This study forms an entirely new area of research on Small Island Tourism Economies (SITEs). It addresses the importance of uncertainty in monthly international tourist arrivals and country risk indicators to the macroeconomy. Conditional volatilities are estimated for international tourist arrivals, and an economic interpretation from the estimated results is provided. In achieving these two objectives, this work presents an extensive assessment of the important characteristics and the impact of tourism in SITEs in relation to their gross domestic product, balance of payments, employment and foreign direct investment, among other factors. This book is unique in giving emphasis to macroeconomic implications rather than an industry focus.The Economics of Small Island Tourism will appeal to academics at the undergraduate and postgraduate levels involved in environmental and tourism management as well as tourism economics.

The importance of country risk is underscored by the existence of several prominent country risk rating agencies. These agencies combine information regarding alternative measures of economic, financial and political risk into associated composite risk ratings. As the accuracy of such country risk measures is open to question, it is necessary to analyse the agency rating systems to enable an evaluation of the importance and relevance of agency risk ratings. The book focuses on the rating system of the international country risk guide. "Time" series data permit a comparative assessment of risk ratings for 120 countries, and highlight the importance of economic, financial and political risk ratings as components of a composite risk rating. The book analyses various univariate and multivariate risk returns and corresponding symmetric and asymmetric models of conditional volatility, as well as conditional correlations.

Tourism is one of the world's largest industries and one of its fastest growing economic sectors helping to generate income and employment for local people. At the same time, it has many negative outsourced effects on the environment and local culture. Achieving a more sustainable pattern of tourism development is high on the global agenda aiming to meet human needs while preserving the environment now and for the future.

TheEconomics of Sustainable Tourism aims to critically explore how tourism economic development can move closer to a sustainable ideal from a firm economic analytic anchor. Grounded in economic theory and application it analyzes tourist’s satisfaction and impacts of tourism on the host community, investigates the productivity of the industry and identify factors which could increase economic and sustainable development such as trade relationships. It offers further insight into how destinations sustainability can be measured, economic benefits of a more sustainable destination and sets the agenda for future research. The book includes a range of theoretical and empirical perspectives and includes cutting edge research from international scholars.

This significant volume provides a new perspective on the sustainable tourism debate and will be a valuable read for students, researchers, academics of Tourism and Economics.

Table of Contents

Chapter 1: Time Series Modelling of Tourism Demand from the USA, Japan and Malaysia to Thailand Yaovarate Chaovanapoonphol, Christine Lim, Michael McAleer and Aree Wiboonpongse Chapter 2: Determinants of Tourist Satisfaction at Sun and Sand Mass Destinations Joaquín Marín Alegre and Jaume Garau Taberner Chapter 3: Determinant Attitudes to Tourism in a Mass Tourist Destination: A Comparative-Static Analysis Eugeni Aguiló-Pérez and Jaume Rosselló-Nadal Chapter 4: A Panel Data Analysis of Residential Water Demand in a Mediterranean Tourist Region: the Case of Sardinia Vania Statzu and Elisabetta Strazzera Chapter 5: Pollution Adverse Tourists and Growth Fabio Cerina and Sauveur Giannoni Chapter 6: On the relationship between tourism and trade María Santana-Gallego, Francisco J. Ledesma-Rodríguez and Jorge V. Pérez-Rodríguez Chapter 7: Evaluating Labour Productivity of Diversifying Rural Tourism: Evidence from Japan Yasuo Ohe Chapter 8: Clustering tourism destinations by means composite indexes of sustainability Juan Ignacio Pulido-Fernández and Marcelino Sánchez-Rivero Chapter 9: Equilibrium dynamics and local indeterminacy in a model of sustainable tourism Giovanni Bella Chapter 10: How tourism can help preserve cultural heritage sites: Constructing optimal entrance fee schemes to collect visitors’ WTP for the world heritage site My Son in Vietnam Tran Huu Tuan and Stale Navrud

Tourism is one of the world's largest industries and one of its fastest growing economic sectors helping to generate income and employment for local people. At the same time, it has many negative outsourced effects on the environment and local culture. Achieving a more sustainable pattern of tourism development is high on the global agenda aiming to meet human needs while preserving the environment now and for the future.

The Economics of Sustainable Tourism aims to critically explore how tourism economic development can move closer to a sustainable ideal from a firm economic analytic anchor. Grounded in economic theory and application it analyzes tourist's satisfaction and impacts of tourism on the host community, investigates the productivity of the industry and identify factors which could increase economic and sustainable development such as trade relationships. It offers further insight into how destinations sustainability can be measured, economic benefits of a more sustainable destination and sets the agenda for future research. The book includes a range of theoretical and empirical perspectives and includes cutting edge research from international scholars.

This significant volume provides a new perspective on the sustainable tourism debate and will be a valuable read for students, researchers, academics of Tourism and Economics.

The idea that simplicity matters in science is as old as science itself, with the much cited example of Ockham's Razor, 'entia non sunt multiplicanda praeter necessitatem': entities are not to be multiplied beyond necessity. A problem with Ockham's razor is that nearly everybody seems to accept it, but few are able to define its exact meaning and to make it operational in a non-arbitrary way. Using a multidisciplinary perspective including philosophers, mathematicians, econometricians and economists, this 2002 monograph examines simplicity by asking six questions: what is meant by simplicity? How is simplicity measured? Is there an optimum trade-off between simplicity and goodness-of-fit? What is the relation between simplicity and empirical modelling? What is the relation between simplicity and prediction? What is the connection between simplicity and convenience? The book concludes with reflections on simplicity by Nobel Laureates in Economics.

The idea that simplicity matters in science is as old as science itself, with the much cited example of Ockham's Razor. A problem with Ockham's Razor is that nearly everybody seems to accept it, but few are able to define its exact meaning and to make it operational in a non-arbitrary way. Using a multidisciplinary perspective including philosophers, mathematicians, econometricians and economists, this monograph examines simplicity by asking six questions: What is meant by simplicity? How is simplicity measured? Is there an optimum trade-off between simplicity and goodness-of-fit? What is the relation between simplicity and empirical modelling? What is the relation between simplicity and prediction? What is the connection between simplicity and convenience?