A Modern Guide to Tourism Economics


A Modern Guide to Tourism Economics

9781800378759 Edward Elgar Publishing
Edited by Robertico Croes, Professor of Tourism Economics and Management, Rosen College of Hospitality Management, University of Central Florida, US, and Editor of the Rosen Research Review and Yang Yang, Associate Professor, Department of Tourism and Hospitality Management, Temple University and Executive Director of the U.S.-Asia Center for Tourism and Hospitality Research, US
Publication Date: 2022 ISBN: 978 1 80037 875 9 Extent: 454 pp
This Modern Guide captures the evolution of foundational tenets, theories, frameworks and models that buttressed tourism economics into an evolving discipline, shining light on both new and old approaches. It systematically examines current and future trends and issues related to new economic perspectives, consolidating the notion of tourism economics as a discipline.

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This Modern Guide captures the evolution of foundational tenets, theories, frameworks and models that buttressed tourism economics into an evolving discipline, shining light on both new and old approaches. It systematically examines current and future trends and issues related to new economic perspectives, consolidating the notion of tourism economics as a discipline.

Chapters delve into the theoretical underpinnings of specific topics within the field, providing a range of examples of how to leverage economic theories to better understand, manage, and promote tourism activities to different stakeholders. Offering a kaleidoscope of economic perspectives, the Modern Guide looks at tourism economics from trade theory, choice theory, behavioural economics, public choice, institutional economics, environmental economics, developmental economics, cultural economics and more, with each chapter ending with insights into future research and directions.

Written in an accessible style, this will be an invigorating read for hospitality and tourism management scholars, as well as tourism geographies, tourism marketing and sustainable tourism students. It will also be a useful tool for tourism economists and applied economists looking for a wide range of perspectives on the topic.
Critical Acclaim
‘This book is timely and a must-read for both undergraduate and graduate students. It offers excellent contributions to the area of tourism economics. The scope of coverage is broad with examples from different settings. The book is written and edited by excellent researchers and will serve as an important guide for many years to come.’
– Albert Assaf, University of Massachusetts, Amherst, US

‘Tourism economics is a difficult subject to cover as it involves understanding how interrelated industries come together to form a tourism sector. This book covers many different subjects dealing with complex economic issues confronting tourism development today. This is an excellent resource book as well as offering topical subjects for tourism courses.’
– William C. Gartner, International Academy for the Study of Tourism and University of Minnesota, US

‘A Modern Guide to Tourism Economics provides a very strong analysis of the tourism sector through the application of modern economic ideas, concepts and methods in a thorough, rigorous and comprehensive manner. It brings together contributions from an impressive list of authors who are world-leading in terms of their research and understanding of key issues related to the tourism phenomenon. This book is pertinent to students of tourism management and economics who will appreciate it as a textbook and researchers for whom it will act as a key reference on the subject.’
– Neelu Seetaram, Leeds Beckett University, UK

‘A Modern Guide to Tourism Economics edited by Robertico Croes and Yang Yang is a timely and important addition to the tourism economics literature. The coverage of the book is comprehensive with diverse topics ranging from consumer behaviour to firm theory, environmental economics, digital economy and regional economics. One of the important features of the book is that it identifies the prevailing trends of tourism economics research and points out future research directions. Any students who study tourism and hospitality courses will find this book relevant and informative. The book is also a very useful reference for tourism academics who are interested in studying tourism phenomenon from an economics perspective.’
– Haiyan Song, The Hong Kong Polytechnic University, Hong Kong

Contributors: Mehmet Altin, Sergio Alvarez, Salvatore Bimonte, Christina Brown, Zheng Chris Cao, Sílvia De Almeida, Philippe Duverger, Martin Falk, Paolo Figini, Aliza Fleischer, Eva Hagsten, Seongsoo Jang, Jinwon Kim, Murat Kizildag, Kristin Lamoureux, Simone Marsiglio, J. Walter Milon, Juan Luis Nicolau, Milena S. Nikolova, Robin Nunkoo, Nicolas Peypoch, Lucie Plazakova,Richard Qiu, Jorge Ridderstaat, Boopen Seetanah, Abhinav Sharma, Egon Smeral, Manuel Vanegas, Larry Yu, Hongru Zhang

Preface xii
Acknowledgements xv
1 Introduction to A Modern Guide to Tourism Economics 1
Robertico Croes and Yang Yang
2 Tourism and the economic paradigm 15
Zheng Chris Cao
3 Tourism in an open system: what do theories of
international trade and competition teach us? 37
Robertico Croes and Simone Marsiglio
4 Consumer choice and its repercussions in tourism: models
and specifications 59
Richard Qiu and Sílvia De Almeida
5 Seasonality and individual choice: towards a theory of
seasonal behavior 78
Jorge Ridderstaat
6 Market behavior of tourism firms and its effects on the
boundaries of firm 100
Nicolas Peypoch
7 The role of information and choice under uncertainty 116
Juan Luis Nicolau and Abhinav Sharma
8 The coordination challenge in tourism destinations: value
creation, enhancement, and retention 134
Paolo Figini
9 Tourism development and economic growth: theoretical
underpinnings and agenda for future research 152
Boopen Seetanah and Robin Nunkoo
10 Tourism and business cycles 170
Lucie Plazakova and Egon Smeral
11 Public economics, public choice and tourism 185
Philippe Duverger, Larry Yu, and Kristin Lamoureux
12 The new institutional economics for hospitality and tourism 203
Mehmet Altin
13 Environmental economics as a framework to study the
tourism phenomenon 221
Sergio Alvarez, Christina E. Brown, and J. Walter Milon
14 Tourism, development economics, poverty alleviation, and
inequality 238
Manuel Vanegas
15 Happiness and tourism activities: an empirical and
theoretical interpretation 259
Salvatore Bimonte
16 Tourism and regional economics 277
Seongsoo Jang and Jinwon Kim
17 The macroeconomics of tourism 294
Hongru Zhang
18 Economics of cultural tourism 311
Martin Falk and Eva Hagsten
19 Tourism and digital economics 330
Aliza Fleischer
20 Tourism and political economy 348
Robin Nunkoo, Boopen Seetanah and Reena Bhattu-Babajee
21 Financial economics for the tourism industry 364
Murat Kizildag
22 Tourism and behavioral economics 383
Milena S. Nikolova
23 The future of tourism economics 402
Yang Yang and Robertico Croes

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