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Tourism and behavioral economics

In: A Modern Guide to Tourism Economics

Author

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  • Milena S. Nikolova

Abstract

Behavioral economics is a relatively young field of knowledge blending knowledge about human behavior with insights from economics, law, political science, and business. Insights from behavioral sciences have inspired new designs of social programs, policy solutions and commercial models closing the gap between assumed and actual human behavior. While behavioral economics has influenced many sectors, including healthcare and financial services, it is in its early stages of adoption in tourism. The travel industry is facing challenges that are complicated by the many incorrect assumptions about how actors in the industry choose and act. In this context applications of insights from behavioral economics can generate significant benefits for the tourism sector as a whole. Academic literature has not ignored the rise of behavioral economics and researchers have explored how its concepts and models can be applied to the specifics of the travel industry. More can be done to accelerate the adoption of behavioral economics thinking and inspire innovative applications in the future.

Suggested Citation

  • Milena S. Nikolova, 2022. "Tourism and behavioral economics," Chapters, in: Robertico Croes & Yang Yang (ed.), A Modern Guide to Tourism Economics, chapter 22, pages 383-401, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:20341_22
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