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Estimating Dynamic Asymmetries in Demand at the Munich Oktoberfest

Author

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  • Bernd Süssmuth

    (Institute for Empirical Research in Economics, University of Leipzig, Grimmaische Str 12, D-04109 Leipzig, Germany, and CESifo, Munich, Germany)

  • Ulrich Woitek

    (Department of Economics, University of Zurich, Zürichbergstr 14, CH-8032 Zurich, Switzerland, and CESifo, Munich, Germany)

Abstract

This study is the first to analyse economic time series of one of the world's most pre-eminent traditional events, the most popular beer festival and the largest regular fair in the world: Munich Oktoberfest. People from around the world have attended this cultural festival since the early decades of the 20th century, and so it represents a unique opportunity to analyse elasticities of consumption in the short and medium runs (that is, at business cycle frequencies) and in the long run. Against the backdrop of two secularly increasing demand factors – a rise in real disposable incomes and an increased amount of leisure time – the authors use a novel data set to study elasticities of the consumption of beer and food and the revenues of breweries. To account for asymmetries they apply partial sum decompositions in an autoregressive distributed lag (ARDL) model to estimate elasticities for state, national, European and world GDP.

Suggested Citation

  • Bernd Süssmuth & Ulrich Woitek, 2013. "Estimating Dynamic Asymmetries in Demand at the Munich Oktoberfest," Tourism Economics, , vol. 19(3), pages 653-674, June.
    • Handle: RePEc:sae:toueco:v:19:y:2013:i:3:p:653-674
    DOI: 10.5367/te.2013.0215
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    References listed on IDEAS

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    Cited by:

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    3. Ulrich Gunter & Egon Smeral, 2016. "The decline of tourism income elasticities in a global context," Tourism Economics, , vol. 22(3), pages 466-483, June.

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