Abstract
Tourists from different European regions have reacted heterogeneously during the Global Economic Crisis. Such variability is due to different preferences and willingness to pay for tourism. This paper explores the underpinnings behind such heterogeneity. Regional variables and household socioeconomic variables are gathered to understand tourists’ expenditure cutback decision. Since the cutback decision is not independent of the destination choice, a Simultaneous Semi-Ordered Bivariate Probit model is specified, which deals with the simultaneous estimation of both decisions and endogeneity. Post-estimation results are based on GIS, contours and non-parametric analysis. They prove that during an economic crisis, tourists’ cutback decisions on tourism expenditure depend on climate conditions of the place of origin, GDP and GDP growth.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
