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E-grāmata: Economics of Tourism and Hospitality: A Micro Approach

  • Formāts: 414 pages
  • Izdošanas datums: 13-May-2021
  • Izdevniecība: Routledge
  • Valoda: eng
  • ISBN-13: 9781000372427
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Economics of Tourism and Hospitality: A Micro ApproachPalielināt
  • Formāts: 414 pages
  • Izdošanas datums: 13-May-2021
  • Izdevniecība: Routledge
  • Valoda: eng
  • ISBN-13: 9781000372427
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This book offers students an accessible and applied introduction to microeconomics in tourism and hospitality through a comprehensive analysis of the market mechanism, demand and supply, firm behavior and strategy, and transaction and institution.

This book not only helps students to master core microeconomic theories that are essential for understanding the tourism and hospitality industry, but, more importantly, it guides students to analyze consumer behavior and firm strategy specific to the industry. Throughout the book, readers are guided to develop the economic analysis of tourism and hospitality that progresses from economic intuition to graphical representation and to mathematical quantification. Carefully corralled case studies showcase the applications of key microeconomic theories in solving a wide range of real-world problems, including Ubers surge pricing, Airbnbs supply adjustment, and McDonalds and Burger King vying for prime locations. This book is written in an accessible style, illustrated with exquisite diagrams, and enriched with a range of other features, such as chapter summaries, review questions, and further readings to aid readers further understanding.

By reading this book, students will be able to develop an economists way of thinking, which will enable them to analyze tourism and hospitality businesses in a rigorous and critical manner. This book is essential reading for all tourism and hospitality students and teachers.

Recenzijas

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 authors 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.

List of figures xv
List of tables xix
List of acronyms xx
List of symbols xxii
Preface xiii
Instruction to readers xxv
Acknowledgments xxvii
Module 1 The market 1(62)
1 Economic approach to tourism and hospitality
3(21)
1.1 Tourism and hospitality
3(3)
1.1.1 The making of modem tourism
3(2)
1.1.2 The essence of hospitality
5(1)
1.1.3 Tourism versus hospitality
6(1)
1.2 Breadth and depth of tourism and hospitality
6(4)
1.2.1 Breadth of the tourism industry
8(1)
1.2.2 Depth of the tourism industry
8(1)
1.2.3 Supply expansion in tourism and hospitality
9(1)
1.3 The tourist and the tourist economy
10(7)
1.3.1 Tourism and the tourist
10(3)
1.3.2 Tourism consumption
13(2)
1.3.3 Global tourism growth and distribution
15(2)
1.4 Economic significance of tourism
17(3)
Summary
20(1)
Review questions
21(1)
Problem solving
22(1)
Bibliography
23(1)
2 Demand, supply, and the market
24(24)
2.1 Economic thinking
24(2)
2.2 Equilibrium analysis
26(5)
2.2.1 Laws of demand and supply
26(2)
2.2.2 Market equilibrium
28(1)
2.2.3 Demand and supply versus quantity demanded and supplied
29(2)
2.3 Economic surplus and market efficiency
31(3)
2.3.1 Consumer surplus, producer surplus, and social surplus
31(1)
2.3.2 Price controls and deadweight loss
32(2)
2.3.3 Market efficiency
34(1)
2.4 Determinants of demand and supply
34(7)
2.4.1 Push factors versus pull factors
34(3)
2.4.2 Demand drives supply
37(3)
2.4.3 Supply creates demand
40(1)
Summary
41(1)
Review questions
42(3)
Problem solving
45(2)
Bibliography
47(1)
3 Uber's surge pricing and market efficiency
48(15)
3.1 What is a surge in demand?
48(1)
3.2 How does surge pricing work?
49(5)
3.2.1 Riders, drivers, and surge multipliers
49(1)
3.2.2 Surge pricing works
50(2)
3.2.3 Surge pricing fails
52(2)
3.3 Welfare analysis of surge pricing
54(3)
3.3.1 Economic surplus
54(2)
3.3.2 Empirical evidence
56(1)
3.4 Information, price signal, and market efficiency
57(2)
3.4.1 Surge multiplier as the price signal
57(1)
3.4.2 "The use of knowledge in society"
58(1)
Summary
59(1)
Problem solving
60(1)
Bibliography
61(2)
Module 2 Demand 63(90)
4 Consumer choice and demand
65(25)
4.1 The economic problem
65(2)
4.2 Utility, preference, and indifference curve
67(5)
4.2.1 Utility and diminishing marginal utility
67(1)
4.2.2 Consumption bundle and preference relation
68(1)
4.2.3 Indifference curve
69(3)
4.3 Budget constraint and consumer optimization
72(4)
4.3.1 Budget line
72(2)
4.3.2 Consumer optimization
74(1)
4.3.3 Equalization of marginal utility per dollar
75(1)
4.4 Derivation of the demand curve
76(2)
4.4.1 Consumer optimization and the demand curve
76(1)
4.4.2 Properties of the demand curve
77(1)
4.4.3 Demand functions
77(1)
4.5 The work-leisure tradeoff
78(5)
4.5.1 Substitution effect
78(2)
4.5.2 Income effect
80(1)
4.5.3 Opportunity cost of leisure
80(3)
Summary
83(1)
Review questions
84(3)
Problem solving
87(2)
Bibliography
89(1)
5 Elasticity of consumer demand
90(26)
5.1 The responsiveness of demand
90(2)
5.2 Defining and calculating elasticity
92(5)
5.2.1 Arc elasticity
93(2)
5.2.2 Midpoint elasticity
95(1)
5.2.3 Point elasticity
95(2)
5.3 Interpretation of elasticity
97(1)
5.3.1 Nature of the effect
97(1)
5.3.2 Magnitude of the effect
97(1)
5.4 Major elasticities of demand
98(8)
5.4.1 Price elasticity of demand
99(1)
5.4.2 Income elasticity of demand
100(4)
5.4.3 Cross-price elasticity of demand
104(2)
5.5 Price elasticity and firm revenue
106(4)
5.5.1 Price elasticity of linear demand
106(1)
5.5.2 Price elasticity and firm revenue
107(3)
Summary
110(1)
Review questions
111(2)
Problem solving
113(2)
Bibliography
115(1)
6 Network effects in market demand
116(22)
6.1 Individual demand versus market demand
116(5)
6.1.1 Additivity in market demand
117(1)
6.1.2 Demand interdependence and non-additivity
118(2)
6.1.3 Network externality and network effects
120(1)
6.2 Network effects and market demand
121(7)
6.2.1 Bandwagon effect
121(2)
6.2.2 Snob effect
123(1)
6.2.3 Veblen effect
124(4)
6.3 Nonfunctional demand and utility
128(3)
6.3.1 Functional demand versus nonfunctional demand
128(1)
6.3.2 Functional utility versus nonfunctional utility
129(2)
6.4 Consumer belief and information cues
131(1)
Summary
132(1)
Review questions
133(3)
Problem solving
136(1)
Bibliography
137(1)
7 Demand for Pinot Noir versus Merlot: The Sideways effect
138(15)
7.1 Sideways and the wines
139(1)
7.2 Sideways on wine consumption
140(4)
7.2.1 Standardization and comparisons
140(1)
7.2.2 The Sideways effect on quantity
141(1)
7.2.3 The Sideways effect on price
142(2)
7.3 Decomposing price and the Sideways effect
144(3)
7.3.1 Change in price or quantity
144(1)
7.3.2 Changes in both price and quantity
145(2)
7.4 Consumer knowledge and the Sideways effect
147(3)
7.4.1 Consumer knowledge and wine consumption
147(1)
7.4.2 Heterogeneity of the Sideways effect
147(3)
Summary
150(1)
Problem solving
151(1)
Bibliography
151(2)
Module 3 Supply 153(92)
8 Firm production and cost
155(23)
8.1 Production function
155(4)
8.1.1 Capital and labor
156(2)
8.1.2 Diminishing marginal product
158(1)
8.2 Derivation of cost curves
159(6)
8.2.1 Cost structure
159(1)
8.2.2 Cost concepts
160(2)
8.2.3 Cost curves
162(3)
8.3 Cost and short-run production
165(2)
8.3.1 Revenue, cost, and profit
165(1)
8.3.2 Breakeven point
166(1)
8.3.3 Firm optimization
167(1)
8.4 Cost and long-run production
167(4)
8.4.1 Long-run average cost
167(2)
8.4.2 Economies of scale
169(1)
8.4.3 Why economies of scale arise
170(1)
Summary
171(1)
Review questions
172(3)
Problem solving
175(2)
Bibliography
177(1)
9 Competition and market structure
178(25)
9.1 Market structure in a nutshell
178(3)
9.1.1 What is market structure
178(3)
9.1.2 Market structures in tourism and hospitality
181(1)
9.2 Perfect competition
181(6)
9.2.1 Market demand versus firm demand
182(1)
9.2.2 Positive profit, zero profit, and shutdown
183(2)
9.2.3 Derivation of the supply curve
185(2)
9.3 Monopoly
187(3)
9.3.1 Downward-sloping demand curve
187(1)
9.3.2 Marginal revenue curve
188(1)
9.3.3 Output and price decision
189(1)
9.4 Monopolistic competition
190(2)
9.4.1 Product differentiation and demand
190(2)
9.4.2 Monopolistic competition in the long run
192(1)
9.5 Oligopoly
192(4)
9.5.1 Strategic competition
192(1)
9.5.2 Duopoly and Bertrand competition
193(2)
9.5.3 Market efficiency
195(1)
Summary
196(1)
Review questions
197(3)
Problem solving
200(2)
Bibliography
202(1)
10 Market concentration and market power
203(24)
10.1 Market definition and market boundary
203(3)
10.1.1 Market boundary by product
203(2)
10.1.2 Market boundary by location
205(1)
10.1.3 Market concentration and market power
205(1)
10.2 Measuring market concentration
206(9)
10.2.1 Four-firm concentration ratio
207(2)
10.2.2 Herfindahl-Hirschman Index
209(2)
10.2.3 Lorenz curve
211(4)
10.3 Measuring market power
215(3)
10.3.1 Lerner index and price elasticity of demand
215(1)
10.3.2 Lerner index and demand substitutability
216(2)
10.4 Industry versus sector
218(3)
10.4.1 The complementary nature of the tourism industry
218(1)
10.4.2 Market concentration in tourism and hospitality
219(2)
Summary
221(1)
Review questions
222(2)
Problem solving
224(2)
Bibliography
226(1)
11 Airbnb versus hotels in supply adjustment
227(18)
11.1 Performance metrics in the lodging industry
227(3)
11.1.1 Supply and demand
227(2)
11.1.2 Occupancy, ADR, and RevPAR
229(1)
11.2 Discrepancy in market performance
230(4)
11.2.1 Airbnb ADR and occupancy are stationary
230(1)
11.2.2 Airbnb ADR and occupancy are lower
231(3)
11.3 Demand seasonality and supply adjustment
234(6)
11.3.1 Supply adjustment
234(3)
11.3.2 Demand seasonality and market equilibrium
237(2)
11.3.3 Cost and host behavior of Airbnb
239(1)
11.4 Competition in the lodging industry
240(1)
Summary
241(1)
Problem solving
242(2)
Bibliography
244(1)
Module 4 Firm behavior and strategy 245(76)
12 Monopoly and price discrimination
247(23)
12.1 Price discrimination versus uniform pricing
247(2)
12.1.1 Uniform pricing of a monopolist
247(1)
12.1.2 What is price discrimination
248(1)
12.2 Third-degree price discrimination
249(4)
12.2.1 Demand heterogeneity by consumer segment
249(1)
12.2.2 Pricing on consumer segments
250(3)
12.2.3 Discontinuity in market demand
253(1)
12.3 Second-degree price discrimination
253(4)
12.3.1 Block selling and diminishing marginal utility
253(1)
12.3.2 Pricing on sale blocks
254(1)
12.3.3 Welfare analysis
255(2)
12.4 First-degree price discrimination
257(3)
12.4.1 Pricing on individuals
257(1)
12.4.2 Social optimum and market efficiency
258(1)
12.4.3 An example of first-degree price discrimination
259(1)
12.5 Market imperfection, information, and price discrimination
260(3)
12.5.1 Price discrimination and market efficiency
260(1)
12.5.2 Information acquisition about demand
261(1)
12.5.3 Economic discrimination versus social discrimination
262(1)
Summary
263(1)
Review questions
264(3)
Problem solving
267(2)
Bibliography
269(1)
13 Starbuas pricing: Tall, Grande, and Venti
270(15)
13.1 Receptacle size and price tag
270(2)
13.2 Second-degree price discrimination
272(6)
13.2.1 How does it work?
272(3)
13.2.2 Why the Tall is the optimal single size
275(1)
13.2.3 Optimal sizes and prices for Grande and Venti
276(2)
13.3 Third-degree price discrimination
278(4)
13.3.1 How does it work?
278(1)
13.3.2 Nonfunctional utility and elasticity of demand
279(1)
13.3.3 Elasticity of demand across sizes
280(2)
13.4 Rationality versus irrationality
282(1)
Summary
282(1)
Problem solving
283(1)
Bibliography
284(1)
14 Duopoly and product differentiation
285(21)
14.1 Horizontal versus vertical product differentiation
285(2)
14.2 Minimum product differentiation
287(4)
14.2.1 Assumptions of the model
288(1)
14.2.2 Location choice and price competition
289(2)
14.2.3 Law of minimum product differentiation
291(1)
14.3 Maximum product differentiation
291(6)
14.3.1 What is maximum product differentiation?
291(1)
14.3.2 Equilibrium price in maximum product differentiation
292(4)
14.3.3 Sources of firm profit
296(1)
14.4 Consumer preference and product differentiation
297(3)
14.4.1 Dispersion of consumer preference
297(1)
14.4.2 Intensity of consumer preference
298(1)
14.4.3 Product differentiation beyond location
299(1)
14.5 Product differentiation and market efficiency
300(1)
Summary
301(1)
Review questions
302(2)
Problem solving
304(1)
Bibliography
305(1)
15 McDonald's versus Burger King in product differentiation
306(15)
15.1 Firms in the fast food industry
306(3)
15.2 Location affecting price and profit
309(4)
15.2.1 McDonald's price and profit
309(1)
15.2.2 Burger King's price and profit
310(1)
15.2.3 McDonald's versus Burger King in pricing
311(2)
15.3 Competition and location choice
313(2)
15.3.1 McDonald's responds to Burger King's location
313(1)
15.3.2 Burger King responds to McDonald's location
314(1)
15.4 What affects location equilibrium
315(2)
15.4.1 Firm asymmetry and location choice
315(1)
15.4.2 Market size, the "center," and location choice
316(1)
Summary
317(1)
Problem solving
318(1)
Bibliography
319(2)
Module 5 Transaction and Institution 321(58)
16 Intermediation and the bid-ask spread
323(21)
16.1 Transaction costs and the firm
323(3)
16.1.1 Walrasian auction and transaction costs
323(1)
16.1.2 The firm and the intermediary
324(2)
16.2 Bilateral search versus intermediation
326(3)
16.2.1 Buyers and sellers
326(1)
16.2.2 Bilateral search
327(1)
16.2.3 Intermediation
328(1)
16.3 Determining the bid-ask spread
329(7)
16.3.1 Search costs and intermediary profit
329(2)
16.3.2 Bid-ask spread without search
331(2)
16.3.3 Bid-ask spread with search
333(3)
16.4 Intermediation versus disintermediation
336(3)
16.4.1 The emergence of intermediaries
336(1)
16.4.2 Disintermediation
337(2)
Summary
339(1)
Review questions
340(1)
Problem solving
341(2)
Bibliography
343(1)
17 The two-sided market and price structure
344(20)
17.1 Externality and the platform
344(2)
17.1.1 A descriptive framework
344(2)
17.1.2 Cross-side network externality
346(1)
17.2 What makes a two-sided market?
346(4)
17.2.1 The implicit market for interactions
346(1)
17.2.2 Demands for the platform
347(2)
17.2.3 Defining two-sidedness
349(1)
17.3 Price decision of the platform
350(6)
17.3.1 Profit maximization
350(1)
17.3.2 Implicit price of interactions
351(1)
17.3.3 Price structure on two sides
352(4)
17.4 The Coase theorem and platformization
356(2)
17.4.1 The failure of the Coase theorem
356(1)
17.4.2 Internalization of externality
357(1)
Summary
358(1)
Review questions
359(1)
Problem solving
360(2)
Bibliography
362(2)
18 The platformization of OpenTable
364(15)
18.1 What is OpenTable?
364(2)
18.2 OpenTable as a platform
366(2)
18.2.1 The platform
366(1)
18.2.2 Cross-side network effects
366(1)
18.2.3 Same-side network effects
367(1)
18.3 Structure of fees and user response
368(4)
18.3.1 Structure of fees
368(2)
18.3.2 Restaurants' response
370(1)
18.3.3 Diners' response
371(1)
18.4 Firm revenue and growth
372(2)
18.5 Platform competition and multi-homing
374(1)
Summary
375(1)
Problem solving
376(1)
Bibliography
377(2)
Author Index 379(1)
Subject Index 380
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. Chens research interests include tourist behavior, tourism demand, the sharing economy, and Chinese outbound tourism. Dr. Chens 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.
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