The report's authors -- Georgios Zervas, Davide Proserpio and John W. Byers -- also found that lower-priced hotels and hotels that don't cater to business travel are the most affected by Airbnb. As a result of these impacts, the researchers found, hotels are reducing prices in an effort to stay competitive. "Our work provides empirical evidence that the sharing economy is making inroads by successfully competing with, and acquiring market share from, incumbent firms," the report reads. On top of that, Airbnb is getting real recognition inside and outside the tech space. Warren Buffett endorsed the startup in his annual letter to Berkshire Hathaway (BRK.B) shareholders, saying that the startup "may be especially helpful to shareholders" looking for lodging for Berkshire Weekend. Get the full story at The Street and download the report "The Rise of the Sharing Economy: Estimating the Impact of Airbnb on the Hotel Industry" at Boston University (PDF 3.1 MB)