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Dynamic and stochastic structures in tourism demand modeling
Umeå universitet.ORCID iD: 0000-0001-8608-7976
2005 (English)In: Empirical Economics, ISSN 0377-7332, E-ISSN 1435-8921, Vol. 30, no 2, p. 379-392Article in journal (Refereed) Published
Abstract [en]

In this paper we consider a model for international tourism demand. The point of departure of the analysis is a utility function that is both dynamic and stochastic. In the model the stochastic component is interpreted as random changes in preferences for goods and services, while the dynamic component can be seen as either habit formation or as interdependent preferences. The resulting demand functions are estimated as a multivariate state space model, where the stochastic components enter the model as stochastic seasonal and trend components. An application is constructed for different segments of the Swedish tourism market. The results indicate the importance of including both dynamic and stochastic components in the utility function, and the importance of using disaggregate data to enable investigation of each market segment.

Place, publisher, year, edition, pages
Umea Univ, Dept Econ, S-90187 Umea, Sweden.: PHYSICA-VERLAG GMBH & CO , 2005. Vol. 30, no 2, p. 379-392
National Category
Economics and Business
Identifiers
URN: urn:nbn:se:du-38516DOI: 10.1007/s00181-005-0238-8ISI: 000236934400006OAI: oai:DiVA.org:du-38516DiVA, id: diva2:1603565
Available from: 2021-10-15 Created: 2021-10-15 Last updated: 2025-10-09Bibliographically approved

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Nordström, Jonas

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  • apa
  • ieee
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  • de-DE
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  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
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Output format
  • html
  • text
  • asciidoc
  • rtf