The Financial Potential of Gastronomy for Tourism Development in Croatia

Applications of Data Envelopment Analysis (DEA) in Empirical Studies Regarding the Croatian Tourism

“…There are many different applications of DEA regarding Croatian tourism, which, once more, shows the wide application possibilities for this methodology. The results from this research show that most of these ten surveyed papers employ the DEA BCC output-oriented model, whereas almost half of them have employed both the CCR and BCC DEA models (i.e., Rabar et al, 2011;Jardas Antonić et al, 2015;Kordić et al, 2017, Hodžić et al, 2020. Jardas Antonić and Pavlić Skender (2015), Poldrugovac et al (2016), Kordić and Šimundić (2017), and Barišić and Cvetkoska (2020), have chosen a single year for a time frame for the research, namely , 2013, 2015, respectively.…”

Efficiency Evaluation in the Tourism Sector in Croatia and Serbia: Applications of Data Envelopment Analysis

“…There is also the possibility that the comparison of the efficiency scores of the two samples could be useless. Furthermore, the fact that the standard DEA does not take into account the multi-period optimisation and the risk in the management decision-making process is a great limitation of this methodology (Hodžić, Bogdan & Bareša, 2020). Fotova Čiković & Lozić (2022) state the following limitations of DEA: the basic assumption that random errors do not exist can lead to frontier sensitivity to extreme observations and measurement errors; the ignoration of the impact of the exogenous variables; the lack of offered possibilities for the performance and efficiency improvement; challenges in the performance of additional statistical tests and sensitivity of the results to the selection of the used variables.…”

“…In this context, DEA makes it possible to give a comparison of the relative performance between multiple performance measures (Poldrugovac et al, 2016) and is commonly employed in benchmarking and obtaining guidelines for improvements in business performance and efficiency (Jardas Antonić & Pavlić Skender, 2015). Furthermore, DEA has a very practical component that allows for the identification of the best-practice DMUs that serve as benchmarks for the inefficient DMUs and does not depend upon a subjective opinion of researchers, which lowers the negative effect of various biases and mistakes (Hodžić, Bogdan & Bareša, 2020).…”

“…Additionally, DEA does not require functional dependence between input and output variables when solving fragmented linear programming and calculates the relative efficiency of decision-making units using multiple inputs and outputs not necessarily expressed in identical measurement units (cost, number of employees, etc.) (Jardas Antonić & Pavlić Skender, 2015;Hodžić, Bogdan & Bareša, 2020).…”

“…As Cvetkoska & Barišić (2014) state, "tourism, in general, interferes in almost all spheres of social and economic development". Notwithstanding, it is "one of the most dynamic and complex activities among contemporary socio-economic phenomena" (Hodžić, Bogdan & Bareša, 2020) that impacts the socio-economic development and "the long-term economic growth through different channels, such as currency flow, infrastructure investment, stimulation of other sectors and income generating" (Schubert et al, 2011;Pavković et al, 2021). Therefore, it is undeniable that tourism is strategically important for the developing countries' economies especially considering its characterization as a continuously growing and developing industry in the last two decades (Prorok et al, 2019).…”