How elastic are sea, sand and sun? Dynamic panel estimates of the demand for tourism
This paper employs recent advances in dynamic panel data analysis to study the determinants of tourist flows to the Caribbean. Consistent with the theoretical literature, the results are found to be highly sensitive to estimation technique. The preferred GMM system suggests income and price elasticities substantially above those found in the literature.
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Volume (Year): 12 (2005)
Issue (Month): 5 ()
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