Abstract
This paper applies a financial portfolio theory to identify the optimal market mixes of foreign tourist arrivals. The international tourism industry often has large fluctuations in demand due to unexpected events, economic situations, and political relations among nations. Targeting the minimization of these fluctuations, this study can shed some light on diversification in the tourism markets and offer tourism authorities explicit guidelines for long-term development of the US tourism industry. For example, to achieve the goal of foreign tourist arrivals to the US, US tourism authorities should shift available resources to the UK, Mexico and Canada. If they pursue the highest reward ratio, they have to focus on UK, Asian (excluding Japan), and Mexican markets. Further implications in this paper are provided to guide tourism authorities and marketers.
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