Dynamic analysis of British demand for tourism abroad

Lyssiotou, Panayiota

doi:10.1007/s001810000025

Cited by 43 publications

(39 citation statements)

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“…However, various demand studies have shown that demand systems often deviate from their long-term equilibrium (Anderson & Blundell, 1983;Lyssiotou, 2000, Duffy, 2003, De Mello and Fortuna, 2005. Thus the STATIC-AIDS specification, without incorporating the dynamic adjustment mechanism in the short run, often fails the tests for theoretical restrictions such as homogeneity and symmetry, and the subsequent long-run elasticity estimates may not be accurate (Edgerton, Assarsson, Hummelmose, Laurila et al, 1996).…”

Section: Aids Modellingmentioning

confidence: 99%

Modelling substitution between domestic and outbound tourism in Australia: A system-of-equations approach

Athanasopoulos¹,

Deng²,

Li³

et al. 2014

Tourism Management

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Section: Aids Modellingmentioning

confidence: 99%

Modelling substitution between domestic and outbound tourism in Australia: A system-of-equations approach

Athanasopoulos¹,

Deng²,

Li³

et al. 2014

Tourism Management

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“…Exceptions are De Mello et al (2002), Divisekera (2003), Durbarry and Sinclair (2003), Fujii et al (1985), Lyssiotou (2001), O'Hagan and Harrison (1984), Papatheodorou (1999), Syriopoulos and Sinclair (1993) and White (1985). The specifications of LAIDS models in all of these studies, except Durbarry and Sinclair (2003), are static and can only give estimates of long-run demand elasticities.…”

Section: Introductionmentioning

confidence: 99%

Time varying parameter and fixed parameter linear AIDS: An application to tourism demand forecasting

Song

Witt

2006

International Journal of Forecasting

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This study develops time varying parameter (TVP) linear almost ideal demand system (LAIDS) models in both long-run (LR) static and short-run error correction (EC) forms. The superiority of TVP-LAIDS models over the original static version and the fixed-parameter EC counterparts is examined in an empirical study of modelling and forecasting the demand for tourism in Western European destinations by UK residents. Both the long-run static and the short-run EC-LAIDS models are estimated using the Kalman filter algorithm. The evolution of demand elasticities over time is illustrated using the Kalman filter estimation results. The remarkably improved forecasting performance of the TVP-LAIDS relative to the fixed-parameter LAIDS is illustrated by a one-year-to four-years-ahead forecasting performance assessment. Both the unrestricted TVP-LR-LAIDS and TVP-EC-LAIDS outperform the fixed-parameter counterparts in the overall evaluation of demand level forecasts, and the TVP-EC-LAIDS is also ranked ahead of most other competitors when demand changes are concerned.

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“…Many tourists, if satisfied with the destination, are known to develop a habit of making repeated visits, thus making markets relatively insulated from price and expenditure-related fluctuations in tourist arrivals (Bakkal, 1991;Divisekera, 2003). In a study of demand for outbound tourism by British residents, Lyssiotou (2000) found that habit persistence could contribute to up to 36% of current tourism expenditure. This result shows that tourists' decisions can be made largely based on the experience gained from past visits.…”

Section: Discussion On Policy Implicationsmentioning

confidence: 99%

“…Over the past decade, the AIDS model has been gaining increasing popularity. Its applications include the studies by Cortés-Jiménez, Durbarry andPulina (2009), De Mello, Pack andSinclair (2002), Divisekera (2003), Witt (2004 and, Lyssiotou (2000), Mangion, Durbarry, and Sinclair (2005), Papatheodorou (1999) and Syriopoulos and Sinclair (1993). Using a relevant dataset to the current study, Wu, Li and Song (2011) analyzed Hong Kong inbound tourists' consumption pattern for different tourism products (i.e., shopping, accommodation, meals, and others) and investigated the impacts of price changes on how these inbound tourists allocated their budgets among different products that they purchased.…”

Section: Destination Competitivenessmentioning

confidence: 99%

How competitive is Hong Kong against its competitors? An econometric study

Song

Cao

et al. 2013

Tourism Management

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Highlights• The AIDS model is used to examine Hong Kong's competitiveness as a tourist destination in comparison with its competitors.• The empirical findings show that a destination's competitiveness should be examined from a market-specific perspective.• Hong Kong is more competitive than Macau in terms of its ability to attract Australian and mainland Chinese tourists.• Singapore and South Korea are more competitive than Hong Kong as suggested by the price elasticities. AbstractThis study utilizes almost ideal demand system (AIDS) models to examine Hong Kong's competitiveness as an international tourist destination in comparison with its competitors. The empirical findings of the study shed new light on the destination competitiveness literature and demonstrate that a destination's competitiveness should be examined from a market-specific perspective. The results also suggest that Hong Kong is more competitive than Macau, particularly in terms of its ability to attract Australian and mainland Chinese tourists, while price elasticity calculations suggest Singapore and South Korea are more competitive than Hong Kong.

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Dynamic analysis of British demand for tourism abroad

Cited by 43 publications

References 0 publications

Modelling substitution between domestic and outbound tourism in Australia: A system-of-equations approach

Modelling substitution between domestic and outbound tourism in Australia: A system-of-equations approach

Time varying parameter and fixed parameter linear AIDS: An application to tourism demand forecasting

How competitive is Hong Kong against its competitors? An econometric study

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