Hwang, Y.S.; Kim, H.S.H.; Yu, C. The Empirical Test on the Impact of Climate Volatility on Tourism Demand: A Case of Japanese Tourists Visiting Korea. Sustainability2018, 10, 3569.
Hwang, Y.S.; Kim, H.S.H.; Yu, C. The Empirical Test on the Impact of Climate Volatility on Tourism Demand: A Case of Japanese Tourists Visiting Korea. Sustainability 2018, 10, 3569.
Hwang, Y.S.; Kim, H.S.H.; Yu, C. The Empirical Test on the Impact of Climate Volatility on Tourism Demand: A Case of Japanese Tourists Visiting Korea. Sustainability2018, 10, 3569.
Hwang, Y.S.; Kim, H.S.H.; Yu, C. The Empirical Test on the Impact of Climate Volatility on Tourism Demand: A Case of Japanese Tourists Visiting Korea. Sustainability 2018, 10, 3569.
Abstract
As climate is not only a valuable tourism resource but also a factor influencing travel experience, estimating climate change can provide implications to sustainable development of the tourism industry. This study develops Climate Volatility Index (CVI) using GARCH model and estimates the relationship between CVI and Japanese tourism demand for Korea using a tourism demand model, based on data from January 2000 to December 2013. Time lag is applied based on a decision making process regarding travel destinations. The result shows that an increase in volatility of climate change leads to a decrease in tourism demand.
Keywords
tourism demand, climate change, climate volatility, GARCH model
Subject
Business, Economics and Management, Marketing
Copyright:
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
