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- W1584742037 abstract "It is natural to turn to the richness of panel data to improve the precision of estimated tourism demand elasticities. However, the likely presence of common shocks shared across the underlying macroeconomic variables and across regions in the panel has so far been neglected in the tourism literature. We deal with the e ects of cross-sectional dependence by applying Pesaran’s (2006) common correlated e ects estimator, which is consistent under a wide range of conditions and is relatively simple to implement. We study the extent to which tourist arrivals from the US Mainland to Hawaii are driven by fundamentals such as real personal income and travel costs, and we demonstrate that ignoring cross-sectional dependence leads to spurious results." @default.
- W1584742037 created "2016-06-24" @default.
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- W1584742037 date "2013-08-01" @default.
- W1584742037 modified "2023-09-27" @default.
- W1584742037 title "Estimating Demand Elasticities in Non-Stationary Panels: The Case of Hawaii's Tourism Industry" @default.
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