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Index

AAbsolute advantage, 486

Accessibility, 86, 282

Accessibility of destinations, 491

Acquisition, 320

Adaptive behavior, 196

Additional consumption, 41

Adjustable pegging system, 501

Administration, 250

Ad valorem tax (VAT), 537

Adverse selection, 335–337, 358

Advertisement, 350–352

Advertising, 348, 352

Agenda 21, 555

Aggregate demand, 431

Aggregation Theorem, 142

AIDS. See Almost Ideal Demand System

(AIDS)

Airline companies, 469–470

Airline Deregulation Act, 289

Air taxi, 288

Air transport, 285

Alghero, 225–227

Allocation

bureau, 512

reason, 512

Allocentric, 122, 186

Allotment contract, 247

Almost Ideal Demand System (AIDS), 126,

492

Amenities, 86

Annual leave, 167–171

Anticommon, 88, 212, 370

Applied economics, 2

Appreciation, 501

Arbitrage, 508

Arch elasticity, 80

Arrival function, 109

Arrivals (A), 38Artificial snow, 240–241

Asymmetric information, 334

Attractions, 86

AUDIT, 583

Authority, 211

Autonomous component

of consumption, 431

of imports, 431

Auxiliary services, 86

Average

daily rate, 279

length of stay, 38

price, 138

unit cost, 274, 291

BBackward induction, 147, 323

Backward linkages, 477

Backward vertical integration, 247

Balance of payments, 62, 483–485

Bandwagon effect, 110, 112–114, 187

Beach tourism, 120

Bellman principle, 147

Bertrand’s model, 319

Best Western, 272–273

Big Mac’s Index, 502Black box, 212

Booking

lead time, 303

management, 297, 303–305

Booking.com, 342

Break-even point, 265, 277

Budget constraint, 135

Bundling, 403

G. Candela and P. Figini, The Economics of Tourism Destinations,Springer Texts in Business and Economics, DOI 10.1007/978-3-642-20874-4,# Springer-Verlag Berlin Heidelberg 2012

607

Business

tourism, 261

unions, 547

Bus transport, 285

Buy-down, 298

Buy-up, 298

CCall option, 371, 506

Canada, 64–65

Capacity planning, 250

Capital account, 62

Car, 288

Carrying capacity, 106, 572–580

Caserta, 222

CBA. See Cost–Benefit Analysis (CBA)Center–periphery model, 494–498

Certainty equivalent, 362

CGE. See Computable General Equilibrium

(CGE)

Charter

flights, 285

tourists, 567

Choice

experiments, 178

modelling, 176–179

Circular flow of goods and factors, 429

Clearance sale, 259, 307

Closed input-output model, 438

Club good, 513

Coase theorem, 528

Coexistence, 552

Combinatorial innovation, 402

Commission, 263

Commitment, 339, 360

Common goods, 88, 565

Comparative advantage, 487

Complementarity, 140

Complementary services, 49

Complementary to another tourism, 81

Complete system of goods and services, 207

Computable General Equilibrium (CGE), 59,

439

Computer Reservation System (CRS), 400

Condition of existence on the market, 264

Confidential price, 260

Conflict, 552

Constant elasticity of substitution, 94

Constant returns to scale, 54

Consumption

externalities, 523

technology, 172

Contingency markets, 207

Contingent valuation, 178

Contract(s), 211, 355

allotment, 357, 371

with commission, 248

complete, 358

contingent, 361, 363

exclusive, 375

explicit, 356

fixed, 364–365

forward, 356, 367

free sale, 357, 368–370

full-line, 378–379

implicit, 356

incentive, 359, 379

incomplete, 356

insurance, 361

long-term, 394

relational, 377

selection, 379–380

spot, 356, 367

Control, 250

list, 582

Coordination, 90–93

activity, 87–93, 423

theorem, 11–12, 93, 94, 97

Copyleft, 402

Copyright, 402

Core services, 49

Corporate Social Responsibility (CSR), 556

Cost–Benefit Analysis (CBA), 581

Cournot point, 105, 113

Cournot’s model, 319

Creative destruction, 452

Credence goods, 344

Credit cards, 507

Critical mass, 408

Cross-price elasticity, 79

Crowding out effect, 451–452

CRS. See Computer Reservation System (CRS)

Cruises, 284

CSR. See Corporate Social Responsibility(CSR)

Cultural district, 464

Currency market, 500–501

Current account, 62

Cycle, 218

DDaily spending, 42

Daily variation, 218

Day-tripper, 26

608 Index

Deadweight loss

due to the monopoly, 317

of welfare, 316

Debit cards, 507

De facto discipline, 5

Delphi method, 128

Demand function, 76

Demand-side approach, 50–60

Depreciation, 501

Destination

branding, 100

management, 96–100, 393, 533

marketing, 100–101

web management, 422

Destination Management Systems (DMS), 414,

422

Detachment phase, 442

Devaluation, 500

Development

factor, 434

theory, 441

DFC. See Direct Fixed Cost (DFC)

DFUC. See Direct Fixed Unit Cost (DFUC)

Diagonal integration, 320

Direct

arbitrage, 508

competition, 278

control, 527

costing strategy, 253

management costs, 251

Direct Fixed Cost (DFC), 251

Direct Fixed Unit Cost (DFUC), 252

Direct Unit Cost (DUC), 252

Direct Variable Costs (DVC), 252

Direct Variable Unit Cost (DVUC), 252

Dirty fluctuations, 501

Discipline, 7

Discounts, 259, 302

Dissatisfaction cost, 332

Distribution reason, 512

DMS. See Destination Management Systems

(DMS)

Dollar-per-thousand rule, 275

Domestic

day-tripper, 32

tourism, 28

tourists, 32

visitor, 32

Double

auction, 407

mark-up, 372

season, 220

Downgrading, 298

DUC. See Direct Unit Cost (DUC)Durable goods, 40, 155–161

Dutch auction, 407

DVC. See Direct Variable Costs (DVC)DVUC. See Direct Variable Unit Cost

(DVUC)

Dynamic

packaging, 403

pricing, 258, 298, 306–308, 404

techniques, 304

EEarly booking, 258

Eclectic theory of multinational firms, 475

Ecological footprint, 564

E-commerce, 404, 405

Economics of destinations, 74

Economics of Outdoor Recreation (EOR), 21

Economies of scale, 249, 319, 403, 409

Economies of scope, 249, 319

Ecotourism, 570

EIA. See Environmental Impact Assessment

(EIA)

Elasticity, 79–85

related to available money, 79, 82

Elite tourism, 550

Employment multiplier, 437

Endogenous growth

models, 454

rate, 455–461

Endogenous preferences, 183–185

Engel curve, 83

English auction, 407

Environmental carrying capacity, 573–575

Environmental Impact Assessment (EIA),

581–583

Environmental monitoring, 581–584

Environmental sustainability, 551, 558, 566

EOR. See Economics of Outdoor Recreation

(EOR)

ESA. See European System of Accounts (ESA)

Ethical consumption, 556, 570

Ethical tourism, 571

E-tourism, 420

European System of Accounts (ESA), 60

Events, 293

E-word-of-mouth, 415

Ex ante transaction costs, 215

Exchange rate, 471, 492, 498

Excise tax, 537

Excludability of benefits, 513

Excursionist, 30

Index 609

Exhaustible

and nonrenewable resources, 560–562

and renewable resources, 562–563

Exit, 578

Exogenous quality, 239, 327–330

Expected utility, 199, 361

Experience goods, 198, 200–202, 210,

350–352, 410,

Explorers, 567

Ex post transaction costs, 215

Externality, 382, 550

FFacebook, 342

Factor augmenting, 520

Fair premium, 365

Fatigue effect, 192

FDI. See Foreign direct investments (FDI)

Ferries, 284

Financial assessment, 250

Finiteness property, 323

Fire alarm, 385

activity, 250

Firm, 211, 214

augmenting, 520

First-degree price discrimination, 303, 403

First minute pricing, 306

Fixed costs, 273

Fixed exchange regime, 500

Fixed (lump-sum) tax, 537

Flexible structure, 304

Floating exchange regime, 501

Florence, 221

Fly and drive, 288

Folk theorem, 383

Food and wine tourism, 181–182

Foreign currency, 498

Foreign direct investments (FDI), 475

Forward

contract, 247

exchange, 500

markets, 209

vertical integration, 247

Franchising, 320

Free

entrance, 342

market, 513

riding, 520

sale contract, 248

Frequent-flyer program, 302

Friendly tourism, 530–532, 550

Full budget, 171

Full cost, 274, 321, 373

model, 252

pricing rule, 255

Full-costing strategy, 253

Full income, 166

Full price, 166

Fuzzy time-series method, 127

GGame theory, 383

GDP deflator, 503

GDS. See Global Distribution System (GDS)

Generic occupancy rate, 279

Genetic algorithms, 127

Genre discipline, 7

Global Code of Ethics for Tourism, 571

Global distribution system (GDS), 102, 266, 418

Globalization, 478

Governmental institutions, 544

Grand Tour, 67

Gresham’s Law, 335

Gross propensity to travel, 43

Growth theory, 441

HHabits formation, 187

Harrod–Domar model, 444

Hecksher–Ohlin model, 489–490

Hedging operation, 505

Hedonic price function, 175–179

Herd behavior, 202

Heterogeneity and plurality in tourism product,

34

Hidden

action, 334, 385

information, 334, 385

Higher-bound exit, 384

High-quality hotels, 335

History of tourism, 67–68

Hit and run, 347

Holidays, 218

characteristics, 172

length, 165–167

portfolio diversification strategy, 472

Horizontal

differentiation, 321, 330

integration, 249, 320

tourism, 490

Hospitality

load, 574

sector, 270

610 Index

Hotels, 271

chains, 272

Household Production Function (HPF), 151

Hubbart formula, 275

Human capital, 454

Human-made attractions, 293

Human-made environment, 551

IIATA. See International Air Transport

Association (IATA)

ICT. See Information and Communication

Technology (ICT)

Idiosyncratic effect

of destination, 78

of tourism, 78

Image of the holiday, 185

Immiserizing growth, 490

Imperfect information, 391–392

Implicit price, 149, 166

Inbound tourism, 28

Incentive

constraint, 359, 390

tours, 261

Income

elasticity of tourism, 79

multiplier, 436

time paradox, 171

Incoming agencies, 261

Incoming specialists, 245

Incomplete information, 188–189

Independent

tourism, 82

tourist, 121

wants, 143

Index of saturation, 39

Indirect competition, 278

Indirect control, 527

Indirect costs (IC), 253

Industrial districts, 463

Industrial revolution, 399

Inexhaustible

and nonrenewable resources, 559–560

and renewable resources, 563–564

Inferior tourism, 83

Informational cascade, 202–204

Information and Communication Technology

(ICT), 101, 266, 399

Information asymmetry, 215, 334–335, 358

Infrastructures, 86

Input–output approach, 582

Input–Output (I-O) models, 51, 53, 437

Insurance market, 364

Intermediation, 418

Internalization advantages, 475

Internal tourism, 29

International

day-trippers, 31

firm, 474

flow, 469

hospitality firm, 474

hotel chains, 273–274

market, 468

organizations, 542

tourism, 29, 66, 467

tourism receipts, 483

tourists, 31, 66

tour operators, 470–473

visitor, 30

International Air Transport Association

(IATA), 262

Internet revolution, 399

Inter-seasonal seasonality, 228

Intersection externality, 534

Intra-industry tourism, 490

Intra-seasonal seasonality, 228

Investment, 155

Irregular components, 220

JJevons’s law, 346

Joint

investment, 395

venture, 320, 360

KKaldor model, 446–447

Keynesian multiplier, 428

LLagrangean function, 135

Lagrangean multiplier, 135

Last minute, 306, 307

Law of demand, 76

Leasing, 320

Leiper model, 23

Leisure time, 167

Length

of stay, 30, 108

of the trip, 43

Index 611

Lerner index, 255

Lexicographic order, 140

Linkages, 477

Load factor, 252, 290

Local

development, 464

institutions, 541

Location advantages, 475

Lock-in effect, 377, 403

Loisir, 19Long run, 265

Love of Variety Theorem, 94, 96, 97

Low cost, 259, 302

airlines, 470

flights, 286

Lower-bound exit, 384

Low-quality hotels, 335

Luxury destination, 83

MMaldives, 461–462

Management

contract, 320

of crises, 97

Maps.Google, 342

Marginal cost, 274

Marginal propensity

to consume, 431

to import, 431

to invest, 435

to spend abroad, 431

Market, 211

concentration, 246

criterion, 47

effect, 78

mix, 280

power, 254

regulation, 289

research, 249

uncertainty, 188

Marketing, 250

Markup, 245, 252, 254–256, 263, 274, 375

Mass customization, 411

Mass tourism, 114, 550

Mass-tourist-market, 123

Mass tourists, 567

Matrix of tourism output, 36

Maximisation of tourists spending, 103

Maximum profit, 314

MDG. See Millennium Development Goals

(MDG)

Median Voter Theorem, 578

Menu costs, 251

Merger, 320

Method of Scenarios, 128

Micro-seasonality, 221

Midcentric, 123

Millennium Development Goals (MDG), 556

Minimum quota, 373

Missing market, 528

Mixed public goods, 513

Monetary constraint, 145

Monopolistic competition, 317–318

Monopoly, 315–317

degree, 254

Moral hazard, 334, 357, 385

Motivations or purposes of visit, 29

Mountain tourism, 68

Multinational companies, 474–478

Multiple legs, 304

Multiple purchases, 193–194

Multiplier model, 428

Multistage budgeting, 143

Mystery guest, 385, 387

NNash equilibrium, 397

National government, 541

National Public Organizations, 540–542

National tourism, 29

Natural attractions, 293

Natural environment, 551

Natural growth rate, 446

Natural monopoly, 403

NEG. See New Economic geography (NEG)

Negative externalities, 523–529

Neo-liberal globalization, 479

Net propensity to travel, 43

Network

approach, 304

externality, 404, 407–408

Neural network, 127

New Economic geography (NEG), 405, 497

Nominal exchange rate, 498

Non excludability, 402

Nonexcludability in consumption, 244

Nongovernmental Institutions, 544

Nonprofit organization, 545

Nonrivalry, 402

in consumption, 244

Non-tradable goods, 502

Normal tourism, 83

612 Index

OOccupancy rate, 274

Ocean travel, 284

OLI. See Ownership, Location, Internalization(OLI)

Oligopoly, 318

OLTA. See Online Travel Agency (OLTA)

Online auction, 303, 406

Online Travel Agency (OLTA), 102, 266, 412,

413, 418, 419

Open input–output model, 438

Opportunistic behavior, 347, 360, 383, 394

Optimal choice, 135–136

Optimal seasonality, 236

Optimal size of investment, 230

Option, 505

price, 371

Ordinary spending, 40

Organizational actions, 237

Organizational skills, 491

Outbound tourism, 28

Outgoing specialists, 245

Outgoing travel agencies, 261

Overall profit rate, 234

Overbooking, 305–306

Overnight stays, 38

Ownership advantages, 475

Ownership, Location, Internalization (OLI),

475

PPackage holiday, 149–151

Package tourists, 121

Parasitic factor, 434

Pareto-efficient, 314, 515

equilibrium, 397

Pareto optimality, 523

Partial approach, 304

Participation constraint, 359, 377, 380, 389

Payoff, 361, 382

Peak season, 220

Per capita spending, 42

Perfect competition, 315–317

Perfect discrimination, 303

Perfect information, 390

Periodic events, 220

Pigou tax, 527

Police patrol activity, 250

Policies

for seasonality management, 236

for smoothing tourism seasonality, 236

patrol, 385

Pooling equilibrium, 338, 380

Portfolio diversification, 378

Positional good, 186

Positive externalities, 523

Preference for variety, 490–491

Premium, 370

Price

ceiling, 372–375

discrimination, 299–303

elasticity, 79, 254–256

elasticity of demand, 295

maker, 317

search, 189–198

taker, 315

Pricing according to season, 301

Principal-agent model, 359, 385, 388

Principle of comparative advantage, 486–489

Principle of consistency, 146

Prisoner’s dilemma, 396

Private good, 244, 514

Private information, 336

Product club, 381

Product differentiation, 317, 411

Production costs, 215

Production externalities, 523

Production multiplier, 436

Productivity slowdown, 404

Professional association, 546

Profit rate, 234

Property rights, 402

Psychocentric, 122, 186

Public bads, 521–523

Public goods, 244, 402, 513, 515

Public intervention, 535–536

Public production factors, 519

Pure economics, 2

Put option, 371, 506

QQuality, 323–327, 379

of tourism, 106

search, 198–202

stability, 340

Quotas of production, 527

RRack rate, 277

Rail transport, 284

Rate

of capital use, 234

of managerial profit, 233, 234

of overall profit, 233

Reaction function, 319

Real exchange rate, 501

Real restyling, 118

Index 613

Regional development, 440–441

Regional tourism organization, 542

Regret, 187

Release back period, 247

Release date, 371

Repeat purchases, 194–195

Reputation, 360, 413

Reputation(al), 352–354

capital, 343

equilibrium, 340

Research and development, 454

Reservation price, 149

Residuals, 220

Resource appropriability, 565

Responsible tourism, 568–572

Restraining actions, 237

Restyling, 118, 120

Retail level, 217

Return of preferences, 187

Revaluation, 500

Revenue management, 297

Revenue per available room (RevPAR), 282

Reverse auction, 407

RevPAR. See Revenue per available room(RevPAR)

Rigid structure, 304

Rimini, 119, 120, 222

Risk

aversion, 362

neutrality, 362

premium, 363, 392

propensity, 362

Rivalry in consumption, 513

Rough set approach, 127

Roulette formula, 260, 306

Ryanair, 286–288

SSales tax, 537

Same-day visitor, 26

Scheduled service, 285

Scientific discipline, 5

Search cost, 345

Search engine, 266

Search goods, 198–202, 210, 348–350

Search models, 346–347

Seaside tourism, 68

Seasonal gap, 232

Seasonality, 218–238

gap, 228

losses, 230

management, 237

peak factor, 228

rate, 228

Seasonal profile, 220

Season length, 232

Seat-inventory, 304

Second-degree price discrimination, 302

Sectoral interdependence, 51

Sectoral tourism multipliers, 438, 439

Selection, 413

Self-organization of a holiday, 151–153

Semi-rigid, 305

Separability of preferences, 142

Separating equilibrium, 338, 359, 380

Sequential search, 190, 195

Seychelles, 460

Shadow price, 152, 166, 256

Short run, 265

Shoulder season, 221

Signaling, 336, 337, 413

Simultaneous search, 189

Single currency, 493

Single leg, 304

Site-specific attraction, 292

Snob effect, 110–112, 187

Social carrying capacity, 577–580

Social networks, 341–343, 414

Social sustainability, 551, 566–569

Social tourism, 571

Solow model, 447

Spain, 98–100

Spa tourism, 68

Species disciplines, 7

Specific investment, 393

Specificity, 215

Specific occupancy rate, 279

Specific spending, 40

Spot markets, 209, 367

Stabilization reason, 512

Stackelberg’s model, 319

State of nature, 208

State of the world, 208

Static techniques, 304

STD. See Sustainable Tourism Development

(STD)

ST-EP program. See Sustainable Tourism-

Eliminating Poverty (ST-EP) program

STG. See Sustainable Tourism Growth (STG)

Stolper–Samuelson theorem, 489

Stopping rule, 189

Strategic interaction, 318

Strong separability, 143

Structural models, 125

Structure–Conduct–Performance (SCP), 311

614 Index

Subsidiarity, 542

Subsidy, 295

Substitutability, 139

Substitute for tourism, 81

Substitutes, 139

Substitution effect, 167

Sunk cost, 294

Supply-side approach, 48–50

Supranational firm, 474

Surplus, 150

Sustainability, 106

Sustainable development, 554

Sustainable tourism, 550, 555, 557

Sustainable Tourism Development (STD), 558

Sustainable Tourism-Eliminating Poverty (ST-

EP) program, 569

Sustainable Tourism Growth (STG), 160

Swap transaction, 505

Switching costs, 403, 409

Symbiosis, 552

TTable of mobility, 28

Table of sectoral interdependence, 51–53

Takeover, 320

TALC. See Tourism area life cycle model

(TALC)

Target profit, 275

Taxes, 536–539

Team project, 213

Technical coefficients of production, 54

Technological criterion, 47

Technological uncertainty, 188

Technology, 238–242

Terms of trade, 458

TEV. See Total Economic Valuation (TEV)

Theme parks, 293

Theorem of purchasing power parity, 502

Theory of comparative advantage, 486

Third-degree price discrimination, 300–303

Time constraint, 145

Time series analysis, 125

TKIG. See Tourism-capital import growth

(TKIG)

TLG. See Tourism-led growth (TLG)

Total Economic Valuation (TEV), 582

Tour

management, 250

operator, 91, 245–260

operators, 217

organizer, 246

Tourism, 5–8, 26

attraction, 292

balance of trade, 62, 71

basket, 33, 137–138

budget, 144

consumption, 134, 441

demand, 55, 75–85, 133

demand forecasting, 124–129

departments, 49

destinations, 10, 12–13, 73, 85, 496

development, 441–444

districts, 465

economics, 3, 8–12

enclave, 434

expenditure, 39–42, 430

expenditure multiplier, 428

exports, 483

generating region, 496

industry, 47, 56

investment, 40, 134

mix, 238

multiplier, 428–430

multiplier of income, 432

policy, 541

product, 9–10, 32–36, 41, 134, 330, 514

production, 208–210

resource, 106

sector, 46–51

space, 23

super-multiplier, 435–437

take-off, 442

and travel industry, 56

and travel system, 56

Tourism area life cycle model (TALC), 114

Tourism-capital import growth (TKIG), 462

Tourism-led growth (TLG), 462

Tourism Satellite Account (TSA), 63

Tourists, 26, 30

investment, 40, 155, 158–160

Tradable goods, 502

Trade unions, 546

Tragedy of the commons, 464

Transaction costs, 212, 215

Transit tourism, 28

Transnational firm, 474

Transport sector, 282

Travel

agencies, 217

agency, 260–267

cost, 178

and tourism industry, 23

Traveler’s cheques, 506

Trend, 219

Triangular arbitrage, 508

Index 615

Trip Advisor, 341

Trip frequency, 43

Two-part tariff, 296, 303, 411

UUncertainty, 361

Uncertainty of the alternatives, 188

Uncoordinated firms, 88–89

Unfriendly tourism, 532–534, 550

United Nations World Tourism Organization

(UNWTO), 543, 545

Unit (daily) price, 137

UN Millennium Development Goals, 570

UNWTO. See United Nations World Tourism

Organization (UNWTO)

Upgrading, 298

User price, 158

Utility function, 135

VVal di Fassa, 223

Value added, 53

Variable costs, 273

Variety, 330–334

proliferation, 411

theorem, 10

VAT. See Ad valorem tax (VAT)

Veblen effect, 187

Vertical collaboration, 377

Vertical differentiation, 321

Vertical integration, 247, 319, 373, 387

ViaMichelin, 342

Visitor, 26

Voice, 578

Voluntary tourism, 546

WWarranted growth rate, 445

Weak separability, 143

Wealth effect, 167

Welfare economics, 314

Wholesale level, 217

Willingness to pay, 518

Word of mouth, 341–343, 351–354, 415

Working time, 167

World Travel & Tourism Council (WTTC), 66

YYield management, 296–298

Yield per Room (YPR), 282

616 Index