Open AccessA note on the contribution of Valuation economics in tourism
Author(s) -
Angeliki N. Menegaki,
Panagiota Dionysopoulou,
George Agiomirgianakis
Publication year - 2021
Publication title -
european journal of tourism research
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.467
H-Index - 16
eISSN - 1314-0817
pISSN - 1994-7658
DOI - 10.54055/ejtr.v29i.2415
Subject(s) - tourism , valuation (finance) , accommodation , economics , revealed preference , preference , contingent valuation , information economics , value (mathematics) , public economics , microeconomics , willingness to pay , political science , computer science , finance , neuroscience , machine learning , law , biology
Valuation economics is a field which promises a wide range of applications for tourism. However, the new born nature of tourism economics has not yet unveiled the vast opportunities for tourist policy information and the pricing information embedded therein. This paper aims to briefly conceptualize these opportunities with examples on the methods and relevant examples of literature and pave the way towards their accommodation in the emerging tourism economics field. Market failure occurrences in tourism drive the need for total economic value estimation for a wide array of tourist goods through the employment of stated preference techniques and revealed preference techniques. Tourism can also benefit from the benefit transfer approach initially conceptualized in environmental economics which have contributed to a great development and expansion of these methods.