Yong Chen, Ph.D., is an Associate Professor at Ecole hoteliere de Lausanne (EHL), Switzerland, where he lectures on economics of tourism and hospitality. Prior to joining EHL in 2014, he was a Postdoctoral Fellow in the School of Hotel and Tourism Management at The Hong Kong Polytechnic University, where he also obtained his Ph.D. in 2012. Dr. Chen’s research interests include tourist behavior, tourism demand, the sharing economy, and Chinese outbound tourism. Dr. Chen’s research has been published in a diverse range of reputable journals and his opinions have also appeared in CNN, CGTN, South China Morning Post, Sixth Tone, and EHL Hospitality Insights.

‘This book represents a massive step forward in the understanding and teaching of tourism economics, being a pioneer in entirely focussing on the microeconomics behind tourism and hospitality. Students, teachers, and practitioners would appreciate the author’s ability in effectively explaining real-world phenomena with rigorous theoretical analysis. It is a fascinating narrative of tourism and hospitality through the austere language of economics.’Paolo Figini, Associate Professor of Economics, University of Bologna, Italy‘This book is a timely addition to the existing economics texts. The author has taken a balanced approach in integrating economic theories with tourism and hospitality practices. The coverage of the book is comprehensive and the contents are easily accessible by both undergraduate and postgraduate students studying tourism and hospitality programs. The book is also a very useful reference for academics who have research interests in tourist and firm behaviors.’Haiyan Song, Professor of Tourism, The Hong Kong Polytechnic University, Hong Kong, China‘Professor Chen presents an insightful integration of modern microeconomic theory and the competitive dynamics of the tourism and hospitality industry. His analysis of the prevailing models and explanations are expertly framed and explicated using examples from a wide-array of industry segments and settings, and he contextualizes the implications in a cogent, comprehensive, and accessible manner that will appeal to students, scholars, and practitioners alike.’J. Bruce Tracey, Professor of Management, Cornell University, United States'This book well introduces a theoretic overview of microeconomics and provides practical applications to the tourism and hospitality industries. This is a unique reference for students and industry practitioners in tourism and hospitality who are seeking an insight into rapidly changing global markets and customer behaviors. This book is clearly the top of my recommended reading list.' SooCheong (Shawn) Jang, Ph.D., Professor of Hospitality and Tourism Management, Purdue University, USA.

• MODULE 1 The market 1. Economic approach to tourism and hospitality 2. Demand, supply, and the market 3. Uber’s surge pricing and market efficiency MODULE 2 Demand 4. Consumer choice and demand 5. Elasticity of consumer demand 6. Network effects in market demand 7. Demand for Pinot Noir versus Merlot: The Sideways effect MODULE 3 Supply 8. Firm production and cost 9. Competition and market structure 10. Market concentration and market power 11. Airbnb versus hotels in supply adjustment MODULE 4 Firm behavior and strategy 12. Monopoly and price discrimination 13. Starbucks pricing: Tall, Grande, and Venti 14. Duopoly and product differentiation 15. McDonald’s versus Burger King in product differentiation MODULE 5 Transaction and Institution 16. Intermediation and the bid-ask spread 17. The two-sided market and price structure 18. The platformization of OpenTable

Yong Chen, Ph.D., is an Associate Professor at Ecole hoteliere de Lausanne (EHL), Switzerland, where he lectures on economics of tourism and hospitality. Prior to joining EHL in 2014, he was a Postdoctoral Fellow in the School of Hotel and Tourism Management at The Hong Kong Polytechnic University, where he also obtained his Ph.D. in 2012. Dr. Chen’s research interests include tourist behavior, tourism demand, the sharing economy, and Chinese outbound tourism. Dr. Chen’s research has been published in a diverse range of reputable journals and his opinions have also appeared in CNN, CGTN, South China Morning Post, Sixth Tone, and EHL Hospitality Insights.

‘This book represents a massive step forward in the understanding and teaching of tourism economics, being a pioneer in entirely focussing on the microeconomics behind tourism and hospitality. Students, teachers, and practitioners would appreciate the author’s ability in effectively explaining real-world phenomena with rigorous theoretical analysis. It is a fascinating narrative of tourism and hospitality through the austere language of economics.’Paolo Figini, Associate Professor of Economics, University of Bologna, Italy‘This book is a timely addition to the existing economics texts. The author has taken a balanced approach in integrating economic theories with tourism and hospitality practices. The coverage of the book is comprehensive and the contents are easily accessible by both undergraduate and postgraduate students studying tourism and hospitality programs. The book is also a very useful reference for academics who have research interests in tourist and firm behaviors.’Haiyan Song, Professor of Tourism, The Hong Kong Polytechnic University, Hong Kong, China‘Professor Chen presents an insightful integration of modern microeconomic theory and the competitive dynamics of the tourism and hospitality industry. His analysis of the prevailing models and explanations are expertly framed and explicated using examples from a wide-array of industry segments and settings, and he contextualizes the implications in a cogent, comprehensive, and accessible manner that will appeal to students, scholars, and practitioners alike.’J. Bruce Tracey, Professor of Management, Cornell University, United States'This book well introduces a theoretic overview of microeconomics and provides practical applications to the tourism and hospitality industries. This is a unique reference for students and industry practitioners in tourism and hospitality who are seeking an insight into rapidly changing global markets and customer behaviors. This book is clearly the top of my recommended reading list.' SooCheong (Shawn) Jang, Ph.D., Professor of Hospitality and Tourism Management, Purdue University, USA.

• MODULE 1 The market 1. Economic approach to tourism and hospitality 2. Demand, supply, and the market 3. Uber’s surge pricing and market efficiency MODULE 2 Demand 4. Consumer choice and demand 5. Elasticity of consumer demand 6. Network effects in market demand 7. Demand for Pinot Noir versus Merlot: The Sideways effect MODULE 3 Supply 8. Firm production and cost 9. Competition and market structure 10. Market concentration and market power 11. Airbnb versus hotels in supply adjustment MODULE 4 Firm behavior and strategy 12. Monopoly and price discrimination 13. Starbucks pricing: Tall, Grande, and Venti 14. Duopoly and product differentiation 15. McDonald’s versus Burger King in product differentiation MODULE 5 Transaction and Institution 16. Intermediation and the bid-ask spread 17. The two-sided market and price structure 18. The platformization of OpenTable

Yong Chen, Ph.D., is an Associate Professor at Ecole hoteliere de Lausanne (EHL), Switzerland, where he lectures on economics of tourism and hospitality. Prior to joining EHL in 2014, he was a Postdoctoral Fellow in the School of Hotel and Tourism Management at The Hong Kong Polytechnic University, where he also obtained his Ph.D. in 2012. Dr. Chen’s research interests include tourist behavior, tourism demand, the sharing economy, and Chinese outbound tourism. Dr. Chen’s research has been published in a diverse range of reputable journals and his opinions have also appeared in CNN, CGTN, South China Morning Post, Sixth Tone, and EHL Hospitality Insights.

‘This book represents a massive step forward in the understanding and teaching of tourism economics, being a pioneer in entirely focussing on the microeconomics behind tourism and hospitality. Students, teachers, and practitioners would appreciate the author’s ability in effectively explaining real-world phenomena with rigorous theoretical analysis. It is a fascinating narrative of tourism and hospitality through the austere language of economics.’Paolo Figini, Associate Professor of Economics, University of Bologna, Italy‘This book is a timely addition to the existing economics texts. The author has taken a balanced approach in integrating economic theories with tourism and hospitality practices. The coverage of the book is comprehensive and the contents are easily accessible by both undergraduate and postgraduate students studying tourism and hospitality programs. The book is also a very useful reference for academics who have research interests in tourist and firm behaviors.’Haiyan Song, Professor of Tourism, The Hong Kong Polytechnic University, Hong Kong, China‘Professor Chen presents an insightful integration of modern microeconomic theory and the competitive dynamics of the tourism and hospitality industry. His analysis of the prevailing models and explanations are expertly framed and explicated using examples from a wide-array of industry segments and settings, and he contextualizes the implications in a cogent, comprehensive, and accessible manner that will appeal to students, scholars, and practitioners alike.’J. Bruce Tracey, Professor of Management, Cornell University, United States'This book well introduces a theoretic overview of microeconomics and provides practical applications to the tourism and hospitality industries. This is a unique reference for students and industry practitioners in tourism and hospitality who are seeking an insight into rapidly changing global markets and customer behaviors. This book is clearly the top of my recommended reading list.' SooCheong (Shawn) Jang, Ph.D., Professor of Hospitality and Tourism Management, Purdue University, USA.

• MODULE 1 The market 1. Economic approach to tourism and hospitality 2. Demand, supply, and the market 3. Uber’s surge pricing and market efficiency MODULE 2 Demand 4. Consumer choice and demand 5. Elasticity of consumer demand 6. Network effects in market demand 7. Demand for Pinot Noir versus Merlot: The Sideways effect MODULE 3 Supply 8. Firm production and cost 9. Competition and market structure 10. Market concentration and market power 11. Airbnb versus hotels in supply adjustment MODULE 4 Firm behavior and strategy 12. Monopoly and price discrimination 13. Starbucks pricing: Tall, Grande, and Venti 14. Duopoly and product differentiation 15. McDonald’s versus Burger King in product differentiation MODULE 5 Transaction and Institution 16. Intermediation and the bid-ask spread 17. The two-sided market and price structure 18. The platformization of OpenTable