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This paper presents a comprehensive review of the econometric approaches for the analysis of tourism expenditure at individual level. The attempt to consider only regression models is novel in literature. The paper resumes 86 papers and 354 estimates of econometric models from data at individual level, ranging from 1977 to the early 2012. Discussion focuses on models used, dependent variables, explanatory variables by category and their effect on expenditure. The most frequently used explanatory variables were income, socio-demographic and trip-related, and were tested mainly through classical regression techniques (OLS, quantile, Tobit and two-step, logistic). Future research directions should concern the exploration of new evidence through novel methodological techniques, a more extensive use of psychographic variables and a stronger relation to economic theory.

This paper presents a comprehensive review of the econometric approaches for the analysis of tourism expenditure at individual level. The attempt to consider only regression models is novel in literature. The paper resumes 86 papers and 354 estimates of econometric models from data at individual level, ranging from 1977 to the early 2012. Discussion focuses on models used, dependent variables, explanatory variables by category and their effect on expenditure. The most frequently used explanatory variables were income, socio-demographic and trip-related, and were tested mainly through classical regression techniques (OLS, quantile, Tobit and two-step, logistic). Future research directions should concern the exploration of new evidence through novel methodological techniques, a more extensive use of psychographic variables and a stronger relation to economic theory.

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In spite of the generally accepted view that second homes induce a higher seasonality and a lower occupancy rate than hotels, they persistently prevail in many tourism destinations. This paper introduces a mechanism to illustrate and analyze the decision problem of constructing second homes or hotels. We introduce a two period game with two players representing a developer of buildings in a tourism destination D and a tourist T. D owns a piece of land and faces two alternatives: to construct a hotel or to build a second home. T has to choose between buying a second home or renting a hotel room. Another ingredient of the model is an externality mechanism representing the value placed by tourists on the probability of finding an available place at the destination. The paper shows the persistence of sub-optimal equilibria in the game, in which the land is allocated to a socially inefficient use (second homes rather than hotels). We show that a necessary condition for such inefficiency to emerge is that the related externality cannot be internalized. This occurs under a regime of dispersed ownership.

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This paper analyses the effects of tourism on the long-run economic growth of Uruguay. Using quarterly data from 1987.I to 2006.IV, the study uses cointegration analysis and shows the existence of a cointegrated vector among Uruguayan real per capita GDP, Argentinean tourism expenditure (the principal source of tourism in Uruguay) and real exchange rate between Uruguay and Argentina. It also shows that there is a positive causality relationship between Argentinean tourism expenditure and real per capita GDP of Uruguay. Finally, the authors compare this study with similar papers investigating the tourism-led growth hypothesis.