Service-Dominant Logic in tourism: the way to loyalty

Many tourist destinations have focused heavily on attracting a growing number of new visitors each year. However, recent changes in the tourism market have led to the need for new strategies oriented towards retaining already existing visitors. Service-Dominant Logic (S-D Logic) is a new orientation that allows greater competitive advantage by recognising the active role of tourists in the creation of their own experiences. The main purpose of this paper is therefore to develop a theoretical model based on S-D Logic in order to increase levels of tourist loyalty. An in-depth analysis of foundational premises has allowed us to identify the key aspects of this process. The proposed model was empirically tested, using a structural equation model with partial least-squares technique, on a sample of 763 tourists visiting Spanish tourism destinations. Research findings have evidenced that tourist loyalty is achieved through the development of relationship quality in the co-creation of tourist experiences. These results will help destination managers to achieve a greater competitive advantage through the development of customer-centric strategies. The relevance of this article also lies in its being one of the first attempts to develop practical measures for S-D Logic by applying them to tourism.     

Internet-based tourism services: business issues and trends

This paper assesses the current state of development among the Internet-based providers of tourism services. The study focuses on leading intermediary businesses and enabling groups: travel agents; specialist service providers; reservation technology providers; and public agencies. In studying some 50 leading web sites, spanning a range of differing groups of intermediaries, we examined how travel agent sites seek to differentiate themselves, how public tourist information bodies are harnessing the Internet, and the role of computer reservation technology providers. We also examined factors shaping the future of the Internet: institutional tensions; competition for end users and investors; and end user expectations. The conclusions highlight a number of implications for the further development of tourism services provision within Europe, where the Internet plays a significant role. For example, the extent and pace of social and economic change that Internet derived information is facilitating.     

Remarks on a copula-based conditional value at risk for the portfolio problem

We deal with a multivariate conditional value at risk. Compared with the usual notion for the single random variable, a multivariate value at risk is concerned with several variables, and thus, the relation between each risk factor should be considered. We here introduce a new definition of copula-based conditional value at risk, which is real valued and ready to be computed. Copulas are known to provide a flexible method for handling a possible nonlinear structure; therefore, copulas may be naturally involved in the theory of value at risk. We derive a formula of our copula-based conditional value at risk in the case of Archimedean copulas, whose effectiveness is shown by examples. Numerical studies are also carried out with real data, which can be verified with analytical results.     

Commuting time and sickness absence of US workers

Empirica - This paper analyzes the relationship between commuting time and days of sickness absence of US workers. Using data from the Panel Study of Income Dynamics for the years 2011 to 2017, we...     

Estimation of an Extended SAM with household production for Spain 1995

This paper implements the conceptual framework sketched by Pyatt (1990) to construct an extended Social Accounting Matrix for Spain in 1995 (ESAM-95) to consider, in addition to the market economy, the production of services provided by households through unpaid work. In doing so, the ESAM-95 integrates the accounts related to market activities (ESA accounts) with non-market activities (non-ESA accounts) in a consistent way. Additional classifications are introduced in both ESA and non-ESA accounts in order to disaggregate the institutional accounts by household type and those of production factors by educational level and gender. The extended SAM is useful to calibrate CGE models in which the distribution of time between paid and unpaid work is a relevant variable.     

Labor supply, child care, and welfare in Spanish households

This paper presents a household model in which both spouses work and care for their children, thereby obtaining a measure of household welfare. Applying this model to the Spanish case allows for drawing some basic conclusions. That is, the highest efficiency in caring for children is obtained when time is offered by the mother. Moreover, the time dedicated to child care by the father is considered as leisure time in a higher proportion than time dedicated by the mother. Also, a direct and strong relationship is detected between monetary income and welfare. Household welfare is greater when the children are older, and welfare increases when the father dedicates less time to work outside the home.The authors would like to thank the anonymous referees for their helpful comments and suggestions on an earlier version of this paper. The authors are also indebted to the Ministerio Español de Trabajo y Asuntos Sociales for its financial support.     

Third-Degree Price Discrimination: Apology Not Necessary

Applied work in price discrimination often treats demand curves among multiple market segments as algebraically additive. Yet the welfare effects of multi-market (third degree) price discrimination depend on how the demand segments are added. Treating demands as geometrically additive yields the well known result that discrimination absent an increase in production diminishes Marshallian surplus. But if demands are treated as algebraically additive then discrimination increases welfare over uniform pricing. Quantity is identical in the three cases, so the effect is not due to market opening. Nor is the effect due to scale economies since marginal cost is assumed constant. Profit is always greater under discrimination, so the effect is due to distributional changes in consumer surplus. The model is restricted to linear demands and constant marginal cost but can be generalized for future work and policy analysis.