Pub Date : 2023-01-11DOI: 10.1177/13548166221151098
A. Valadkhani
Raising capital is critical for the future expansion of travel and tourism businesses which have been adversely impacted by the COVID-19 pandemic. Investors sold their travel and tourism stocks below true value due to falling earnings during the pandemic. This study compares the sensitivity of stocks in different sectors to uncertainty when they are aggregated into different exchange-traded funds (ETFs). This reduces the extent of firm-specific peculiarities arising from market overreactions to news, mergers and acquisitions through time. Although previous studies have highlighted the effect of uncertainty on the financial decisions of travel and tourism firms, this study identifies a ‘fear-triggering point’ in the VIX index above which travel and tourism ETFs enter the state of uncertainty. This study has thus important implications for raising capital and financing tourism businesses in the US equity market, particularly during heightened uncertainty.
{"title":"Investment sensitivity to market uncertainty in the travel and tourism sector","authors":"A. Valadkhani","doi":"10.1177/13548166221151098","DOIUrl":"https://doi.org/10.1177/13548166221151098","url":null,"abstract":"Raising capital is critical for the future expansion of travel and tourism businesses which have been adversely impacted by the COVID-19 pandemic. Investors sold their travel and tourism stocks below true value due to falling earnings during the pandemic. This study compares the sensitivity of stocks in different sectors to uncertainty when they are aggregated into different exchange-traded funds (ETFs). This reduces the extent of firm-specific peculiarities arising from market overreactions to news, mergers and acquisitions through time. Although previous studies have highlighted the effect of uncertainty on the financial decisions of travel and tourism firms, this study identifies a ‘fear-triggering point’ in the VIX index above which travel and tourism ETFs enter the state of uncertainty. This study has thus important implications for raising capital and financing tourism businesses in the US equity market, particularly during heightened uncertainty.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":" ","pages":""},"PeriodicalIF":4.4,"publicationDate":"2023-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43107174","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-09DOI: 10.1177/13548166221150698
Fangjun Wang, Lizhu Ma, Baojun Gao, Y. Liu
Cost stickiness, which is also termed cost asymmetry, describes the asymmetric relationship between revenue and cost. In this study, we examine whether high-speed railway (HSR) connection affects the cost stickiness of tourism firms. Employing a sample of 324 Chinese tourism firms from 2003 to 2018 and applying a difference-in-difference (DID) method, we find that the cost stickiness of tourism firms increases after HSR connection. Our results also reveal that the relationship between HSR connection and cost stickiness is more pronounced in firms with higher free cash flow (FCF), higher labor costs, and in state-owned enterprises (SOEs). Our research advances an in-depth understanding of the cost behavior in tourism firms and sheds light on the policy effect of HSR connection.
{"title":"Does high-speed railway affect the cost behavior of tourism firms? Evidence from China","authors":"Fangjun Wang, Lizhu Ma, Baojun Gao, Y. Liu","doi":"10.1177/13548166221150698","DOIUrl":"https://doi.org/10.1177/13548166221150698","url":null,"abstract":"Cost stickiness, which is also termed cost asymmetry, describes the asymmetric relationship between revenue and cost. In this study, we examine whether high-speed railway (HSR) connection affects the cost stickiness of tourism firms. Employing a sample of 324 Chinese tourism firms from 2003 to 2018 and applying a difference-in-difference (DID) method, we find that the cost stickiness of tourism firms increases after HSR connection. Our results also reveal that the relationship between HSR connection and cost stickiness is more pronounced in firms with higher free cash flow (FCF), higher labor costs, and in state-owned enterprises (SOEs). Our research advances an in-depth understanding of the cost behavior in tourism firms and sheds light on the policy effect of HSR connection.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":" ","pages":""},"PeriodicalIF":4.4,"publicationDate":"2023-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46936886","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-12-19DOI: 10.1177/13548166221146850
V. Fasone, G. Pedrini
Due to technological change and growing digitalization of the workplaces, the post-pandemic economic recovery offers opportunities for workers to upgrade their industry-specific skills in different sectors, including tourism, where an increasing shortage in the seasonal tier of the labor market is emerging. Various barriers have been identified as key factors preventing both tourism firms from implementing skill development interventions, and workers from co-investing in training. An under-investigated possible barrier is women’s occupational segregation, both horizontal and vertical. This paper looks at the former type of segregation, the most frequent in the tourism industry, by showing that this condition penalizes women’s willingness to invest in specific training. Data come from a dedicated survey administered to a sample of seasonal employees who worked in the Rimini Province (Italy) during the summer of 2019 and applies a twofold regression analysis followed by an Oaxaca-Blinder decomposition. Our findings contribute to the debate on gender equality in the tourism industry and on the gendered impact of COVID-19 on workers’ careers.
{"title":"Industry-specific upskilling of seasonal tourism workers: Does occupational gender inequality matter?","authors":"V. Fasone, G. Pedrini","doi":"10.1177/13548166221146850","DOIUrl":"https://doi.org/10.1177/13548166221146850","url":null,"abstract":"Due to technological change and growing digitalization of the workplaces, the post-pandemic economic recovery offers opportunities for workers to upgrade their industry-specific skills in different sectors, including tourism, where an increasing shortage in the seasonal tier of the labor market is emerging. Various barriers have been identified as key factors preventing both tourism firms from implementing skill development interventions, and workers from co-investing in training. An under-investigated possible barrier is women’s occupational segregation, both horizontal and vertical. This paper looks at the former type of segregation, the most frequent in the tourism industry, by showing that this condition penalizes women’s willingness to invest in specific training. Data come from a dedicated survey administered to a sample of seasonal employees who worked in the Rimini Province (Italy) during the summer of 2019 and applies a twofold regression analysis followed by an Oaxaca-Blinder decomposition. Our findings contribute to the debate on gender equality in the tourism industry and on the gendered impact of COVID-19 on workers’ careers.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":" ","pages":""},"PeriodicalIF":4.4,"publicationDate":"2022-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49519154","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-12-13DOI: 10.1177/13548166221145081
Asensi Descals-Tormo, J. Ruiz-Tamarit
We propose a model for the tourism sector assuming basically two markets, one for tourist services and the other for accommodation. These sub-markets are considered as separate but interrelated. The nature of the feedback is determined by a vertical complementarity between tourist services and lodging. We obtain the optimal solution of the tourist choice problem, the primary demand for tourist services and the derived demand for overnight stays. Then, we focus on the equilibrium outcomes assuming perfectly competitive tourism markets. We do not address the externalities caused by tourism activities. Consequently, we move away from efficiency by introducing a tax on overnight stays and inspecting the consequences for the competitiveness and for producers’ revenues in each market. The answer key elements are, apart from reservation prices, the direct and cross-price elasticities of demand for tourist services. The study of structural parameters extends and completes our analysis of tourism.
{"title":"Tourist choice, competitive tourism markets and the effect of a tourist tax on producers revenues","authors":"Asensi Descals-Tormo, J. Ruiz-Tamarit","doi":"10.1177/13548166221145081","DOIUrl":"https://doi.org/10.1177/13548166221145081","url":null,"abstract":"We propose a model for the tourism sector assuming basically two markets, one for tourist services and the other for accommodation. These sub-markets are considered as separate but interrelated. The nature of the feedback is determined by a vertical complementarity between tourist services and lodging. We obtain the optimal solution of the tourist choice problem, the primary demand for tourist services and the derived demand for overnight stays. Then, we focus on the equilibrium outcomes assuming perfectly competitive tourism markets. We do not address the externalities caused by tourism activities. Consequently, we move away from efficiency by introducing a tax on overnight stays and inspecting the consequences for the competitiveness and for producers’ revenues in each market. The answer key elements are, apart from reservation prices, the direct and cross-price elasticities of demand for tourist services. The study of structural parameters extends and completes our analysis of tourism.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":" ","pages":""},"PeriodicalIF":4.4,"publicationDate":"2022-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41806530","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-11-28DOI: 10.1177/13548166221138364
C. Álvarez-Albelo, J. A. Martínez-González
Inter-firm coordination agreements through a destination card (DC) are a widespread profit-increasing strategy in tourism destinations. Literature on tourism economics argues that this type of coordination increases social efficiency. However, industrial organization studies consider heterogeneous consumers and warn that a DC-type agreement can be welfare impairing. Conflicting views have become an issue for tourism destinations, as collusion is in the crosshairs of antitrust regulators. This paper aims to clarify these contradictory results by developing a duopoly model with heterogeneous tourists. A sensible demand structure is assumed which, unlike previous literature, includes loyal demand segments. A policy prescription is obtained, namely, a DC alliance is welfare enhancing if DC price is equal to or lower than the cost of joint consumption under no coordination. However, a greater total surplus in markets may be accompanied by a reduction in consumer welfare, which differs from the conventional view in tourism economics.
{"title":"Should antitrust regulators be wary of inter-firm coordination agreements through a tourism destination card?","authors":"C. Álvarez-Albelo, J. A. Martínez-González","doi":"10.1177/13548166221138364","DOIUrl":"https://doi.org/10.1177/13548166221138364","url":null,"abstract":"Inter-firm coordination agreements through a destination card (DC) are a widespread profit-increasing strategy in tourism destinations. Literature on tourism economics argues that this type of coordination increases social efficiency. However, industrial organization studies consider heterogeneous consumers and warn that a DC-type agreement can be welfare impairing. Conflicting views have become an issue for tourism destinations, as collusion is in the crosshairs of antitrust regulators. This paper aims to clarify these contradictory results by developing a duopoly model with heterogeneous tourists. A sensible demand structure is assumed which, unlike previous literature, includes loyal demand segments. A policy prescription is obtained, namely, a DC alliance is welfare enhancing if DC price is equal to or lower than the cost of joint consumption under no coordination. However, a greater total surplus in markets may be accompanied by a reduction in consumer welfare, which differs from the conventional view in tourism economics.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":" ","pages":""},"PeriodicalIF":4.4,"publicationDate":"2022-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46781264","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-11-24DOI: 10.1177/13548166221140505
Seoki Lee, J. Yeon, H. Song
The CSR literature has paid close attention to the effect of CSR on corporate financial performance (CFP), well-known as the CSR–CFP link. Based on the instrumental perspective perceiving CSR as an instrument for enhancing a firm’s performance, people began to see CSR as not only a good deed that benefits society but also a strategy that can benefit the corporation. To empirically test this instrumental perspective, many researchers have investigated whether a firm’s engagement in CSR activities indeed leads to improving the firm’s performance. Through such investigations, the CSR literature has acknowledged that there are still many issues to explore in the CSR–CFP link. The current study, therefore, is to investigate what has been done in the TH literature regarding the CSR–CFP link in the 2000s and further to provide future directions for the CSR–CFP link.
{"title":"Current status and future perspective of the link of corporate social responsibility–corporate financial performance in the tourism and hospitality industry","authors":"Seoki Lee, J. Yeon, H. Song","doi":"10.1177/13548166221140505","DOIUrl":"https://doi.org/10.1177/13548166221140505","url":null,"abstract":"The CSR literature has paid close attention to the effect of CSR on corporate financial performance (CFP), well-known as the CSR–CFP link. Based on the instrumental perspective perceiving CSR as an instrument for enhancing a firm’s performance, people began to see CSR as not only a good deed that benefits society but also a strategy that can benefit the corporation. To empirically test this instrumental perspective, many researchers have investigated whether a firm’s engagement in CSR activities indeed leads to improving the firm’s performance. Through such investigations, the CSR literature has acknowledged that there are still many issues to explore in the CSR–CFP link. The current study, therefore, is to investigate what has been done in the TH literature regarding the CSR–CFP link in the 2000s and further to provide future directions for the CSR–CFP link.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":" ","pages":""},"PeriodicalIF":4.4,"publicationDate":"2022-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41838047","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-11-17DOI: 10.1177/13548166221140629
Abhradeep Maiti
This paper investigates the impact of COVID-19 (or Novel Coronavirus) pandemic on the income and wage of individuals working in tourism and hospitality industry in India. As the tourism and hospitality industry is a labor-intensive industry, the impact of COVID-19 pandemic-induced economic downturn is expected to be particularly severe here. To estimate this impact, I use a large, representative panel survey from India, and employ difference-in-differences method in this study. The estimated decline in total income ranges between 3.12 and 6.39%, and wage fall ranges between 3.21 and 5.98%, for the sample with individuals who are still earning a non-zero income from this industry. Once I include the individuals who have completely lost their livelihood (zero income) due to COVID-19 pandemic in the sample, impact on income is estimated to be a fall of 58.69% and impact on wage is estimated to be a decline of 58.59%. I also discuss the recommendations made by UNWTO to mitigate the impact of COVID-19 on tourism and hospitality industry, and map Indian government’s policy measures to those recommendations.
{"title":"Impact of COVID-19 on individual income in tourism and hospitality industry in India: A difference-in-differences approach","authors":"Abhradeep Maiti","doi":"10.1177/13548166221140629","DOIUrl":"https://doi.org/10.1177/13548166221140629","url":null,"abstract":"This paper investigates the impact of COVID-19 (or Novel Coronavirus) pandemic on the income and wage of individuals working in tourism and hospitality industry in India. As the tourism and hospitality industry is a labor-intensive industry, the impact of COVID-19 pandemic-induced economic downturn is expected to be particularly severe here. To estimate this impact, I use a large, representative panel survey from India, and employ difference-in-differences method in this study. The estimated decline in total income ranges between 3.12 and 6.39%, and wage fall ranges between 3.21 and 5.98%, for the sample with individuals who are still earning a non-zero income from this industry. Once I include the individuals who have completely lost their livelihood (zero income) due to COVID-19 pandemic in the sample, impact on income is estimated to be a fall of 58.69% and impact on wage is estimated to be a decline of 58.59%. I also discuss the recommendations made by UNWTO to mitigate the impact of COVID-19 on tourism and hospitality industry, and map Indian government’s policy measures to those recommendations.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":" ","pages":""},"PeriodicalIF":4.4,"publicationDate":"2022-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42276360","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-11-17DOI: 10.1177/13548166221138991
Isabel P. Albaladejo, F. Arnaldos, M. P. Martínez-García
We present a dynamic model of competing destinations to study the agglomeration and dispersion forces driving long-run geographical distribution of tourism. The relative strength of these forces determines whether tourism is agglomerated at one destination or is more disperse. Economies of scale in the tourism industry favour agglomeration while tourists’ preference for local tourist attractions and local services is conducive to dispersion. If returns to scale approach constant and tourists do not appreciate local goods, the interaction between the two destinations disappears and our model converges to the well-known Tourism Area Life Cycle model. By contrast, if destinations interact and the price sensitivity of tourists is low enough to offset the economies of scale that induce firms to agglomerate, the sharing of tourism between the two destinations is stable. Otherwise, tourism tends to agglomerate in one destination. Tourism policies interfere with the agglomeration and dispersion forces and could induce tourist relocation. We calibrate the model with real data before and after the restrictions in force during the pandemic in 2021 and those derived from the war in Ukraine.
{"title":"Tourism distribution at competing destinations: Mobility changes and relocation","authors":"Isabel P. Albaladejo, F. Arnaldos, M. P. Martínez-García","doi":"10.1177/13548166221138991","DOIUrl":"https://doi.org/10.1177/13548166221138991","url":null,"abstract":"We present a dynamic model of competing destinations to study the agglomeration and dispersion forces driving long-run geographical distribution of tourism. The relative strength of these forces determines whether tourism is agglomerated at one destination or is more disperse. Economies of scale in the tourism industry favour agglomeration while tourists’ preference for local tourist attractions and local services is conducive to dispersion. If returns to scale approach constant and tourists do not appreciate local goods, the interaction between the two destinations disappears and our model converges to the well-known Tourism Area Life Cycle model. By contrast, if destinations interact and the price sensitivity of tourists is low enough to offset the economies of scale that induce firms to agglomerate, the sharing of tourism between the two destinations is stable. Otherwise, tourism tends to agglomerate in one destination. Tourism policies interfere with the agglomeration and dispersion forces and could induce tourist relocation. We calibrate the model with real data before and after the restrictions in force during the pandemic in 2021 and those derived from the war in Ukraine.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":" ","pages":""},"PeriodicalIF":4.4,"publicationDate":"2022-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45811789","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-11-10DOI: 10.1177/13548166221137956
Jaehee Gim, S. Jang
It has become a common practice for restaurant firms to spend amounts exceeding their earnings on share buybacks by depleting their cash reserves or even by borrowing money. Given restaurant firms’ limited ability to generate internal cash and the high cost of debt financing, using these means to finance share buybacks could jeopardize restaurant firms’ long-term success. However, little is known about the factors influencing restaurant firms’ tendency toward this seemingly aggressive buyback behavior. This study revealed that the more restaurant firms’ earnings reduce, the greater their tendency is to conduct such aggressive share buybacks. This result could provide some evidence that managerial self-serving behavior plays a role in aggressive share buybacks in the restaurant industry. The study also demonstrated that the positive impact of reduced earnings on aggressive buybacks becomes stronger as a firm’s degree of franchising increases.
{"title":"The determinants of aggressive share buybacks: An empirical examination of U.S. publicly traded restaurant firms","authors":"Jaehee Gim, S. Jang","doi":"10.1177/13548166221137956","DOIUrl":"https://doi.org/10.1177/13548166221137956","url":null,"abstract":"It has become a common practice for restaurant firms to spend amounts exceeding their earnings on share buybacks by depleting their cash reserves or even by borrowing money. Given restaurant firms’ limited ability to generate internal cash and the high cost of debt financing, using these means to finance share buybacks could jeopardize restaurant firms’ long-term success. However, little is known about the factors influencing restaurant firms’ tendency toward this seemingly aggressive buyback behavior. This study revealed that the more restaurant firms’ earnings reduce, the greater their tendency is to conduct such aggressive share buybacks. This result could provide some evidence that managerial self-serving behavior plays a role in aggressive share buybacks in the restaurant industry. The study also demonstrated that the positive impact of reduced earnings on aggressive buybacks becomes stronger as a firm’s degree of franchising increases.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":" ","pages":""},"PeriodicalIF":4.4,"publicationDate":"2022-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45172207","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-11-10DOI: 10.1177/13548166221138645
Simone Marsiglio, M. Tolotti
We provide a simple micro-foundation of the tourism area life cycle hypothesis, based on tourists’ utility maximization. As a result of social interactions among tourists which determine destinations popularity, the market share of visitors which decides to visit a specific destination follows a logistic dynamics, consistent with what predicted by the tourism area life cycle hypothesis. We show that different preference drivers explain the duration of the different tourism area life cycle stages: the net benefit from visiting the destination characterizes the exploration, involvement, and development phases, while social effects associated with destination popularity characterize the phases of consolidation and stagnation Different from previous studies our results hold true independently of whether we focus on the repeating or non-repeating segment of the tourism market. We also provide a calibration of our model to the case of the city of Venice (Italy) showing that it performs well in capturing the evolution of tourism in the historical center of the city over the last 60 years, suggesting that TALC-like dynamics may occur even in the context of cultural and heritage destinations.
{"title":"The tourism area life cycle hypothesis: A micro-foundation","authors":"Simone Marsiglio, M. Tolotti","doi":"10.1177/13548166221138645","DOIUrl":"https://doi.org/10.1177/13548166221138645","url":null,"abstract":"We provide a simple micro-foundation of the tourism area life cycle hypothesis, based on tourists’ utility maximization. As a result of social interactions among tourists which determine destinations popularity, the market share of visitors which decides to visit a specific destination follows a logistic dynamics, consistent with what predicted by the tourism area life cycle hypothesis. We show that different preference drivers explain the duration of the different tourism area life cycle stages: the net benefit from visiting the destination characterizes the exploration, involvement, and development phases, while social effects associated with destination popularity characterize the phases of consolidation and stagnation Different from previous studies our results hold true independently of whether we focus on the repeating or non-repeating segment of the tourism market. We also provide a calibration of our model to the case of the city of Venice (Italy) showing that it performs well in capturing the evolution of tourism in the historical center of the city over the last 60 years, suggesting that TALC-like dynamics may occur even in the context of cultural and heritage destinations.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":" ","pages":""},"PeriodicalIF":4.4,"publicationDate":"2022-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42492106","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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