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A Comparison of Three Methods for Estimating Tourism Demand Models

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  • Clive L. Morley

    (Graduate School of Business, RMIT, GPO Box 2476V, Melbourne, 3001 Australia)

Abstract

Estimation of tourism demand models involves a set of related equations with errors which may not satisfy the common assumptions of regression modelling. Results from a simulation exercise show that, for the error types and small samples considered, the Generalized Method of Moments is less accurate on average than the Ordinary Least Squares and Seemingly Unrelated Regression methods, which had very similar accuracies. Overall, the Ordinary Least Squares technique performs well and the results give little reason to use the more complex estimation techniques.

Suggested Citation

  • Clive L. Morley, 1996. "A Comparison of Three Methods for Estimating Tourism Demand Models," Tourism Economics, , vol. 2(3), pages 223-234, September.
    • Handle: RePEc:sae:toueco:v:2:y:1996:i:3:p:223-234
    DOI: 10.1177/135481669600200302
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    Cited by:

    1. Morley, Clive & Rosselló, Jaume & Santana-Gallego, Maria, 2014. "Gravity models for tourism demand: theory and use," Annals of Tourism Research, Elsevier, vol. 48(C), pages 1-10.
    2. Asensi Descals-Tormo & Maria J. Murgui-García & Jose Ramon Ruiz-Tamari, 2023. "A theoretical model-based indirect estimation of the direct and cross price elasticities of demand for tourist goods and services," LIDAM Discussion Papers IRES 2023013, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    3. Clive L. Morley, 2009. "Dynamics in the Specification of Tourism Demand Models," Tourism Economics, , vol. 15(1), pages 23-39, March.

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