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Time Varying Parameter Error Correction Model Approach To Forecasting Tourist Arrivals In South Africa

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  • I Botha
  • A Saayman

Abstract

In the field of tourism forecasting, the application of time-varying parameters has been successful in forecasting arrivals taking into account the changing behaviour of tourists. This article uses quarterly data to forecast intercontinental tourism demand for a long-haul, developing destination (South Africa) by applying time-varying parameters (TVP) to single equation estimates, and comparing these with vector autoregressive results. Ex-ante forecasts are done for tourist arrivals from various continents, and forecasting accuracy is evaluated by determining the Mean Absolute Percentage Error (MAPE), the Mean Absolute Deviation/Mean ratio (MAD/mean), the percentage Root Mean Square Error (RMSE) and Theil’s inequality coefficient. The results show that TVP do not always outperform other forecasting techniques.

Suggested Citation

  • I Botha & A Saayman, 2012. "Time Varying Parameter Error Correction Model Approach To Forecasting Tourist Arrivals In South Africa," Studies in Economics and Econometrics, Taylor & Francis Journals, vol. 36(1), pages 23-42, April.
    • Handle: RePEc:taf:rseexx:v:36:y:2012:i:1:p:23-42
    DOI: 10.1080/10800379.2012.12097231
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