In particular, we considered the tourism demand at the destination as the relationship between the number of overnight stays and the daily price of the holiday, and then we used it as a tool to study the economic problems facing the destination as well as to interpret its solutions in light of the planning and policy of tourism. Particularly, four extensions of the consumer theory will be examined throughout the chapter.
With this chapter we begin to study the supply side of the tourism sector by focusing on the economic rationale of firms supplying goods and services that are included in the matrix of the tourism product see Sect. By recalling that tourism can be classified and defined according to the dimensions of plurality and heterogeneity, also tourism firms are many and diverse: they range from travel agencies to tour operators, from hotels to campgrounds, from transport companies to amusement parks, to museums, etc.
After having analyzed in Chap. In this chapter, where we continue from Chap.
These services are also included in the package holiday produced by the tour operator: the hospitality firms supply accommodation services of different variety and quality see Sect. As stated many times before, the tourism product is a set of heterogeneous and complementary services, supplied by firms that either directly serve the tourists or indirectly satisfy their demand. In other words, a single tourism demand does not exist see Sect. Each tourism market can be seen as an abstract configuration in which demand and supply meet and in which an equilibrium in terms of quantity produced and price is set.
The nature of this equilibrium, its efficiency, and its stability over time heavily depend on the diverse characteristics of the many existing real-world configurations. After having studied the economic problem of tourism firms Chaps. In fact, the existence of uncertainty about the future, information asymmetry, and the subsequent opportunistic behavior, the specific features of investment projects, all require the arrangement of tailor-made contracts between firms aimed at bringing back efficiency in the transaction.
As every other aspect of everyday life and socioeconomic relationships, also tourism is crossed, and sometimes deeply affected, by the evolution of a complex system of phenomena that in the common language can be defined as Internet Revolution, New Economy, Information Technology IT , Information and Communication Technology ICT , etc.
The Bottom Billion. Paul Collier. The Death of Money. James Rickards.
Joseph Stiglitz. Christopher Goto-Jones. Economics: A Very Short Introduction. Partha Dasgupta. Treasure Islands.
Nicholas Shaxson. The Globalization Paradox. Dani Rodrik. Global Shift.
While tourism is an important sector, contributing to more than 10% of the European Union's GDP, research and Springer Texts in Business and Economics. Part of the Springer Texts in Business and Economics book series (STBE) Introduction: Economics of Tourism, Economics of Destinations, Tourism Studies .
Peter Dicken. Bad Samaritans. Ha-Joon Chang.
Alexander Davidson. Financial Times Guide to the Financial Markets. Cham : Springer International Publishing. This textbook first introduces the reader to return measurement and then goes on to compare the time-weighted rate of return TWR with the money-weighted rate of return MWR.
As a conclusion, the book provides the reader with all the essential aspects of investment controlling. Investment Controlling. The papers presented in this volume advance the state-of-the-art research on social media and Web 2. This book covers the most significant topics contributed by prominent scholars from around the world and is suitable for both academics and practitioners who are interested in the latest developments in e-Tourism.
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