Edited by Robertico Croes, Professor of Tourism Economics and Management, Rosen College of Hospitality Management, University of Central Florida, US, and Editor of the Rosen Research Review and Yang Yang, Associate Professor, Department of Tourism and Hospitality Management, Temple University and Executive Director of the U.S.-Asia Center for Tourism and Hospitality Research, US

‘A Modern Guide to Tourism Economics provides a very strong analysis of the tourism sector through the application of modern economic ideas, concepts and methods in a thorough, rigorous and comprehensive manner. It brings together contributions from an impressive list of authors who are world-leading in terms of their research and understanding of key issues related to the tourism phenomenon. This book is pertinent to students of tourism management and economics who will appreciate it as a textbook and researchers for whom it will act as a key reference on the subject.’

• Contents:Preface xiiAcknowledgements xv1 Introduction to A Modern Guide to Tourism Economics 1Robertico Croes and Yang Yang2 Tourism and the economic paradigm 15Zheng Chris Cao3 Tourism in an open system: what do theories ofinternational trade and competition teach us? 37Robertico Croes and Simone Marsiglio4 Consumer choice and its repercussions in tourism: modelsand specifications 59Richard Qiu and Sílvia De Almeida5 Seasonality and individual choice: towards a theory ofseasonal behavior 78Jorge Ridderstaat6 Market behavior of tourism firms and its effects on theboundaries of firm 100Nicolas Peypoch7 The role of information and choice under uncertainty 116Juan Luis Nicolau and Abhinav Sharma8 The coordination challenge in tourism destinations: valuecreation, enhancement, and retention 134Paolo Figini9 Tourism development and economic growth: theoreticalunderpinnings and agenda for future research 152Boopen Seetanah and Robin Nunkoo10 Tourism and business cycles 170Lucie Plazakova and Egon Smeral11 Public economics, public choice and tourism 185Philippe Duverger, Larry Yu, and Kristin Lamoureux12 The new institutional economics for hospitality and tourism 203Mehmet Altin13 Environmental economics as a framework to study thetourism phenomenon 221Sergio Alvarez, Christina E. Brown, and J. Walter Milon14 Tourism, development economics, poverty alleviation, andinequality 238Manuel Vanegas15 Happiness and tourism activities: an empirical andtheoretical interpretation 259Salvatore Bimonte16 Tourism and regional economics 277Seongsoo Jang and Jinwon Kim17 The macroeconomics of tourism 294Hongru Zhang18 Economics of cultural tourism 311Martin Falk and Eva Hagsten19 Tourism and digital economics 330Aliza Fleischer20 Tourism and political economy 348Robin Nunkoo, Boopen Seetanah and Reena Bhattu-Babajee21 Financial economics for the tourism industry 364Murat Kizildag22 Tourism and behavioral economics 383Milena S. Nikolova23 The future of tourism economics 402Yang Yang and Robertico CroesIndex

Edited by Robertico Croes, Professor of Tourism Economics and Management, Rosen College of Hospitality Management, University of Central Florida, US, and Editor of the Rosen Research Review and Yang Yang, Associate Professor, Department of Tourism and Hospitality Management, Temple University and Executive Director of the U.S.-Asia Center for Tourism and Hospitality Research, US

‘A Modern Guide to Tourism Economics provides a very strong analysis of the tourism sector through the application of modern economic ideas, concepts and methods in a thorough, rigorous and comprehensive manner. It brings together contributions from an impressive list of authors who are world-leading in terms of their research and understanding of key issues related to the tourism phenomenon. This book is pertinent to students of tourism management and economics who will appreciate it as a textbook and researchers for whom it will act as a key reference on the subject.’

• Contents:Preface xiiAcknowledgements xv1 Introduction to A Modern Guide to Tourism Economics 1Robertico Croes and Yang Yang2 Tourism and the economic paradigm 15Zheng Chris Cao3 Tourism in an open system: what do theories ofinternational trade and competition teach us? 37Robertico Croes and Simone Marsiglio4 Consumer choice and its repercussions in tourism: modelsand specifications 59Richard Qiu and Sílvia De Almeida5 Seasonality and individual choice: towards a theory ofseasonal behavior 78Jorge Ridderstaat6 Market behavior of tourism firms and its effects on theboundaries of firm 100Nicolas Peypoch7 The role of information and choice under uncertainty 116Juan Luis Nicolau and Abhinav Sharma8 The coordination challenge in tourism destinations: valuecreation, enhancement, and retention 134Paolo Figini9 Tourism development and economic growth: theoreticalunderpinnings and agenda for future research 152Boopen Seetanah and Robin Nunkoo10 Tourism and business cycles 170Lucie Plazakova and Egon Smeral11 Public economics, public choice and tourism 185Philippe Duverger, Larry Yu, and Kristin Lamoureux12 The new institutional economics for hospitality and tourism 203Mehmet Altin13 Environmental economics as a framework to study thetourism phenomenon 221Sergio Alvarez, Christina E. Brown, and J. Walter Milon14 Tourism, development economics, poverty alleviation, andinequality 238Manuel Vanegas15 Happiness and tourism activities: an empirical andtheoretical interpretation 259Salvatore Bimonte16 Tourism and regional economics 277Seongsoo Jang and Jinwon Kim17 The macroeconomics of tourism 294Hongru Zhang18 Economics of cultural tourism 311Martin Falk and Eva Hagsten19 Tourism and digital economics 330Aliza Fleischer20 Tourism and political economy 348Robin Nunkoo, Boopen Seetanah and Reena Bhattu-Babajee21 Financial economics for the tourism industry 364Murat Kizildag22 Tourism and behavioral economics 383Milena S. Nikolova23 The future of tourism economics 402Yang Yang and Robertico CroesIndex

Edited by Robertico Croes, Professor of Tourism Economics and Management, Rosen College of Hospitality Management, University of Central Florida, US, and Editor of the Rosen Research Review and Yang Yang, Associate Professor, Department of Tourism and Hospitality Management, Temple University and Executive Director of the U.S.-Asia Center for Tourism and Hospitality Research, US

‘A Modern Guide to Tourism Economics provides a very strong analysis of the tourism sector through the application of modern economic ideas, concepts and methods in a thorough, rigorous and comprehensive manner. It brings together contributions from an impressive list of authors who are world-leading in terms of their research and understanding of key issues related to the tourism phenomenon. This book is pertinent to students of tourism management and economics who will appreciate it as a textbook and researchers for whom it will act as a key reference on the subject.’

• Contents:Preface xiiAcknowledgements xv1 Introduction to A Modern Guide to Tourism Economics 1Robertico Croes and Yang Yang2 Tourism and the economic paradigm 15Zheng Chris Cao3 Tourism in an open system: what do theories ofinternational trade and competition teach us? 37Robertico Croes and Simone Marsiglio4 Consumer choice and its repercussions in tourism: modelsand specifications 59Richard Qiu and Sílvia De Almeida5 Seasonality and individual choice: towards a theory ofseasonal behavior 78Jorge Ridderstaat6 Market behavior of tourism firms and its effects on theboundaries of firm 100Nicolas Peypoch7 The role of information and choice under uncertainty 116Juan Luis Nicolau and Abhinav Sharma8 The coordination challenge in tourism destinations: valuecreation, enhancement, and retention 134Paolo Figini9 Tourism development and economic growth: theoreticalunderpinnings and agenda for future research 152Boopen Seetanah and Robin Nunkoo10 Tourism and business cycles 170Lucie Plazakova and Egon Smeral11 Public economics, public choice and tourism 185Philippe Duverger, Larry Yu, and Kristin Lamoureux12 The new institutional economics for hospitality and tourism 203Mehmet Altin13 Environmental economics as a framework to study thetourism phenomenon 221Sergio Alvarez, Christina E. Brown, and J. Walter Milon14 Tourism, development economics, poverty alleviation, andinequality 238Manuel Vanegas15 Happiness and tourism activities: an empirical andtheoretical interpretation 259Salvatore Bimonte16 Tourism and regional economics 277Seongsoo Jang and Jinwon Kim17 The macroeconomics of tourism 294Hongru Zhang18 Economics of cultural tourism 311Martin Falk and Eva Hagsten19 Tourism and digital economics 330Aliza Fleischer20 Tourism and political economy 348Robin Nunkoo, Boopen Seetanah and Reena Bhattu-Babajee21 Financial economics for the tourism industry 364Murat Kizildag22 Tourism and behavioral economics 383Milena S. Nikolova23 The future of tourism economics 402Yang Yang and Robertico CroesIndex