{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,11,2]],"date-time":"2026-11-02T17:54:54Z","timestamp":1793642094166,"version":"4.5.1"},"reference-count":38,"publisher":"SAGE Publications","issue":"5","license":[{"start":{"date-parts":[[2017,10,1]],"date-time":"2017-10-01T00:00:00Z","timestamp":1506816000000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/journals.sagepub.com\/page\/policies\/text-and-data-mining-license"}],"content-domain":{"domain":["journals.sagepub.com"],"crossmark-restriction":true},"short-container-title":["Journal of Marketing Research"],"published-print":{"date-parts":[[2017,10]]},"abstract":"<jats:p>Peer-to-peer markets, collectively known as the sharing economy, have emerged as alternative suppliers of goods and services traditionally provided by long-established industries. The authors explore the economic impact of the sharing economy on incumbent firms by studying the case of Airbnb, a prominent platform for short-term accommodations. They analyze Airbnb's entry into the state of Texas and quantify its impact on the Texas hotel industry over the subsequent decade. In Austin, where Airbnb supply is highest, the causal impact on hotel revenue is in the 8%\u201310% range; moreover, the impact is nonuniform, with lower-priced hotels and hotels that do not cater to business travelers being the most affected. The impact manifests itself primarily through less aggressive hotel room pricing, benefiting all consumers, not just participants in the sharing economy. The price response is especially pronounced during periods of peak demand, such as during the South by Southwest festival, and is due to a differentiating feature of peer-to-peer platforms\u2014enabling instantaneous supply to scale to meet demand.<\/jats:p>","DOI":"10.1509\/jmr.15.0204","type":"journal-article","created":{"date-parts":[[2017,1,6]],"date-time":"2017-01-06T13:10:41Z","timestamp":1483708241000},"page":"687-705","update-policy":"https:\/\/doi.org\/10.1177\/sage-journals-update-policy","source":"Crossref","is-referenced-by-count":1651,"title":["The Rise of the Sharing Economy: Estimating the Impact of Airbnb on the Hotel Industry"],"prefix":"10.1177","volume":"54","author":[{"given":"Georgios","family":"Zervas","sequence":"first","affiliation":[{"name":"Questrom School of Business, Boston University"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Davide","family":"Proserpio","sequence":"additional","affiliation":[{"name":"Marshall School of Business, University of Southern California"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"John W.","family":"Byers","sequence":"additional","affiliation":[{"name":"Computer Science Department, Boston University"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"179","published-online":{"date-parts":[[2017,10,1]]},"reference":[{"key":"bibr1-jmr.15.0204","unstructured":"Airbnb (2015), \u201cAirbnb Summer Travel Report: 2015,\u201d http:\/\/blog.atairbnb.com\/wp-content\/uploads\/2015\/09\/Airbnb-Summer-Travel-Report-1.pdf."},{"key":"bibr2-jmr.15.0204","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjv028"},{"key":"bibr3-jmr.15.0204","doi-asserted-by":"publisher","DOI":"10.2167\/jost643.0"},{"key":"bibr4-jmr.15.0204","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.43.12.1676"},{"key":"bibr5-jmr.15.0204","doi-asserted-by":"publisher","DOI":"10.1162\/003355304772839588"},{"key":"bibr6-jmr.15.0204","unstructured":"BotsmanRachel (2012), \u201cThe Currency of the New Economy is Trust,\u201d TED, http:\/\/www.ted.com\/talks\/rachel_botsman_the_currency_of_the_new_economy_is_trust.html."},{"key":"bibr7-jmr.15.0204","doi-asserted-by":"publisher","DOI":"10.3141\/1992-09"},{"key":"bibr8-jmr.15.0204","doi-asserted-by":"publisher","DOI":"10.1162\/rest.89.2.221"},{"key":"bibr9-jmr.15.0204","unstructured":"The Economist\n                      (2016), \u201cBuffett's Revenge,\u201d (January 7), https:\/\/www.economist.com\/news\/finance-and-economics\/21685502-services-airbnb-are-altering-economics-hotel-business-buffetts."},{"key":"bibr10-jmr.15.0204","doi-asserted-by":"publisher","DOI":"10.1146\/annurev-economics-080315-015334"},{"key":"bibr11-jmr.15.0204","unstructured":"Farrell, Maureen, and Greg Bensinger (2016), \u201cAirbnb's Funding Round Led by Google Capital,\u201d\n                      The Wall Street Journal\n                      (September 22), http:\/\/www.wsj.com\/articles\/airbnb-raises-850-million-at-30-billion-valuation-1474569670."},{"key":"bibr12-jmr.15.0204","unstructured":"Financial Times\n                      (2015), \u201cAirbnb Shakes Up Pricing Model to Meet Surging Demand,\u201d (November 12), http:\/\/www.ft.com\/cms\/s\/0\/bc875c4c-88ee-11e5-9f8c-a8d619fa707c.html."},{"key":"bibr13-jmr.15.0204","doi-asserted-by":"crossref","unstructured":"FradkinAndrey (2014), \u201cSearch Frictions and the Design of Online Marketplaces,\u201d working paper.","DOI":"10.4108\/eai.8-8-2015.2260850"},{"key":"bibr14-jmr.15.0204","doi-asserted-by":"crossref","unstructured":"FradkinAndrey, GrewalElena, HoltzDavid, and PearsonMatthew (2014), \u201cReporting Bias and Reciprocity in Online Reviews: Evidence from Field Experiments on Airbnb,\u201d working paper.","DOI":"10.1145\/2764468.2764528"},{"key":"bibr15-jmr.15.0204","unstructured":"HallJonathan V., KendrickCory, and NoskoChris (2015), \u201cThe Effects of Uber's Surge Pricing: A Case Study,\u201d working paper."},{"key":"bibr16-jmr.15.0204","unstructured":"HallJonathan V., and KruegerAlan B. 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