The Economics of Tourism Destinations book cover

The Economics of Tourism Destinations

The measurement of tourism is not an easy task. In the last decade there has been a growing interest in the tourism world in new methods to measure demand and supply of tourism.

Fully revised and updated, The Economics of Tourism Destinations, Second Edition provides a succinct guide to the economic aspects of tourism for students and practitioners alike to decipher the methods of measurement of supply, demand, trends and impacts.

This book emphasizes new aspects such as measurement of tourism (e.g. Tourism Satellite Account), supply trends, competition models, macro evaluation of tourism projects and events and the role of tourism in a development strategy. Each chapter combines theory and practice and international case studies are provided.

Audience
3rd yr postgrad and first yr postgrad/masters level.Secondary audience: researchers in tourism, practitioners involved in tourism policy.

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Published: December 2010

Imprint: Elsevier

ISBN: 978-0-08-096996-1

Reviews

  • Review of the 1st Edition

    "...this is an excellent and comprehensive publication which will be well received by researchers internationally and is an interesting insight and reminder of the major research contribution that continental European researchers are making at both the basic and theoretical levels."
    - Brian Kinga, Victoria University, Melbourne, Australia


Contents

  • Chapter 1: Economic characteristics of the tourism sector

    • What is tourism
      • Conceptual definitions
      • Operational or technical definitions
      • Dimensions of travel and tourism
      • Types of tourism
      • Tourism and related concepts
    • Economic characteristics of tourism
      • Is there a tourism industry?
      • Tourist product is an amalgam
      • Tourism is a service activity
      • Tourism products are perishable
      • Seasonality of tourism demand
      • Interdependence of tourism products
      • Relatively low investment costs but high cost of operation
      • Tourism is a growth sector
      • Predominance of SME’s
    • What is a tourism destination?
    • Bibliography
    Chapter 2 Measurement of tourism
    • Introduction
    • A general Tourism Information System or Destination Management Information System
      • Tourism information system
      • Measurement of day-visitors
    • Tourism Satellite Account
      • Background, definition and objectives
      • The demand perspective
      • The supply perspective
      • The TSA tables
    • WTO tourism statistics
    • Tourism and/or holiday surveys
      • The typical tourism surveys in the UK.
      • Holiday surveys
    • Tourism production index - WES
    • The Swiss Tourism Barometer
    • Bibliography
    • Annexe 2.1 : Production accounts of tourism industries and other industries
    • Annexe 2.2 : Domestic supply and internal tourism consumption, by products
    Chapter 3 Tourism demand
    • Determinants of tourism demand
      • Economic factors: income, time and price
      • Other determinants
    • Trends in tourism demand
      • Globalisation of tourism demand
      • Fragmentation of annual holidays
      • More attention to the environment and the growing importance of eco-tourism
      • Changed values
      • Changed lifestyles
      • More independent tourists as opposed to mass tourism
      • New types of holidays and tourism experience
      • More quality conscious
      • More experienced and educated holidaymakers
      • More flexible tourists
      • Emerging markets
      • Monitoring source markets for destinations
    • Tourism demand worldwide
    • Holiday propensity and holiday frequency
      • Net holiday participation
      • Gross holiday participation
    • Seasonality and policy recommendations
      • Seasonal pattern
      • Possible instruments to stagger holidays
    • Bibliography
    Chapter 4 Tourism supply
    • Tourism supply in the tourism system
    • Tourism supply, tourist product and life cycle
    • Tourism supply and market structures
      • Perfect competition
      • Monopoly
      • Monopolistic competition
      • Oligopoly
      • Key criteria in the inter-firm competition
    • Supply trends
      • More destinations
      • Concentration movement in the tourism sector
      • Movements in the hotel sector
      • Branding
      • MICE tourism
      • Technological evolution affecting tourism
      • New types of accommodation and attractions
      • Timesharing
      • Cruise
      • All inclusive resorts
      • Theme parks
    • Bibliography
    Chapter 5 Pricing and taxation in tourism
    • Pricing in tourism
      • Pricing objectives
      • Pricing approaches
      • The Hubbart formula method of determining room rates
      • Break-even analysis
      • Yield management
      • Peak load pricing
      • Pricing and elasticity of demand
    • Tourism and taxation
      • A tourism tax: Why?
      • Who pays the tourism tax bill: the tourist or the producer?
      • Tax receipts not always what is expected
    • Bibliography
    Chapter 6 Competition and tourism destination
    • Introduction
    • The competitive forces of M. Porter
    • Porter’s generic competitive strategies
    • The determinants of competitive advantage in tourism
      • Factor conditions
      • Demand conditions
      • Related and supporting industries/activities
      • Market structure, rivalry, organisation and strategy
      • Local government
    • The Poon concept
      • Competitive strategies for industry players
      • Strategies for tourism destination
    • The WES approach
    • The price competitiveness approach
    • The Bordas approach
    • Ritchie and Crouch's conceptual model of destination competitiveness
      • Comparative and competitive advantage
      • The components of the model
      • Success factors: destination policy, planning and development and destination management
      • Destination management
    • The Dwyer-Kim model
    • Synthesis of the models
    • Ten key factors for a competitive destination
      • Macro-economic factors
      • Attractions
      • Innovation
      • Strategic planning
      • Positioning and branding
      • Destination management
      • Strategic alliances
      • Make tourism a lead sector
      • Quality management
      • Accessibility
    • The Travel & Tourism Competitiveness Index - TTCI
    • Bibliography
    Chapter 7 Forecasting tourism demand
    • Introduction
    • Concepts of demand measurement
    • Qualitative methods
      • The traditional approaches
      • The Delphi model
      • The judgement-aided models
    • Quantitative methods
      • Univariate time-series methods
      • Regression analysis or causal methods
      • A generic demand model
      • Gravity and trip generation models
    • Case studies of regression analysis
      • Case one: the Greek model Dritsakis-Athanasiadis
      • Case two: the Australian model Crouch- Schultz-Valerio
      • Case three: Econometric explanation of EU tourism imports, 1978-2007 - Smeral
      • Case four: WTTOUR - Smeral model
    • Remarks
    • Bibliography
     Chapter 8 Economic impact of tourism
    • Introduction
    • Tourism as a strategic dimension of economic development
      • Basic and non-basic activities
      • Comparative advantages of tourism
      • Other benefits
    • Economic disadvantages
      • Preliminary remarks
      • Tourism and inflation
      • Incidental costs of tourism
    • Balance of payments and tourism
      • The structure of the balance of payments
      • The real tourism external account
    • The magic tourism multiplier
      • The basics of tourism multiplier
      • Determining factors
      • Types of multipliers
      • How to define the TIM values
      • The multiplier and input-output analysis
      • Some remarks
    • Measurement of income generation
      • National accounts method - simplified
      • Henderson-Cousins method
      • TSA method
      • Input output approach
      • Tourism Satellite Account approach
      • Multiplier method
    • Measurement of employment generation
      • The supply approach
      • National accounts method
      • Input output method
      • Multiplier method
    • Special characteristics of employment
    • The impact of events- special features
    • Computable General Equilibrium models
      • Why Computable General Equilibrium models
      • Static and dynamic CGE models
      • Input-Output Analysis versus CGE
      • Cost-Benefit Analysis versus CGE
      • Use of CGE modelling in tourism
        • Case 1 : Quantas Australian Grand Prix 2000
        • Case 2 : 2005 Australian Formula 1 Grand Prix
        • Case 3 A China CGE model of the Beijing 2008 0lympic Games
        • Case 4 Economic impact of tourism in Fiji based on the Fiji CGE model
    • Bibliography
    Chapter 9 Micro and macro evaluation of projects in the tourism and hospitality industry
    • Introduction
    • The nature of tourism investment appraisal
    • Externalities in tourism: what does it mean?
      • Definition
      • Negative externalities
      • Positive externalities
    • The discounting methods
      • The unscientific convention methods of investment appraisal
      • Net Present Value method
      • The Internal Rate of Return
      • Benefit- Cost ratio
      • Net Present Value per Unit of Outlay
      • Accept/reject decisions
    • The necessity of a feasibility study
    • A business table - a practical example
    • Cost-benefit analysis
      • Foundations of CBA
      • Identification of cost and benefit items
      • Quantification of cost and benefit items
      • Valuation of cost and benefit items
      • Calculation of the NPV and/or IRR
      • Risk and uncertainty
      • Limitations in space and time
      • Final remark
    • Two case studies of CBA
      • Case- study: congress centre in Bruges
      • CBA: 2005 Australian Formula 1 Grand Prix
    • Bibliography
    Chapter 10 Epilogue
    • Beyond the myth of growth in tourism
    • The financial crisis
    • Underlying factors for the ‘stylised factors’
    • Sustainable development
    • Managing tourism growth
    • Tourism and economic development strategy
    • Bibliography

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