Elasticities relevant to tourism in Scotland: evidence review

An overview of estimates of price elasticities of demand (PED) and income elasticities of demand (YED) for tourists to destinations relevant to Scotland; price elasticities of supply (PES) of commercial accommodation relevant to Scotland and other factors influencing the demand and supply of tourism.


AB Arellano-Bond

ADLM Autoregressive distributed lag model

CGE Computable general equilibrium

CLSDV Corrected least square variable technique

CPI Consumer price index

CQRM Count quantile regression

DIFF Difference

DIST Distance

DOLS Dynamic OLS

EC-AIDS Error correction-Almost Ideal Demand System

ECM Error correction method

ESI Economic sentiment indicator

EX Exchange rate

FMOLS Fully modified OLS

GDP Gross domestic product

GLS Generalised least square

GMM Gaussian mixture model

HC Human capital

HCPI Harmonised CPI

ICT Information, communication and technology

IMF International monetary fund

IPI Industrial Production Index

IR Interest rate

JOH-ML Multivariate maximum likelihood procedure of Johansen

LCC Low cost carriers

LOS Length of Stay

OECD Organisation for Economic Co-operation and Development

OLS Ordinary Least Square

PCI Price competitive index

POP Population

PPP Power purchasing parity

RER Real exchange rate

RERV Real exchange rate volatility

SAR Spatial autoregressive model

SD Spatial Durbin model

SDE Spatial Durbin error model

SE Spatial error model

SLX Spatial lag X model

TO Bilateral trade openness

VAR Vector autoregression

VFR Visiting friends and relatives

WDI World development indicator

WLS Weighted least square



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