pape ocuses on he economic ap-
peal, ela e o cos sa ings in hose a ele s ha s ay in an en i e
home o apa men . Bu , no in mone a y cos -sa ing, bu in he
non-mone a y cos s linked o he consump ion o his al e na-
i e o accommoda ion.
Mo e speci ically, his s udy ocuses on Ai bnb gues s. In
his sense, c ea ed in 2008, Ai bnb’s mission is “ o c ea e a wo ld
whe e people can belong when hey a el by being connec ed o
local cul u es and ha ing unique a el expe iences”. I s commu-
ni y ma ke place o e s access o millions o unique accommo-
da ions in mo e han 65,000 ci ies, 191 coun ies, and wi h mo e
han 260 million Ai bnb gues a i als all- ime (Ai bnb 2018).
The e o e, examining he ac o s ha lead o gues beha io al in-
en ion o use P2P accommoda ion goes beyond in o ming P2P
p o ide s wi h impo an needs o ul ill in o de o e ain gues s
a he ime ha p o ides ho els wi h in o ma ion ega ding he
se ice cha ac e is ics and compe i i e ad an ages o hei com-
pe i o (Tussyadiah 2016). In his sense, assumed he impo ance
o Ai bnb, i is essen ial o examine which ac o s could a ec
in en ions o book accommoda ion on his pla o m (Ama-
o, And eu and Huang 2017). Acco ding o Gibbs e al. (2018,
p.46), “Unde s anding Ai bnb p ices no only p o ides insigh s
o p ac ical impo ance o hos s bu also o esea che s ying
o unde s and he sha ing economy accommoda ion phenome-
non. While comme cial accommoda ion p o ide s a e gene ally
s a egic and delibe a e in hei p icing, and can ypically ely
on ope a ional as well as ma ke da a and s a expe ise when
making p icing decisions, i is no clea how Ai bnb hos s se
hei p ices and how pe cep ions o consume s’ willingness o
pay o speci ic accommoda ion a ibu es po en ially in luence
hei p icing decisions”.
This s udy ies o a be e unde s anding o Ai bnb en i e
accommoda ions gues s’ decisions ela ed o non-mone a y
p ice. In his sense, i ies o b idge ce ain gaps de ec ed in he
li e a u e. Fi s , and ollowing Tussyadiah and Pesonen (2016),
we p opose o ex end hei wo main ac o s unde lined, con-
side ing non-mone a y cos s. This kind o cus ome alues he
cos -sa ings bu no only hey conside he mone a y p ice
ha hey pay ele an , bu also he associa ed non-mone a y
cos s (Ab amo a e al. 2017). As Nicolau e al. (2020) s a e,
non-mone a y componen s could explain a be e consume
decision p ocess han using only mone a y measu es. Second,
his pape ocuses on pee consume s because he e is a lack o
speci ica ion in p e ious s udies due o au ho s ha e no di e -
en ia ed use s in o hos o gues when hey analyse in en ions
(Tussyadiah 2016; Ab amo a e al. 2017). Mo e speci ically,
his s udy ocuses on pee consume s and ies o examine
he an eceden s and e ec s o non-mone a y cos pe cep ions.
Thi d, p e ious li e a u e has esea ch in Ai bnb p ices bu no
in he ac o s ha a ec p ice, no in beha iou al p ice s a e-
gies (Gibbs e al. 2018). In sum, and as Liang e al. (2018) s a e,
esea ch on Ai bnb has b oadly ocused on di e en a eas, bu
none so a ha e add essed wha ac o s in luence Ai bnb con-
sume s’ epu chasing beha io . Finally, much o he wo k o
da e has been quali a i e in na u e, whe eas his s udy will ake
a quan i a i e app oach.
In his sense, and in o de o each he objec i es, his pape
is s uc u ed as ollows. A e his in oduc ion, in which he jus-
i ica ion o he opic o be in es iga ed has been es ablished, in
he second sec ion, a e iew o he li e a u e is ca ied ou , whe e
a model ela ed o he non-mone a y p ice in he pe cep ions o
P2P accommoda ion gues s is p esen ed and jus i ied. The hi d
sec ion, me hodology, explains he esea ch ca ied on wi h a
sample o 136 Ai bnb gues s ha ha e used his accommoda ion
pla o m o en a ull house, and in he ou h sec ion, esul s
a e p esen ed. The pape inishes wi h a i h sec ion ha includes
conclusions, implica ions, and u he esea ch.
2. NON-MONETARY PRICE IN P2P ACCOMMODATION
GUESTS PERCEPTIONS
Consis en wi h in en ion-based models, and in he con-
ex o social exchange heo ies, pe cei ed alue is one o he
Managemen Le e s / Cuade nos de Ges ión 21/1 (2021) 103-113
Non-mone a y p ice pe cei ed in e-pee - o pee accommoda ion. Ai bnb gues s’ pe spec i e 105
mos ele an ac o s ha in luences he use o P2P accom-
moda ion al e na i es (Tussyadiah 2016; Ama o e al. 2017).
Pe cei ed alue is de ined as “consume s’ o e all assessmen
o he u ili y o a p oduc based on pe cep ions o wha is e-
cei ed and wha is gi en” (Zei haml 1988, p. 14). This pe -
cei ed alue is a mul idimensional concep ha inco po a es
ou dimensions: emo ional alue, social alue, and wo ypes
o unc ional alue (p ice/ alue o money and pe o mance/
quali y). Bu as Deng and Pie skalla (2011) s a e, assessing he
social o emo ional aspec o pe cei ed alue may be mo e
ele an han assessing he unc ional aspec o pe cei ed
alue o some ou ism p oduc s o ac i i ies ha a e pa -
ly o en i ely ee o cha ge. In his sense, Zei haml (1988)
s a es ha he non-mone a y p ice (pe cei ed sac i ice) ep-
esen s one o he dimensions ela ed o pe cei ed alue. Ac-
co ding o Pe ick (2002), consume s conside non-mone a y
cos s (baha iou al p ice) in hei e alua ion o he ela ion-
ship quali y-p ice paid. This beha iou al p ice includes such
hings as ime, sea ch cos s, b and image, and con enience.
I is he e o e a combina ion o bo h pe cei ed mone a y
and non-mone a y cos s ha equa e o consume s’ o e all
pe cei ed sac i ice which, in u n, a ec s hei pe cep ion o
p oduc o se ice alue (Pe ick 2002).
The s udy o Tussyadiah (2016) di e en ia es gues s based
on hei chosen ypes o accommoda ion. The esul s e ealed
ha social bene i s in luence gues sa is ac ion o hose s ay-
ing in a p i a e oom ha in ol ed cohabi a ion wi h hos s, bu
ha his was an insigni ican ac o o gues sa is ac ion o
hose s aying in an en i e home o apa men . O he ac o s
mus be conside ed. As Fo sy he e al. (2006) s a e, consume s
s i e o maximize he pe cei ed alue o hei shopping expe-
ience by e alua ing he ad an ages and disad an ages be ween
he expec ed bene i s and pe cei ed isks associa ed wi h on-
line shopping.
Hedonic p ice heo y ha s a es ha he p ice o a p oduc
can be conside ed as a unc ion o he measu able, u ili y-a -
ec ing a ibu es o cha ac e is ics o he p oduc , explain
hese beha iou s (Gibbs e al. 2018). As hese au ho s s a e,
an Ai bnb accommoda ion lis ing, acco ding o hedonic p ic-
ing heo y, is, he e o e, a pack o elemen s ha in luence he
quali y o he o e all p oduc and p o ide consume s wi h al-
ue and sa is ac ion. Al hough he mos widely epo ed and
signi ican ac o s a e ela ed o he physical cha ac e is ics o
he o e ing, he e a e o he ac o s no - physical cha ac e is-
ics ela ed.
The e o e, ocusing on non-mone a y pe cei ed p ice (as a
componen o pe cei ed alue), some an eceden s as p e ious
expe ience, bene i s, and isks pe cei ed a e analysed (Aga -
wal and Teas 2001; Chen and Dubinsky 2003). A he same
ime, his pape s udies he e ec o p e ious expe ience and
non-mone a y p ices on pu chase in en ion. Following au ho s
as Dodds and Mon oe (1985), Pe ick (2002), o Smi h and
Colga e (2007), his pape conside s ha beha iou al p ice ac s
as a media o o pe cei ed bene i s, p e ious expe ience, and
pe cei ed isks on buye in en ion because mo e esea ch is
needed in his ield. As Volgge e al. (2019) s a e, he e is lim-
i ed esea ch on beha iou and p o iles o Ai bnb, and u he
esea ch is needed.
2.1. An ededen s o non-mone a y p ice
Rela ed o pe cei ed bene i s, She h (1983) p oposes ha , in
adi ional shopping o ma s, unc ional and hedonis ic mo i a-
ions d i e he buying p ocess. Func ional mo i a ions a e ela -
ed o com o , a ie y, p oduc quali y and p ice, while non- unc-
ional o hedonis ic mo i es a e ela ed o social and emo ional
needs (Bha naga and Ghose 2004). When e e ing o online
pu chases, some au ho s sugges ha unc ional easons include
con enience (Ko gaonka and Wolin 2002), a g ea e selec ion
o p oduc s o se ices (Rowley 2000); as well as unique o e s
o p oduc s o se ices and lowe p ices (Ko gaonka 1984). In
his sense, and in he con ex o pee - o-pee exchanges, like Ai -
bnb, Lampinen and Cheshi e (2016) s a e ha money is no he
p ima y mo i a ion o pa icipa e, al uis ic, in e nal, hedonic
aspec s mus be conside ed.
Following Childe s e al. (2002), unc ional and hedonis ic
mo i es o online shopping a e especially impo an p edic o s
o a i udes owa ds online pu chases and he e o e owa ds
buying in en ions and ecommenda ions. In his sense, he
ou eme gen dimensions o he bene i s pe cei ed in online
pu chases ha a e included a e he con enience, he selec ion
o accommoda ions, he ease o buying a se ice, and he he-
donism.
Con enience is conside ed as he possibili y o buy almos
a any ime om a a ie y o si es wi hou isi ing a s o e.
The ease o booking is conside ed as he a emp o a oid he
physical and emo ional discom o o ese a ions in physical
agencies. All hese bene i s a e dominan easons o book-
ing wi hou he need o go o s o es (Ko gaonka and Wolin
2002, Bha naga and Ghose 2004). On he o he hand, se e -
al publica ions poin o hedonis ic mo i es as an impo an
ac o o online shopping (Pa sons 2002, Wol inba ge and
Gilly 2003). No in ain, he s udy ocused on Ai bnb in he
Ca ibbean ound ha , among o he s, con enience, pe son-
al and ameni ies se ices, signi ican ly a ec p ices (Lo de
e al. 2019). Addi ionally, and acco ding o Gu en ag (2019),
Ai bnb o e s an al e na i e alue p oposi ion o gues s cen-
e ed a ound he po en ial o a mo e au hen ic local expe-
ience (hedonism). In his line, in a s udy wi h Ai bnb use s
in Sou h Ko ea, S olle y and Jun (2017) concluded ha he e
is a posi i e in luence o hedonic bene i on pe cei ed alue;
and i could be ansla ed o he beha io al p ice. These au-
ho s ound ha Sou h Ko ean Ai bnb gues s ind alue in
employing Ai bnb because i pe mi s hem o ha e dis inc
and unique expe iences, ha e un and exci emen and sa e
money (S olle y and Jun 2017).
In his sense, he ollowing hypo heses s a e he ela ion-
ship ela ed o pe cei ed bene i s when a gues books in Ai -
bnb.
H1: Con enience in luences posi i ely beha iou al p ice, in
eP2P accommoda ion con ex s (Ai bnb)
H2: Hedonism in luences posi i ely beha iou al p ice, in eP2P
accommoda ion con ex s (Ai bnb)
H3: Booking acili ies in luence posi i ely beha iou al p ice, in
eP2P accommoda ion con ex s (Ai bnb)
H4: Accommoda ions se ice selec ions in luence posi i ely be-
ha iou al p ice, in eP2P accommoda ion con ex s (Ai bnb)
Managemen Le e s / Cuade nos de Ges ión 21/1 (2021) 103-113
106 I. Küs e , J. J. Pascual
Rela ed o online p e ious expe ience, Chen and Chen (2010,
p.29) de ine se ice expe ience “as he subjec i e pe sonal eac-
ions and eelings ha a e el by consume s when consuming
o using a se ice”. This p e ious expe ience has an impo an
in luence on he consume e alua ion o a se ice. The au ho s
p obed he ela ionship be ween se ice expe ience and pe -
cei ed alue. Addi ionally, Gen ile e al. (2007) a gue ha con-
sume s p ocess in a cogni i e and a ec i e way he in o ma ion
hey ecei e om he websi e, h ough hese in e ac ions a e-
membe is c ea ed in hei memo y, he o ma ion o his is a
p ocess ha accumula es o e ime.
Thus, and as p oposed by Zei haml (1988), consume s
ollow hei expe ience en i onmen (pas expe iences), o
e alua e he di e en al e na i es and make a pu chase deci-
sion. As Pe ick (2002) s a es, he e ec o pas expe ience on
a ou is /gues is e lec ed in he eelings, beha io s and de-
cisions abou which leisu e oppo uni ies o conside ( ime,
sea ch cos s, b and image and con enience as aspec s o be-
ha io p ice a e some o hem). This expe ience will a ec
he pe cep ion o he non-mone a y p ice, as p oposed in he
ollowing hypo hesis.
H5: Pas expe iences in luence posi i ely beha iou al p ice, in
eP2P accommoda ion con ex s (Ai bnb).
Wi hin he online con ex , au ho s such as Zhou e al. (2007),
Ling e al. (2010) o Rose e al. (2012) sugges ha pas expe-
iences in luence u u e online beha io . Recen ly, Jun (2020)
ound ha he expe ience had a di ec e ec on he in en ion
o use Ai bnb. The e o e, pas expe iences may in luence he
pu chase in en ion o ecommenda ion o ese a ion and en al
se ices on C2C websi es. In his way, he ollowing hypo hesis
is p esen ed.
H6: Pas expe iences in luence posi i ely gues in en ion, in
eP2P accommoda ion con ex s (Ai bnb).
Rela ed o pe cei ed isk, consume s’ pe cei ed isk is a
c i ical ac o in hei decision making, especially o he e -
ogeneous and in angible p oduc s (Sha i pou e al. 2014), as
Ai bnb se ices (S olle y and Jun 2017). In he ield o con-
sume beha io , he concep has been de ined in a ious ways.
Some au ho s de ine i as he possibili y o losing and he
nega i e consequences o making ha pu chase o consump-
ion (Cunningham, 1967; Cox 1967, Campbell and Goods ein
2001).
A e he seminal wo k o Baue (1960), o he au ho s ha e
shown he in luence o pe cei ed isk on consume pu chasing
decisions, ac ing as a pu chase inhibi o (ie Pa k e al. 2005, Shin
2008). Howe e , mo e ecen a icles include mo e complex and
holis ic models whe e he pe cei ed isk is ela ed o o he con-
s uc s such as pe cei ed alue (Ve hagen e al. 2006, Leona d
2012). I is in his aspec whe e ou in e es is ocused. Speci i-
cally, how he pe cei ed isk can a ec he pe cep ion o beha -
io al p ices o he P2P gues . Acco ding o he esul s achie ed by
Ama o e al. (2017), pe cei ed isk can no in luence a i udes o
he book Ai bnb bu can a ec pe cei ed alue (beha io al p ice
pe cep ions).
The pe cei ed isk has been con ex ualized in he li e a-
u e as a mul idimensional cons uc (Campbell and Goods ein
2001). Thus, he li e a u e con empla es a ious ypes o isk. In
con ex s o online pu chase, s udies such as hose p oposed by
Fo sy he e al. (2002) and Fo sy he and Shi (2003) poin o h ee
eme ging dimensions o pe cei ed isk: inancial isk, p oduc /
se ice isk, and ime isk (Fo sy he and Shi 2003).
As indica ed, he isk implies unce ain y abou he esul
ha will be ob ained a e deciding and he cos s ha his ac ion
could ha e on consume s (Campbell and Goods ein 2001). Wi h-
in he online con ex , he le el o pe cei ed isk ha cus ome s
associa e wi h a possible pu chase is highe in online pu chases
han in hose made in adi ional channels (Cunningham e al.
2005). I should be no ed ha pe cei ed isk plays a pa icula ly
impo an ole in he explana ion o consume beha io , since
consume s in end o a oid e o s o maximize he pu chasing
u ili y (Shin 2008).
In sum and ollowing he p oposal o Chen and Dubinsky
(2003), he ollowing hypo heses a e es ablished ha indica e
ha he di e en ypes o pe cei ed isk a e one o he p e-
cu so s o he pe cei ed alue o he non-mone a y p ice in
online pu chases. In his sense, he ollowing hypo heses a e
p oposed.
H7: Financial isks in luence nega i aly beha iou al p ice, in
eP2P accommoda ion con ex s (Ai bnb).
H8: Se ice isks in luence nega i aly beha iou al p ice, in
eP2P accommoda ion con ex s (Ai bnb).
H9: Time isks in luence nega i aly beha iou al p ice, in eP2P
accommoda ion con ex s (Ai bnb).
2.2. Non-mone a y p ice and gues in en ions
Zei haml (1988) a gues ha consume s e alua e wha hey
gi e and wha hey ecei e subjec i ely when hey buy a p od-
uc /se ice. Addionally, Thale (1985) s a es ha pe cei ed alue
is an impo an an eceden o in luence he pu chase in en ion
o consume s. The e o e, he p obabili y ha he pu chase in-
en ion inc eases, is g ea e when consume s acqui e mo e ben-
e i s han hey pay o a p oduc (Dickson and Sawye 1990).
Pe ick (2002) p oposes ha nonmone a y pe cep ions o p ice
in i s c i ical ole a e likely o in luence consume s’ pu chase in-
en ion o ou ism p oduc s. In his sense, Liu and Lee (2016),
wi h a simple o 484 low-cos ai line passenge s ound ha be-
ha iou p ice pe cep ions inc ease no only buye in en ion bu
also e isi in en ion. In he eC2C con ex , li e a u e (i.e. Ve -
hagen e al. 2006; Leona d 2012) has p obed ha pe cei ed al-
ue dimensions (non-mone a y p ice among o he s) a ec gues
in en ion. In sum, we s a e ha beha io p ice would in luence
gues in en ions o e-use Ai bnb accommoda ion se ice and
ecommend i .
H10: Non-mone a y p ice in luences gues in en ions, in eP2P
accommoda ion con ex s (Ai bnb).
Figu e 1 shows he heo e ical amewo k wi h he 10 hy-
po heses aised.
Managemen Le e s / Cuade nos de Ges ión 21/1 (2021) 103-113
Non-mone a y p ice pe cei ed in e-pee - o pee accommoda ion. Ai bnb gues s’ pe spec i e 107
Con enience
Hedonism
Booking
acili ies
Accommod.
se ice
selec ions
Financial isk
Se ice isk
Time isk
H1
H2
H3
H4
H5
H6
H7
H8
H9
H10
Beha iou al
p ice
Ges
in en ion
Pas
expe ience
Figu e 1
Theo e ical amewo k
Sou ce: Own elabo a ed
3. METHODOLOGY
3.1. Popula ion and sampling p ocedu e
The a ge popula ion is o med by all hose indi iduals esiding
in a speci ic geog aphical a ea, Valencia (Spain), o e 18 yea s old,
who ese e en i e houses o apa men s h ough Ai bnb. “Spanish
ou ism sec o is conside ed o be one o he mos compe i i e ma -
ke s in he wo ld” (Be né e al. 2020, p. 114), and Valencia is con-
side ed one o he ci ies wi h a simila p o ile o Spain. Conside ing
his popula ion, an online ques ionnai e was designed and sen by
e-mail, ins an messages om social ne wo ks, Wha sApp, among
o he s. The sampling p ocedu e was an in en ional o con enience
sampling ha was comple ed wi h a snowball sampling.
A o al o 324 indi iduals we e con ac ed. 14 le he ques ion-
nai e incomple e, so hey we e dismissed o ca ying ou he e-
sea ch. O he emaining 298, 106 did no use his ype o pla o m
and, he e o e, we e disca ded o he in es iga ion. A e applying
he las il e , co esponding o he ese a ion o ooms h ough
he In e ne in he las 12 mon hs, 20 indi iduals in he sample had
no made ese a ions h ough he In e ne a ha ime o had no
pu chased he en i e house/apa men . Finally, a sample composed
o 136 indi iduals was ob ained. We only conside ed hose co ec -
ly comple ed ques ionnai es ha also me wo il e s: o e 18 yea s
old and had booked a comple e apa men h ough Ai bnb. This
sample size is like o he s used in p e ious s udies wi h Ai bnb us-
e s (i.e. Poon and Huang 2017 o Wiske e al. 2019). In any case,
esul s and hei gene aliza ion mus conside his sample size.
The p o ile ha de ines he sample eached is as ollows. These
a e single indi iduals (72% o he sample) wi h ull- ime jobs (46%
o he sample) and ages be ween 26 and 41 yea s (mo e han 80% o
he sample), which a e he ones wi h he mos echnology a hei
disposal (Sma phone, Table and compu e ), wi h an a e age in-
come be ween 600 and 1800 eu os (56% o he sample) and wi h
highe uni e si y s udies (69% o he sample). No e ha 62% o he
sample ha answe ed he comple e ques ionnai e we e women.
The e o e, his sample size allows us o app oxima e he
X- ay o he in en ion o use/consump ion o his se ice by he
Spanish a ge public, h ough he scales o measu emen o he
di e en cons uc s.
3.2. Concep s measu emen and hei psychome ic p ope ies
Following Yaghmaei (2003), concep s we e measu e h ough
di e se mul i-i em scales based and adap ed om he li e a u e
o gua an ee ha he ins umen includes he con en ha i is
in ended o measu e (con en alidi y).
Table 1 shows he concep s and i ems analysed. All he scales
a e e lec i e, excep o he a iable pas expe ience ha is con-
side ed o ma i e ha is, indica o s a e causal whe e changes in
hem de e mine changes in he alue o he la en a iable (Dia-
man opoulos and Siguaw 2006).
Table 1
Concep s measu emen
Concep s Ini ial i ems
Beha iou al p ice
Pe ick (2002)
I is easy o book.
I equi es li le e o o buy.
I is easily a o dable.
Con enience
Fo sy he e al. (2006)
Book / en wi h p i acy om home.
I do no ha e o lea e he house.
I can book / en when I wan
I a oid isi ing physical agencies.
Se ice selec ion
Fo sy he e al. (2006)
Accommoda ions om all he si es a e a ailable.
I can ge good in o ma ion online.
Mo e wide selec ion o p oduc .
Easy o book
Fo sy he e al. (2006)
I do no ha e o wai o be se ed.
I’m no emba assed i I do no book.
Hedonism
Fo sy he e al. (2006)
Fo ying new expe iences.
I can buy impulsi ely in esponse o an ad e isemen .
I can cus omize some se ices.
Managemen Le e s / Cuade nos de Ges ión 21/1 (2021) 103-113
108 I. Küs e , J. J. Pascual
Table 1
Concep s measu emen (Con .)
Concep s Ini ial i ems
Pas expe ience
Ha lena and Holb ook (1986),
No ak e al. (2000).
Khali a and Liu (2007).
A ec i e:
Unhappy
Sad
Annoying
Inac i e
Calmed down
Relaxed
Add essed
In luenced
Cogni i e:
When I made ese a ions o In e ne accommoda ion
I ha e expe ienced a pleasan eeling.
Booking online sa is ac ion:
I am sa is ied wi h my o e all expe ience o booking ooms / apa men s online.
I am sa is ied wi h he expe ience p io o booking web si es o online shopping (sea ch o p oduc s, he
quali y o in o ma ion).
I am sa is ied wi h he expe ience o booking ooms / apa men s on websi es ( ese a ions, paymen
p ocedu e).
I am sa is ied wi h he expe ience a e booking ooms / apa men s on websi es (cus ome se ice and a e -
sales suppo ).
Financial_Risk
Fo sy he e al. (2006)
I can no us he online company.
Maybe I can no enjoy he se ice.
Maybe book some hing by acciden .
My pe sonal in o ma ion may no be sa e.
My c edi ca d numbe may no be su e.
Se ice_Risk
Fo sy he e al. (2006)
Excessi e exchange a e depending on he coun y o pu chase
Many online o e s a e non- e undable
Hidden ees and paymen in ad ance.
I can no con i m special equi emen s while booking online.
Time_Risk
Fo sy he e al. (2006)
Too long o make he ese a ion.
Di icul y inding app op ia e websi es.
The images ake oo long o load.
Gues in en ion
Pa lou (2003)
Visi Ai bnb websi e o ind in o ma ion abou accommoda ion.
Rese e a oom on Ai bnb websi e
Book an apa men on Ai bnb websi e
Recommend making a oom ese a ion on Ai bnb websi e.
Recommend making a ese a ion o an apa men on Ai bnb websi e.
To y o a oid da a no mal dis ibu ion, o simul aneously
assess he heo e ical and he measu emen model, and because
he model has e lec i e and o ma i e a iables, we use Pa ial
leas squa es (PLS), ollowing he ecommenda ions o Chin
e al. (2003). Be o e es ing he hypo heses, he measu emen
model was e alua ed o analysis i s psychome ic cha ac e is-
ics ( eliabili y and alidi y). Appendix 1 o e s he esul s o his
analysis.
Fi s , no mul icollinea i y p oblems we e de ec ed: (VIF):
Ou e VIF Values ( o ma i es) < 5 (Hai e al. 2011). A e his,
he signi icance o he e lec i e and o ma i e a iables was ex-
plo ed and declined hose i ems no signi ican . We calcula ed
again he VIF s a is ics o assu e no collinea i y p oblems.
Then and ollowing Hulland (1999), we es ed he alidi y
and eliabili y o e lec i e cons uc s. In ela ion o i em elia-
bili y, all he loadings o scales we e nea o su passed he ec-
ommended alue o 0.6 (Hai e al. 2014). Conce ning cons uc
eliabili y, all cons uc s we e consis en since he composi e e-
liabili y alues exceeded he ecommended alue 0.7.
Because o AVE (a e age a iance o mani es a iables ex-
ac ed by cons uc s) was a leas 0.5, measu es demons a ed
hei con e gen alidi y, sugges ing ha mo e a iance was ex-
plained han unexplained in he a iables ela ed wi h a gi en
cons uc . Conce ning disc iminan alidi y, he squa e oo o
AVE is g ea e han he co ela ion be ween he cons uc and
o he cons uc s in he model (Ca mines and Zelle 1979), and
in all cases, he He e o ai -Mono ai Ra ios (HTMT) we e a
om 0.85.
A e e i ying psychome ic cha ac e is ics ( eliabili y and
alidi y), we calcula ed Q2 (blind olding) and R2 o assess he
Managemen Le e s / Cuade nos de Ges ión 21/1 (2021) 103-113
Non-mone a y p ice pe cei ed in e-pee - o pee accommoda ion. Ai bnb gues s’ pe spec i e 109
accu acy o he es ima ion. We con i m ha he ela ions in he
model ha e p edic i e ele ance due o all alues o Q2 we e pos-
i i e. A he same ime, he model o e s high p edic i e powe
(all R2 we e >0.01).
4. RESULTS
As s a ed be o e, h ough PLS, s uc u al equa ion models
we e used o es he hypo heses. We used he boo s apping
app oach. Thus, 5000 sample se s we e c ea ed o ob ain 5000
es ima es o each pa ame e in he model. Each sample was ob-
ained by sampling wi h a eplacemen o he o iginal da a se
(Fo nell and La cke 1981; Chin 1998).
As Table 2 shows, in he p oposed model, i e ela ionships
we e ound o be signi ican . Excep o 5 ela ionships (H1, H2,
H3, H4 and H8), he s anda dized eg ession coe icien s o he
o he hypo heses a e signi ican and allow o suppo hese hy-
po heses (H5, H6, H7, H9, and H10).
Table 2
Hypo heses es
Hypo hesis Desc ip ion B Suppo ed
H1 Con enience ->
Beha iou al p ice 0.0076 0.1255 No
H2 Hedonism ->
Beha iou al p ice –0.0903 1.7189 No
H3 Booking acili ies ->
Beha iou al p ice –0.0211 0.3223 No
H4
Accommoda ions
se ice selec ions ->
Beha iou al p ice
–0.0452 0.7162 No
H5 Pas expe ience ->
Beha iou al p ice 0.4621** 3.614 Yes
H6 Pas expe ience ->
Gues in en ions 0.4913** 6.7443 Yes
H7 Financial isk ->
Beha iou al p ice –0.2531** 2.7977 Yes
H8 Se ice isk ->
Beha iou al p ice 0.1762 1.9168 Yes
H9 Time isk ->
Beha iou al p ice –0.2327** 2.599 Yes
H10 Beha iou al p ice ->
Gues in en ions 0.2542** 3.7537 Yes
* p < 0.05; ** p < 0.01
BEHAVIOR PRICE (BP) R Squa e= 0.3721; Q Squa e=0.3198
GUEST INTENTION R Squa e =0.4345; Q Squa e=0.1969
As s a ed be o e, all he a iances o he dependen la en a -
iables exceed 0.1 alue (R2), ollowing Chin (1998)’s ecommen-
da ion. Tha is, he model p esen s a good i and igh R2 alues
o he s uc u al equa ions, gua an eeing he p edic i e alue o
he dependen a iables (R2 beha io p ice=0.37; R2 gues in en-
ion=0.43).
Rega ding he p edic i e ele ance, he objec i e is o de-
e mine i he es ima ion o he los alues ha conside s he
in o ma ion o he model is be e han he es ima e ha ob i-
a es his es ima e (subs i u ion by he a e age). In his sense, he
Q2 s a is ic is cons uc ed in such a way ha i will be posi i e
when he e o commi ed wi h he in o ma ion o he model is
smalle ; hen he e will be p edic i e ele ance. In ou case, all
alues a e posi i e (Q2 beha iou p ice =0.3198; Q2gues in en-
ions=0.1969) (Table 2).
The esul s ob ained e eal he decisi e ole played by p e-
ious expe ience in online bookings on he beha io al p ice
componen o he pe cei ed alue (H5) (BH5=0.46, =3.614) and
on he in en ion o ese e and ecommend (H6) (BH6=0.49,
=6.744). Bu mus be no iced ha pas expe ience has no only
a di ec e ec o gues in en ions (H6) bu also an indi ec e ec
because his p e ious expe ience a ec s he beha iou al p ice
componen (H5) and his beha iou al p ice in luences gues in-
en ions (H10) (BH10=0.2542, =3.754).
As o he componen s o he pe cei ed bene i s, he esul s
show ha he unc ional and hedonic componen s do no a ec
he beha io al p ice dimension o he pe cei ed alue, since he
ela ed hypo heses (H1, H2, H3 and H4) a e no suppo ed.
Finally, he esul s show he nega i e ela ionship be ween
wo o he h ee ypes o online isk and he beha io al p ice
dimension o he pe cei ed alue (H7 and H9) (BH7= –0.25,
=2.798; BH9= –0.23, =2.599). As in he case o expe ience, hese
wo kinds o isks ( inancial isk and ime isk) can a ec gues
in en ions indi ec ly because hey in luence on non-mone a y
p ice pe cep ions and hese pe cep ions in luence on gues in-
en ions (H6).
In sum, p ei ious expe ience, inancial isk, and ime isk,
h ough hei e ec on he non-mone a y p ice, explains 43.45%
o gues s’ in en ions and 37.21% o he non-mone a y p ice. In
his model, i should also be conside ed he p obable casue o
media ion o beha iou al p ice be ween p e ious expe ience, i-
nancial isk, and ime isk wi h he gues ’s in en ions.
5. CONCLUSIONS, IMPLICACTIONS AND FURTHER
RESEARCH
This pape ocuses on Ai bnb gues s ha book a ull house/
apa men , in ending o in es iga e he ole o non-mone a y
p ice on ges s’ u u e in en ions. Resul s con i m ha p e ious
expe ience and some pe cei ed isks in luence non-mone a y
p ice pe cep ions, and his a ec s gues in en ions. The main
conclusions and implica ions ha mus be unde s ood unde he
p emise o he sample size ob ained a e as ollows.
5.1. Conclusions and implica ions
The esul s o his in es iga ion e eal ha he e a e signi i-
can di e ences be ween an eceden s and e ec s o non-mone-
a y p ice. Mo e speci ically, he esul s show ha he p e ious
expe ience and he beha io al p ice ha e a di ec and posi i e
e ec on he in en ion o booking on Ai bnb. In his sense, h ee
main conclusions can be ob ained as explained below.
Fi s , he model shows he de e mining ole o p e ious expe-
ience in wo ways. Fi s , pas expe ience shows a di ec e ec on
he in en ion o booking apa men s and comple e apa men s
h ough Ai bnb. This esul is consis en wi h p e ious s udies in
online con ex s ( o example, Rose e al. 2012). Second, p e ious
Managemen Le e s / Cuade nos de Ges ión 21/1 (2021) 103-113
110 I. Küs e , J. J. Pascual
expe ience has an indi ec e ec h ough he posi i e e ec o
p e ious expe ience on he non-mone a y p ice. In his sense,
beha iou al p ice plays a media o ole in he e ec o pas ex-
pe ience and he Ai bnb gues in en ions. In sum, he p e ious
expe ience could be conside ed one o he s onges a iables
a ec ing consume s’ decision-making p ocess, especially when
consume s pu chase high- isk a el p oduc s as Ai bnb (Jun
2020).
Secondly, and wi h espec o he dimensions o he pe cei ed
bene i s (con enience, hedonism, ease o ese a ion, and selec-
ion o se ices), hey do no show a signi ican ela ionship wi h
he pe cei ed beha io al p ice. The e o e, hese ac o s can no
be conside ed o a ec his componen o alue conce ning he
use o his ype o se ices in eC2C en i onmen s. The cha ac-
e is ics o his ype o accommoda ion could explain he esul s
ob ained (Jun 2020).
Finally, he es ed model shows ha ce ain pe cei ed
isks ( inancial and ime) nega i ely in luence he alue o he
non-mone a y p ice ecei ed in he Ai bnb ese es. As Poon
and Huang (2017) s a e, compa ed o adi ional accommo-
da ion, Ai bnb in ol es mo e isks and is o en sugges ed o
ad en u ous a ele s. Ou s udy indings a e consis en wi h
p e ious esea ch whe e isi o s conside ce ain isks in hei
pu chase decision-making (Sha i pou e al. 2014).
Because o he esul s achie ed; i is possible o es ablish he
ollowing implica ions.
Fo he de elopmen o eC2C business o ese a ion o
ooms, companies should ocus on minimizing isks, espe-
cially inancial ones as hese dec ease he pe cei ed alue and
he e o e he in en ion o ese a ion. Ou esul s sugges ha
Ai bnb companies should analyse he e ec s o each kind o
pe cei ed isks a he han conside o e all pe cei ed isk. Ai -
bnb use s a e conce ned abou aspec s ela ed o inancial isks:
he hos c edibili y, he secu i y o book wha hey wan o he
possibili y ha hei pe sonal/ inancial in o ma ion is no sa e,
and hey may ha e p oblems). The Ai bnb company needs o
p o ide gua an ees o i s gues s ha he Ai bnb gues s will be
aken ca e o by he company in case some hing happens. Addi-
ionally, Ai bnb gues s a e conce ned wi h some ea u es ela ed
o ime isk: oo long o make he ese a ion, di icul y o ind
app op ia ed accommoda ion op ions o images no a ailable).
In his sense, Ai bnb company should ocus on hese aspec s o
educe ime isk.
Rega ding he quali y and epu a ion componen s, he Ai b-
nb company and hos s should no ocus on maximizing hei al-
ue, since hey do no ha e a di ec ela ionship wi h he in en ion
o ese ing ooms in eC2C en i onmen s, being able o dedica e
he esou ces o o he mo e luc a i e unc ions. Speci ically, i
would be in e es ing o ocus on gene a ing pleasan expe iences
as hese inc ease bo h he pe cei ed alue and he pu chase in-
en ion, bo h di ec ly and indi ec ly; he pe cei ed isks will de-
c ease and he non-mone a y p ice pe cep ions ha signi ican ly
a ec he ese e in en ion will inc ease. In his sense, Ai bnb
company and hos s should ocus on o ge ha Ai bnb gues s,
in he u u e, isi Ai bnb websi e o ind in o ma ion abou ac-
commoda ions, ese e a oom o book an apa men on Ai bnb
websi e o ecommend making a oom/apa men ese a ion
on Ai bnb websi e.
5.2. Limi a ions and u he esea ch
The indings and con ibu ions o his wo k p esen ce ain
limi a ions, which ha e been conside ed o he in e p e a ion o
he esul s, and hese limi a ions may p o ide some oppo uni-
ies o u u e esea ch.
Fi s , he sampling ha has been done o ob ain he da a has
been a con enience sampling. On he o he hand, a g ea e geo-
g aphic scope can help o unde s and c oss-cul u al di e ences.
Also, he s udy has ocused only on he demand pe spec i e
and when alking abou eC2C business i may be in e es ing o
ha e a supply pe spec i e.
Finally, only a limi ed numbe o endogenous consume a i-
ables ha e been conside ed, so u u e esea ch may ocus on add-
ing a iables o he model o es a holis ic model ha is as ue as
possible o eali y. Fo example, u u e esea ch could conside e
a el p o iles o demog aphic a iables ela ed o Ai bnb gues s.
6. DECLARATION OF INTEREST
The au ho s ce i y ha hey ha e NO a ilia ions wi h o in-
ol emen in any o ganiza ion o en i y wi h any inancial in e es
(such as hono a ia; educa ional g an s; pa icipa ion in speake s’
bu eaus; membe ship, employmen , consul ancies, s ock owne -
ship, o o he equi y in e es ; and expe es imony o pa en -li-
censing a angemen s), o non- inancial in e es (such as pe sonal
o p o essional ela ionships, a ilia ions, knowledge o belie s) in
he subjec ma e o ma e ials discussed in his manusc ip .
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