Dynamic and Stochastic Structures in Tourism Demand Modelling

Jonas Nordström ()
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Jonas Nordström: Department of Economics, Umeå University, Postal: S 901 87 Umeå, Sweden

No 596, Umeå Economic Studies from Umeå University, Department of Economics

Abstract: In this paper we consider a model for international tourism demand. The analysis departure from 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, whereas the dynamic component can be seen as either habit formation or 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 done for different segments of the Swedish tourism market.

Keywords: Demand analysis; Stochastic preferences; Time series; Tourism (search for similar items in EconPapers)
JEL-codes: C22 C32 D12 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cul
Date: 2002-11-29
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Published in Empirical Economics, 2005, pages 379-392.

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Persistent link: http://EconPapers.repec.org/RePEc:hhs:umnees:0596

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