Journal
TOURISM MANAGEMENT
Volume 65, Issue -, Pages 131-142Publisher
ELSEVIER SCI LTD
DOI: 10.1016/j.tourman.2017.09.004
Keywords
Tourism productivity; Heterogeneity; Tourism destinations; Bayesian
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This paper estimates a total factor productivity index that allows for a rich decomposition of productivity in the tourism industry. We account for two important characteristics: First, the heterogeneity between multiple tourism destinations, and second, the potential endogeneity in inputs. Importantly we develop our index at the macro level, focusing on cross-country comparisons. Using the Bayesian approach, we test the performance of the model across various priors. We rank tourism destinations based on their tourism productivity and discuss the main sources of productivity growth. We also provide long-run productivity measures and discuss the importance of distinguishing between short-run and long-run productivity measures for future performance improvement strategies. (C) 2017 Elsevier Ltd. All rights reserved.
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