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New Forecasting Models

Li, G and Song, H (2006) New Forecasting Models Journal of Travel and Tourism Marketing, 21 (4). 3 - 13. ISSN 10548408


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Tourism forecasting plays an important role in tourism planning and management. Various forecasting techniques have been developed and applied to the tourism context, amongst which econometric forecasting has been winning an increasing popularity in tourism research. This paper therefore aims to introduce the latest developments of econometric forecasting approaches and their applications to tourism demand analysis. Particular emphases are placed on the time varying parameter (TVP) forecasting technique and its application to the almost ideal demand system (AIDS). The discussions in this paper fall into two main parts, in line with the two broad categories of econometric forecasting approaches: the first part refers to the single-equation forecasting techniques, focusing particularly on both long-run and short-term TVP models. The second part introduces the system-of-equations forecasting models, represented by the AIDS and its dynamic versions including the combination with the TVP technique, will be discussed one by one following the order of methodological developments.

Item Type: Article
Divisions : Faculty of Business, Economics and Law > Hospitality and Tourism Management
Authors :
Date : 2006
Identification Number : 10.1300/J073v21n04_02
Additional Information : This is an author-prepared PDF of an article published in Journal of Travel and Tourism Marketing, 21(4),3-13.
Depositing User : Mr Adam Field
Date Deposited : 27 May 2010 14:37
Last Modified : 23 Sep 2013 18:31

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