Modelling a Tourism Response to Climate Change Using a Four Stage Problem Definition and Response Framework

Climate change has become a hot topic for research, but the response of national governments has been relatively cool, particularly in their support for effective mitigation measures to combat the problem. A review of the scientific literature (Intergovernmental Panel on Climate Change [IPCC]. (2007). Summary for policy makers. In S. Solomon, M. Qin, Z. Manning, M. Chen, K. Marquia, M. Averyt, M. Tignor, & H. Miller (Eds.), Climate change 2007: the physical science basis. Contribution of working group 1 to the fourth assessment report of the Intergovernmental Panel on Climate Change. Cambridge, United Kingdom and New York: Cambridge University Press) paints a generally grim view of where the Earth is heading for by the end of the century if effective mitigation strategies are not implemented in the next few years. Mitigation measures of the type required to prevent major environmental damage in the future can only be effective if a global political approach based on agreed levels of climate change gas reduction is implemented. For its part the tourism industry is caught in a trap, unable to adopt meaningful mitigation strategies because of reluctance by consumers to bear the cost of changes that will be required but having to meet the cost of climate change mitigation and adaption strategies when they are introduced in the future. This article proposes a four stage problem definition and response framework with associated models that can be used by the industry to plan for and adapt to climate change both prior to and after the introduction of legislation and policies to combat climate change at the national and international levels.     

Does climate change matter to the travel trade?

This study evaluated the awareness of, attitudes toward and opinions about the ability of travel agencies in Hong Kong to help address tourism's contribution to greenhouse gas emissions. The retail travel agent sector is a major player in the tourism distribution system, accounting for about 25% of travel activity, and is the primary distributor of package tours. In-depth interviews were conducted with senior managers and owners/operators of a sample of travel agencies in Hong Kong, followed by a survey of 485 front line staff. The study revealed senior managers adopted a range of neutralisation techniques to abrogate themselves from any personal or corporate responsibility in this issue. Front line staff were largely unaware and ill-informed, and mainly see their role as simply pushing products. Cluster analysis revealed five groups with diverse views: Cluster 1, the “Deeply concerned” group (11%); Cluster 2, the “Deep knowledge” group (6%); Cluster 3, the “Moderate knowledge and awareness” group (18%); Cluster 4, the “Concerned but unaware” group (31%); and Cluster 5, the “Neither concerned nor aware” group (34%). The combination of lack of leadership among managers and ignorance among front line staff means that neither feels responsible for, nor able to, address this issue.     

Do gender and nationality affect attitudes towards tourism and the environment?

This study examines whether gender and home economy influence attitudes towards tourism and the environment. Students enrolled in senior undergraduate and first‐year postgraduate tourism and hospitality subjects from eight economies are studied. Previous research on environmental attitudes has focused on either gender or home nationality, but has rarely examined the interrelationship between the two, and none has focused explicitly on attitudes to tourism and the environment. The study concluded that nationality mitigates attitudes among women much more than it does among men. The authors also conclude that general environmental attitudes are well formed, but tourism‐related environmental attitudes are often contradictory. Copyright © 2010 John Wiley & Sons, Ltd.     

Towards a classification of cultural tourists

This paper proposes a model to segment the cultural tourism market according to two dimensions: (i) the importance of cultural motives in the decision to visit a destination and (ii) depth of experience. The model is tested empirically using Hong Kong as a case study. The test identified five discrete cultural tourism market segments that exhibited substantially different behaviour. Copyright © 2002 John Wiley & Sons, Ltd.     

A contingent claim analysis of closed-end fund premia

We estimate contingent claims that replicate monthly net asset value (NAV) payoffs from closed-end funds. A claim's theoretical value is obtained by martingale pricing methods. The resulting net present value (NPVS) sequence is the theoretical premia sequence that is compared to the actual market premia sequence. The theoretical premia, like actual premia, are uncorrelated with NAV returns and are positively autocorrelated due to autocorrelation in the pricing information. However, there is poor correspondence between the theoretical and actual premia that seems due to the market's systematic errors in estimating a fund's management value. Risky arbitrage may be available to insiders.     

通用电气有一个不错的主意

通用电气公司使用因特网后，在其保底线外又增加了１６亿美元的收入。这是一种意外收获，还是一种开始？     

Variance Spillover and Skewness in Financial Asset Returns

Bond and stock returns have been observed in the literature to exhibit unconditional skewness and temporal persistence in conditional skewness. We demonstrate that observed persistence in conditional third central moments can be due to the spillover of conditional variance dynamics. The confounding of true skewness and a variance spillover effect is problematic for financial modeling. Using market data, we empirically demonstrate that a simple standardization approach removes the variance‐induced skewness persistence. An important implication is that more parsimonious return and asset pricing models result if skewness persistence need not be modeled.     

The challenges of developing transit tourism

This paper examines the challenges of attracting day-trip transit passengers in Asian hub airports. The rapid expansion of Asian hub airports in the past six years should produce opportunities for destinations to benefit from short-stay visits by transit and transfer passengers, using the hub for convenient connections. However, little short-haul transit tourism seems to occur. The authors propose that two reasons may account for this lack of demand: lack of opportunity or lack of desire. This study examines transit/transfer passengers from Chinese Taipei that pass through Hong Kong's International Airport. The study concludes that interest in transit tourism is high, but a lack of opportunity precludes higher participation rates. Intervention at the travel purchase decision-making point may enhance transit tourism opportunities.     

A Comparison of International Travel Between an Emerging and a Mature Source Market

Little research has been published on the evolution of markets, but markets, like destinations, should evolve over time. A market's collective travel behavior should change as residents become more experienced international tourists. Market evolution may be triggered by rapid economic development. As Tourists become more experienced, their destination choice, travel patterns and package tour propensity should change. This paper compares the international travel patterns of similar source markets at different stages of their travel life cycles. Hong Kong can be considered as an established source market, whereas Macau is a rapidly emerging source market. The study identifies significant differences in destination choice, package tour propensity, long-haul travel propensity, motivations and behavior within destinations. The authors conclude the paper by offering a number of propositions about market evolution.