Tourism Economics and Policy 2nd Edition by Larry Dwyer, Peter Forsyth, Wayne Dwyer 1845417313 9781845417314

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ISBN 10: 1845417313

ISBN 13: 9781845417314

Author: Larry Dwyer, Peter Forsyth, Wayne Dwyer

Since the publication of the first edition of this seminal textbook, the tourism economics landscape has undergone many changes. In this concise revised edition, the authors have incorporated new approaches and ideas influencing tourism economics and policy. This includes discussions of the implications of the sharing economy and its effect on industry structure in accommodation and transport, and Artificial Intelligence (AI) techniques that are being increasingly employed in tourism forecasting. It also includes new material on surface and marine transport, resident quality of life issues, the price mechanism, the economic contribution of tourism, tourism and economic growth, and tourism and sustainable development. It remains an important and accessible text for students, researchers and practitioners in tourism economics and tourism policy.

Tourism Economics and Policy 2nd Table of contents:

1. The Demand for Tourism

1.1 Introduction

1.2 Factors Influencing Tourism Demand

1.2.1 Demand for tourism

1.2.2 Demand for a tourism product

1.3 Tourism Demand and Elasticity

1.3.1 Price elasticity of demand

1.3.2 Income elasticity of demand

1.3.3 Cross-price elasticity of demand

1.3.4 Marketing (advertising) elasticity of demand

1.4 Measuring Demand for International Tourism Arrivals

1.4.1 Dependent variables

1.4.2 Independent (explanatory) variables

1.4.3 Statistical testing

1.5 Conclusions

2. Tourism Supply

2.1 Introduction

2.1.1 Tourism products are not like other products

2.2 Factors Influencing Tourism Supply

2.2.1 Tourism supply and price

2.2.2 Tourism supply and non-price factors

2.3 Tourism Supply and Elasticity

2.4 Production, Costs and Supply

2.4.1 Production

2.4.2 Costs

2.4.3 The relationship between production and costs

2.4.4 External economies

2.4.5 Economies of scale versus economies of scope

2.5 Private Costs and Social Costs in Tourism

2.6 Supply Chain Management

2.6.1 Supply chain

2.7 Conclusions and Policy

3. The Price Mechanism

3.1 Introduction

3.2 The Price Mechanism

3.2.1 Excess demand

3.2.2 Excess supply

3.3 Changes in Equilibrium Price

3.3.1 Changes in demand

3.3.2 Changes in supply

3.3.3 Changes in both demand and supply

3.4 Outcome of Market Equilibrium

3.4.1 Economic efficiency

3.4.2 Welfare maximization: consumer and producer surplus

3.5 Limitations of the Price Mechanism

3.5.1 Market power influences prices

3.5.2 Consumer sovereignty is less powerful than often assumed

3.5.3 Imperfect information

3.5.4 Economic inequality

3.5.5 Externalities

3.5.6 Economic instability and government intervention in markets

3.6 Conclusions and Policy

4. Tourism and Market Structure

4.1 Introduction

4.2 Market Structure

4.2.1 Perfect competition

4.2.2 Monopoly

4.2.3 Monopolistic competition

4.2.4 Oligopoly

4.3 A Framework for Policy Analysis: S-C-P

4.3.1 Market structure

4.3.2 Conduct

4.3.3 Performance

4.3.4 Public policy

4.3.5 Limitations of S-C-P framework

4.4 Rise of the Sharing Economy

4.5 Conclusions and Policy

5. Strategic Pricing in Tourism

5.1 Introduction

5.2 Cost-Based Pricing Strategies

5.2.1 Cost-plus (mark-up) pricing

5.2.2 Pricing for profit maximization

5.2.3 Marginal cost pricing

5.2.4 Peak load pricing

5.3 Market-Based Pricing Strategies

5.3.1 Price discrimination

5.3.2 Two-part tariff

5.3.3 Price skimming

5.3.4 Penetration pricing

5.3.5 Loss leader pricing

5.3.6 Promotional pricing

5.3.7 Bundling

5.4 Competition-Based Pricing

5.4.1 Price leadership

5.4.2 Predatory pricing

5.4.3 Transfer pricing

5.5 Non-Profit Goals

5.6 Conclusions and Policy

Tourism Forecasting

6. Forecasting Tourism Demand

6.1 Introduction

6.2 The Forecasting Process

6.3 Challenges to Tourism Forecasting

6.4 Forecasting Approaches

6.5 Quantitative Forecasting

6.5.1 Time series approaches to forecasting

6.5.2 Econometric (causal) approaches to forecasting

6.6 Qualitative Approaches to Forecasting

6.7 A Hybrid or Integrative Approach

6.8 The Future: Artificial Intelligence Approaches

6.9 Conclusions and Policy

Tourism’s Economic Contribution and Economic Impacts

7. The Economic Contribution of Tourism

7.1 Introduction

7.2 Tourism Increased Sales Revenues for Tourism-Related Businesses

7.2.1 Effects of increased inbound tourism expenditure on domestic tourism supply

7.3 Tourism Stimulates Local Production and Output

7.3.1 Direct effects

7.3.2 Indirect effects

7.3.3 Induced effects

7.3.4 Leakages from imports

7.4 Tourism Creates New Employment Opportunities

7.5 Tourism Generates Foreign Exchange Earnings

7.5.1 Gross versus net foreign exchange effects

7.6 Tourism Creates New Investment Opportunities

7.7 Tourism Increases Government Revenue

7.8 Tourism Assists Regional Development

7.9 Non-Economic Effects

7.10 Conclusions

8. Measuring Economic Contribution: Tourism Satellite Accounts

8.1 Introduction

8.2 Need for Improved Statistical Data

8.3 What is a Tourism Satellite Account?

8.4 TSA and the ‘Tourism Industry’

8.5 Constructing the TSA

8.6 Direct Versus Indirect Economic Contribution of Tourism

8.7 The Importance of TSA

8.8 Regional TSA

8.9 Updating TSA

8.10 TSA as a Basis for Policy

8.10.1 Measures of tourism yield

8.10.2 Tourism productivity estimates

8.10.3 Estimating the carbon footprint of tourism

8.11 Economic Contribution Versus Economic Impact

8.12 Conclusions and Policy

9. The Economic Impacts of Tourism

9.1 Introduction

9.2 The Purpose of Economic Impact Analysis (EIA)

9.3 The Tourism Multiplier

9.3.1 Multipliers based on input-output models

9.3.2 SAM multipliers

9.4 Factors Limiting Tourism’s Multiplier Effects

9.4.1 Factor supply constraints

9.4.2 Crowding-out effects

9.4.3 Exchange rate changes

9.4.4 Government fiscal policy stance

9.5 EIA Using Computable General Equilibrium Modelling

9.6 Applications of CGE Modelling to Tourism

9.6.1 Economic impacts of changes in inbound tourism

9.6.2 Economic impacts of tourism crises

9.6.3 Tourism and poverty alleviation

9.6.4 Assessing tourism policy

9.6.5 Economic impacts of special events

9.7 EIA and Policy Analysis

9.7.1 The importance of general equilibrium analysis

9.7.2 Impacts are not benefits

9.8 Conclusions and Policy

10. Economic Evaluation of Special Events

10.1 Introduction

10.2 The Logic of Government Support for Special Events

10.3 Economic Evaluation of Special Events: General Issues

10.3.1 Setting the boundaries of the host region for the event

10.3.2 Estimating ‘new’ expenditure

10.4 The Economic Impacts of an Event

10.5 Challenges to Common Practice Event Assessment Using Standard EIA

10.5.1 Event ‘multipliers’

10.5.2 Relevance of the labour market

10.5.3 Treatment of construction expenditure

10.5.4 Treatment of taxes and subsidies

10.6 CGE Modelling of Special Events

10.6.1 Economic impact assessment of the Melbourne Formula One Grand Prix: An example of a CGE study

10.7 Wider Effects of Special Events

10.8 Cost-Benefit Assessment

10.8.1 Cost-benefit assessment of the Melbourne Formula One Grand Prix

10.9 Beyond Economic Aspects: Holistic Event Evaluation

10.9.1 An essential role for CGE modelling

10.9.2 An essential role for CBA

10.9.3 Treatment of non-economic impacts

10.10 Conclusions and Policy

Tourism Investment and Taxation

11. Investment by Tourism Firms

11.1 Introduction

11.2 Categories of Private Tourism Investment

11.2.1 Gross versus net investment

11.3 Types of Investment

11.4 Determinants of Investment

11.5 The Investment Demand Curve

11.5.1 Firm’s optimal level of investment

11.5.2 Shifts in investment demand

11.6 Sources of Capital Investment Financing

11.7 Selecting Capital Investment Projects

11.7.1 Estimating cash flows for the project proposals

11.7.2 Discounting

11.7.3 The accept–reject decision

11.7.4 Reviewing investment projects after implementation

11.8 Challenges Facing Private Tourism Investment

11.9 Foreign Direct Investment in Tourism

11.9.1 Destination ability to attract tourism FDI

11.9.2 Motives for FDI in tourism

11.10 Effects of FDI on Host Destination

11.10.1 Potential advantages of FDI to host destination

11.10.2 Potential disadvantages of FDI to host destination

11.11 Conclusions and Policy

12. Investment in Tourism Infrastructure

12.1 Introduction

12.2 Infrastructure Investment: Some General Issues

12.2.1 Pricing options for public utilities

12.2.2 The short-run problem: pricing congestion

12.2.3 Additional capacity

12.3 Investment Assessment

12.4 Infrastructure Provision: The New Private Model

12.4.1 Regulating private infrastructure

12.4.2 Public–private partnerships

12.4.3 User pays

12.5 Environmental Constraints and Trade-Offs

12.6 Infrastructure and Tourism Growth: Necessary But Not Sufficient

12.7 Tourism Infrastructure in Developing Countries

12.8 Conclusions and Policy

13. Taxation of Tourism

13.1 Introduction

13.2 Types of Tourism Taxation

13.3 Tax Incidence

13.4 Arguments for Taxing Tourism

13.4.1 Exporting taxes to non-residents

13.4.2 Provision of public investment

13.4.3 Expansion and diversification of the tax base

13.4.4 Overcoming tax base erosion

13.4.5 Taxes to correct for environmental externalities

13.4.6 Taxes to promote tourism destinations

13.5 Arguments Against Tourism Taxation

13.5.1 Excess burden (deadweight loss)

13.5.2 Reduced price competitiveness and contraction of economic activity

13.5.3 Risk of excessive taxation of tourism globally

13.5.4 Retaliation

13.6 Principles of Intelligent Taxation

13.7 Conclusions and Policy

Tourism and Transport

14. Tourism and Transport

14.1 Introduction

14.2 Modes of Tourism Transport

14.2.1 Transport networks, gateways and hubs

14.2.2 Intermodality

14.3 Surface Transport

14.3.1 Motor vehicles

14.3.2 Bus

14.3.3 Rail

14.3.4 Public transport

14.3.5 Active travel

14.4 Maritime Transport

14.4.1 Estimating the economic contribution of a cruise ship visit

14.5 Aviation

14.5.1 Drivers of aviation growth

14.5.2 Challenges faced by aviation

14.6 Need for Integrated Transportation Planning to Support Tourism

14.7 Tourism Transport into the Future

14.8 Conclusions and Policy

Tourism and the Environment

15. Valuing Tourism’s Environmental Effects

15.1 Introduction

15.2 The Importance to Tourism of a Valued Environment

15.3 The Potential Impacts of Tourism on the Environment

15.4 Market Failure and its Sources

15.4.1 Lack of property rights to the environment

15.5 Private Goods

15.6 Public Goods

15.7 Club Goods

15.8 Common Goods

15.8.1 The tragedy of the commons

15.8.2 Solutions to the tragedy of the commons

15.9 Externalities

15.9.1 Negative externalities lead to over-production and over-consumption

15.9.2 Positive externalities lead to under-production and under-consumption

15.10 Valuing Environmental Resources: Total Economic Value

15.10.1 Direct use value

15.10.2 Indirect use value

15.10.3 Non-use value

15.11 Estimating the Non-Use Value of Environmental Amenities

15.11.1 Stated preference

15.11.2 Revealed preference

15.11.3 Imputed valuation

15.12 Conclusions and Policy

16. Economic Instruments to Address Tourism’s Environmental Effects

16.1 Introduction

16.2 Economic Instruments for Environmental Protection

16.2.1 The bargaining solution

16.2.2 Internalizing externalities

16.2.3 Regulation (direct controls)

16.2.4 Tax on output

16.2.5 Tax on emissions

16.2.6 Subsidies

16.2.7 Tradeable permits

16.3 Complementary Approaches to Environmental Management

16.3.1 Technology development for energy efficiency

16.3.2 Voluntary agreements

16.3.3 Education and information

16.3.4 New business models

16.3.5 Codes of conduct

16.4 Choosing Between Instruments

16.5 Tourism and Climate Change

16.5.1 Effect of climate change on economic growth

16.5.2 Tourism affects climate: tourism’s carbon footprint

16.5.3 Climate change affects tourism

16.6 Policy Responses to Climate Change

16.6.1 Mitigation policies

16.6.2 Adaptation policies

16.6.3 The Paris Accord

16.7 Challenges for Tourism Policymakers

16.7.1 Uncertainties

16.7.2 Developing environmental indicators

16.8 Conclusions and Policy

Tourism, Growth and Sustainability

17. Tourism and Economic Growth

17.1 Introduction

17.2 Economic Globalization

17.2.1 Characteristics of globalization

17.2.2 Concerns about globalization

17.3 Economic Growth

17.3.1 The effects of economic growth

17.3.2 Drivers of economic growth

17.4 Growth, Unemployment and Inflation

17.4.1 Inflation

17.4.2 Employment/unemployment

17.5 The Importance of Productivity

17.6 Growth-Led Tourism Versus Tourism-Led Growth

17.6.1 Growth-led tourism (GLT)

17.6.2 Tourism-led growth (TLG)

17.6.3 Constraints on both GLT and TLG

17.7 Does Tourism Growth Reduce Poverty?

17.8 Costs of Economic Growth

17.8.1 Growth mania

17.8.2 GDP is only a partial measure of economic wellbeing

17.9 Alternative Measures of Progress

17.10 Conclusions and Policy

18. Sustainable Tourism Development

18.1 Introduction

18.2 What is Meant by Sustainability?

18.3 Wealth, Wellbeing and Sustainability

18.4 ‘Weak’ and ‘Strong’ Sustainability

18.5 Sustaining and Enhancing Wellbeing

18.6 The Ecological Perspective

18.7 The Genuine Progress Indicator

18.8 Tourism and Sustainable Development Goals (SDG)

18.8.1 An ecological perspective on tourism stakeholder responsibilities in meeting SDGs

18.9 Measurement Challenges

18.9.1 Measuring stocks (wealth)

18.9.2 Measuring wellbeing

18.9.3 Measuring sustainability

18.9.4 Building a statistical base for sustainable tourism development: The MST index

18.10 Key Enablers of Sustainable Tourism Development

18.11 Conclusions and Policy

Destination Competitiveness

19. Destination Competitiveness

19.1 Introduction

19.2 Integrated Models of Destination Competitiveness

19.3 The Travel and Tourism Competitiveness Index

19.3.1 Construction of the TTCI

19.3.2 Key enablers of improved destination competitiveness

19.4 Challenges to Measuring Destination Competitiveness

19.5 Destination Competiveness by Niche Market

19.6 Destination Price Competitiveness

19.7 Measures of Destination Price Competitiveness

19.7.1 The Consumer Price Index

19.7.2 Price indexes of tourism bundles

19.7.3 Package tour prices

19.7.4 Tourism Trade Weighted Index

19.7.5 Purchasing power parity

19.7.6 Comprehensive destination price competitiveness index

19.7.7 Which indicator to use?

19.8 Destination Competitiveness and Resident Quality of Life

19.8.1 Measuring quality of life

19.8.2 Quality of life measurement and destination competitiveness

19.9 Conclusions and Policy

Future Directions

20. Future Directions for Research in Tourism Economics

20.1 Tourism Demand and Forecasting

20.2 Supply, Market Structure and Pricing

20.3 Measuring Tourism’s Economic Contribution, Impacts and Net Benefits

20.3.1 Tourism employment

20.3.2 Investment

20.3.3 Taxation

20.3.4 Tourism and transport

20.4 Tourism and Economic Growth

20.5 Sustainability and Tourism Growth

20.6 The Need for a Heterodox Approach

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