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Regulating the shar...
Regulating the sharing economy : The effects of day caps on short- and long-term rental markets and stakeholder outcomes
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- Gauss, Patrick (author)
- Univ Munster, Inst Publ & Reg Econ, Stadtgraben 9, D-48143 Munster, Germany.
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- Gensler, Sonja (author)
- Univ Munster, Mkt Ctr Munster, Stadtgraben 13-15, D-48143 Munster, Germany.
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- Kortenhaus, Michael (author)
- Univ Munster, Inst Publ & Reg Econ, Stadtgraben 9, D-48143 Munster, Germany.
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- Riedel, Nadine (author)
- Univ Munster, Inst Publ & Reg Econ, Stadtgraben 9, D-48143 Munster, Germany.
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- Schneider, Andrea (author)
- Jönköping University,IHH, Nationalekonomi,IHH, Centre for Entrepreneurship and Spatial Economics (CEnSE),Jonkoping Int Business Sch, POB 1026, S-55111 Jonkoping, Sweden.
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Univ Munster, Inst Publ & Reg Econ, Stadtgraben 9, D-48143 Munster, Germany Univ Munster, Mkt Ctr Munster, Stadtgraben 13-15, D-48143 Munster, Germany. (creator_code:org_t)
- 2024
- 2024
- English.
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In: Journal of the Academy of Marketing Science. - : Springer. - 0092-0703 .- 1552-7824.
- Related links:
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https://doi.org/10.1...
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https://urn.kb.se/re...
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Abstract
Subject headings
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- Home sharing platforms have experienced a rapid growth over the last decade. Following negative publicity, many cities have started regulating the short-term rental market. Regulations often involve a cap on the number of days a property can be rented out on a short-term basis. We draw on rich data for short-term rentals on Airbnb and for the long-term rental market to examine the impact of short-term rental regulations with a day cap on various stakeholders: hosts, guests, the platform provider, and residents. Based on a difference-in-differences design, we document a sizable drop in Airbnb activity. Interestingly, not only targeted hosts (i.e., hosts with reservation days larger than the day cap), but also non-targeted hosts reduce their Airbnb activity. The reservation days of non-targeted hosts decrease between 26.27% and 51.89% depending on the treatment. Targeted hosts experience a similar decline. There is, nevertheless, significant non-compliance: more than one third of hosts do not comply with enacted short-term rental regulations. Additional analyses show that few properties are redirected from short-term rental to long-term rental use and that there is no significant drop in long-term rents. Drawing on a theoretical model, we tie the estimated effects to changes in stakeholders' welfare: Regulations significantly reduce the welfare of hosts, and the loss ranges between 46.30% and 9.02%. The welfare loss of the platform provider is proportional to the loss of the hosts. Welfare of guests decreases moderately ranging between 4.5% to 4.1%. The welfare of residents increases minimal. These results question the effectiveness and desirability of the studied short-term rental regulations.
Subject headings
- SAMHÄLLSVETENSKAP -- Ekonomi och näringsliv -- Nationalekonomi (hsv//swe)
- SOCIAL SCIENCES -- Economics and Business -- Economics (hsv//eng)
Keyword
- Sharing economy
- Quasi-experiments
- Public policy
- Airbnb
- Regulations
Publication and Content Type
- ref (subject category)
- art (subject category)
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