Paolo Figini

• PhD
• Professor at University of Bologna

This paper investigates how changes in weather forecasts affect prices of firms operating in hospitality, a sector heavily dependent on natural and meteorological conditions. Empirically, the study examines how the prices posted by 1300 hotels in seven destinations of the Mediterranean area (six in Italy, one in France), monitored daily in May-Octo...

This study examines how unexpected exogenous events, labelled as suprises, affect the utility of experience goods reported in online rating systems. Using over 300,000 reviews of accommodation services listed on Booking.com, the research investigates whether online ratings capture the impact of surprises related to meteorological conditions and whe...

This research explores the effects of High Tide alerts on hotel prices in Venice, a city that is vulnerable to the impacts of extreme climate events due to its fragile ecosystem and a long history of floods in the city center. By analyzing and combining price data from Booking.com with publicly available information on tides and weather, this study...

Weather forecasts are a rare example of public information which is, at the same time, relevant for agents' decisions and entirely exogenous for both sides of the (tourism) market. We develop a model where signals of good weather have a positive impact on accommodation prices, the effect being stronger the higher the accuracy of the forecast and th...

This study outlines a methodological procedure for assessing the economic impact of alternative territorial development projects in small areas by investigating the Regional Park of Corno alle Scale, in Northern Apennines, Italy. This is a Marginal and Mature Mountain (3M) destination suffering from displacement and population ageing since the 1980...

We investigate the empirical phenomenon of rating bubbles, that is, the presence of a disproportionate number of extremely positive ratings in user-generated content websites. We test whether customers are influenced by prior ratings when evaluating their stay at a hotel through a field experiment that exogenously manipulates information disclosure...

The COVID-19 outbreak affects hotels by changing demand and supply. We investigate the case of Milan, the outbreak epicentre in Europe, by studying the hotels' reaction before, during, and after the lockdown. We monitor room offers and prices posted on Booking.com in January–September 2020. Findings suggest that: i) the reaction at the beginning of...

The article investigates the economic contribution of tourism to the GDP. We review background methodologies, systematically collect data for EU countries, and develop a sound and ready-to-use procedure for computing indirect and total economic impacts. The routine is then applied to selected destinations for which a minimum standard in the quality...

Availability of User Generated Content and the development of Big Data and machine learning algorithms have paved the way to collecting and analysing great volumes of data. We scan imagery data from traveling-related posts on Instagram to identify the key features of the destination image and of its dynamics. Specifically, we exploit a newly introd...

The publication has pulled together the scientific and empirical evidence produced by the Soclimpact Project, a 4 years' research and innovation action (RIA) funded by the HORIZON2020 programme of the European Commission. This first edition includes up-to-date data, modelling results, references, case material and figures, and shed light on the ma...

Climate change impacts tourism, since both supply and demand of tourism services depend on the quality and the management of a set of environmental attributes. This paper critically reviews the empirical evidence in the literature of the last twenty years (2000–2019), by identifying the potential impacts of climate change in coastal and maritime de...

Purpose This paper aims to identify the key drivers of occupancy rates in peer-to-peer accommodation. Design/methodology/approach The applied methodology fits the specific characteristics of this market segment: the peculiar distribution of the occupancy rate (a ratio characterised by a large share of zeros) requires the adoption of a mixed discre...

English title: Towards the regeneration of the Apennines in the Emilia and Tuscany regions: Tourism, sustainability and territorial development in the Regional Park of Corno alle Scale

Purpose This study aims to compare the rating dynamics of the same hotels in two online review platforms (Booking.com and Trip Advisor), which mainly differ in requiring or not requiring proof of prior reservation before posting a review (respectively, a verified vs a non-verified platform). Design/methodology/approach A verified system, by defini...

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We investigate if and how climate indicators and web-traffic data may improve the estimates of demand functions’ parameters, considering specific origins and destinations. Overall, augmented demand functions show better fit and more reliable price and income elasticities whether the demand is measured with arrivals or with overnights. However, hete...

Real-world tourism destinations differ in the way they develop and are managed. This is mainly due to the complexity of the tourism product (a bundle including both complementary and substitute goods and services) and the type of primary resource. Moreover, the planning of tourism and the policy of the destination depend on coordination and coopera...

This article aims to contribute to the literature on the effects of trade bloc formation and plurilateral economic cooperation on international tourism flows. This research expands previous findings in the number of countries (58) and types of agreements (formal and informal, global and regional) under investigation in order to (i) capture the effe...

Working paper available at http://ssrn.com/abstract=2737992

Forthcoming on Tourism Economics. Available online at http://dx.doi.org/10.5367/te.2015.0496

The study develops a comprehensive picture of tourism demand trends at UNESCO World Heritage Sites (WHSs) with the aim of providing evidence of any growth in demand for specific destinations after the listing of their sites. In contrast to previous literature, this article focuses on the smallest statistical unit (the municipality) to examine WHS i...

The emerging dynamic dimensions of the human intestinal microbiota (IM) are challenging the traditional definition of healthy gut microbiota, principally based on the static concepts of phylogenetic and functional core. On the other hand, recent researches are revealing that the microbiota plasticity is strategic for several aspects of our biology,...

The paper models the optimal development strategy of a tourism destination by identifying and analyzing two key economic features: i) the long-term choice of whether to invest in the enhancing of natural and/or cultural resources (which act as common goods in the destination) or to increase the degree of sophistication of the tourism product (here...

After having analyzed in Chap. 7 why tourism firms arise and develop and how they are organized, and after having discussed some general topics affecting the supply side of the tourism sector (the seasonality of demand and the technology change), we now start to investigate the economic rationale of tourism firms. With the term “economic rationale”...

The relationships among biological and anthropic phenomena stemming from the economic activity of human beings are complex, and the environment is a system in which natural and human resources (social, economic, and cultural) have to coexist. Like any other human activity, also tourism is twisted with the environment: tourism affects and is affecte...

In this chapter, where we continue from Chap. 7 the investigation of the different types of tourism firms, we study the companies that supply tourism services included in the matrix of the tourism product. These services are also included in the package holiday produced by the tour operator: the hospitality firms supply accommodation services of di...

In Chap. 4, we discussed the concept of tourism demand as strictly referred to a given destination, a given type of tourism, or any combination of the two. In particular, we considered the tourism demand at the destination as the relationship between the number of overnight stays and the daily price of the holiday, and then we used it as a tool to...

As every other aspect of everyday life and socioeconomic relationships, also tourism is crossed, and sometimes deeply affected, by the evolution of a complex system of phenomena that in the common language can be defined as Internet Revolution, New Economy, Information Technology (IT), Information and Communication Technology (ICT), etc. Without en...

As stated many times before, the tourism product is a set of heterogeneous and complementary services, supplied by firms that either directly serve the tourists or indirectly satisfy their demand. In other words, a single tourism demand does not exist (see Sect. 4.2) and tourism should be interpreted as a set of interconnected markets. Each tourism...

In Chap. 2 we classified tourism flows in international (incoming and outgoing) and domestic tourism. While in statistical terms international tourism was identified by the movement from one country to another for tourism purposes, in this chapter we will highlight that the relevant economic fact linked to international tourism is not the crossing...

With this chapter we begin to study the supply side of the tourism sector by focusing on the economic rationale of firms supplying goods and services that are included in the matrix of the tourism product (see Sect. 2.5). By recalling that tourism can be classified and defined according to the dimensions of plurality and heterogeneity, also tourism...

After having studied the economic problem of tourism firms (Chaps. 8 and 9) as well as their strategic choice in terms of product differentiation, mechanisms of signaling, reputation, advertising, etc. (Chap. 10), in this chapter we will address a number of issues arising from the transactions between firms operating in different markets. In fact,...

The evidence that in many countries tourism constitutes a fundamental engine of local and national development is unquestionable, and in recent years gave birth to a flourishing scientific production. These aspects can be studied using standard tools of macroeconomic theory, such as the income multiplier, models of exogenous and endogenous growth,...

Tourism is one of the most important and dynamic sectors in modern economies. In 2010, international tourism globally accounted for more than 900 million arrivals, generated an aggregate income of 1,000 billion dollars, and was estimated to be the fourth greatest contributor to the aggregate world exports right after energy, chemical products, and...

The tourism destination, intended as the location of tourism structures and services as well as the place where travelers’ needs are fulfilled, is the core of the tourism system. Usually, a destination is geographically well defined, but its boundaries may often blur and evolve. According to Davidson and Maitland (1997):

In the early days, research in tourism was mainly stimulated by investigations commissioned by business associations and policy makers rather than by scientific curiosity on open issues and by a clear research agenda (Ashworth 1989). At that time, the research was acritically descriptive and inadequate in the methodology, instruments, and approache...

This chapter is devoted to present and explain advanced models of consumption applied to the tourist’s choice, which can be seen as extensions of the basic and standard models of consumption presented in Chap. 5. Particularly, four extensions of the consumer theory will be examined throughout the chapter.

When speaking of tourism, there exist positive and normative motivations (see Sect. 2.7) for analyzing those institutions that govern and organize the economic relationships between tourism operators in the market. An institution can be defined as any organization accepted by the members of the society and with the power of regulating the behavior...

Tourism is a highly complex phenomenon and can be fully understood only by adopting a multidisciplinary approach. In fact, the tourism activity has been studied by many disciplines, being economics, geography, sociology, and history the most productive; however, this book will focus only on the analysis of the economic aspects surrounding the touri...

In this paper we address a key issue in the current debate on economic development: the effect of globalization on poverty. We review the empirical evidence on the relationship between globalization (broadly defined) and within-country poverty in the Developing Countries (DCs). To measure globalization we use, among others, standard indices of trad...

author. Small sections of the text, not exceeding three paragraphs, can be used provided proper acknowledgement is given. The Rimini Centre for Economic Analysis (RCEA) was established in March 2007. RCEA is a private, nonprofit organization dedicated to independent research in Applied and Theoretical Economics and related fields. RCEA organizes se...

A tourist destination might use a two-part tariff (TPT) in which tourists pay a fixed price (e.g., entry fee) and a fee proportional to the length of stay and to the cost of the tourist product consumed. In the TPT framework we can distinguish two cases. In the former, tourists are indifferent between arrivals and length of stay, being their utilit...

The holiday can be considered a good for which the tourist pays a two-part tariff (TPT). The variable part, roughly proportional to the length of stay, is charged on top of a fixed price, paid to get to the destination (typically due to travel costs). We analyse the policy implications of this price structure in both monopoly and monopolistic compe...

For tourist destinations, sustainable economic development requires, together with the attainment of economic efficiency, environmental protection and social cohesion. This latter aspect implies that the local community has to be actively involved in the planning and in the management of the tourism sector, and that (the great part of) tourism earn...

We contribute to the debate on whether tourism should be considered a discipline or just a field of study. By re-arranging Hirst's four criteria (1974) to define a primary form of knowledge (a discipline), we affirm that tourism economics can be considered an established economic discipline in applied economics. Since the same question should be po...

The authors provide an empirical assessment of the relationship between tourism specialization and economic growth by updating the findings of previous papers written on this issue. They use data for more than 150 countries, covering different time spans between 1980 and 2005. Contrary to previous findings (for example, Brau et al, 2004 and 2007),...

In recent years, several papers have been focussing on various aspects of the tourism destination. The destination is a central issue within tourism studies, embodying in one single concept all the specific and problematic features of tourism, such as its systemic nature, in which “space” plays a fundamental role. In this paper we argue that is in...

I problemi non possono essere risolti con gli stessi schemi mentali che gli hanno prodotti (Albert Einstein) Di tutto conosciamo il prezzo, di niente il valore (massima letta su una bustina di zucchero Lekkerland) 1. Preambolo L'improbabile quanto blasfemo confronto tra la citazione del grande scienziato tedesco e una banale massima da caffè ci per...

10.1 Introduzione La politica di gestione del territorio e delle risorse ambientali e culturali risulta parti-colarmente complessa nelle destinazioni turistiche, per l'interagire di esigenze poten-zialmente divergenti che provengono dai residenti e dai turisti. La politica del turismo è spesso improntata al raggiungimento di obiettivi economici, qu...

During their holidays, tourists produce direct and indirect effects on local residents, which can either be positive or negative. In this paper we investigate how residents of Rimini, a popular Italian seaside resort hosting more than ten million national and foreign overnight stays every year, internalise such effects. We use a stated preference a...

We use a panel of more than 100 countries for the period 1980 to 2002 to analyse the relationship between inward foreign direct investment (FDI) and wage inequality. We particularly check whether this relationship is non-linear, in line with a theoretical discussion. We find that the effect of FDI differs according to the level of development: we d...

This paper addresses a key issue in the current debate on economic development: the impact of glob-alization on poverty. After having discussed the problems related to the definition and measurement of both poverty and globalization, we perform a panel analysis which adds to recent literature by explicitly considering relative poverty and by conduc...

In this paper we analyse the Local Tourist System (LTS) as a particular case of Marshallian Industrial District. The LTS allows the identification of more effective policy tools for managing tourism. First, through the concept of LTS, the policy maker can take into account the complexity of tourism, characterised by a strong heterogeneity of goods,...

Testo per Modulo II - punto 1

This paper proposes a price index for artists adjusted for the quality of the paintings, based on the ratio between the average market price and the average pre-sale estimate for paintings. We apply this methodology to a group of selected artists and schools presented in auctions worldwide in the period 1990–2001. A comparison with quality unadjust...

In recent years sponsorship has become one of the most important promotion tools practiced by private companies. This paper develops the idea that sponsorship enters the production function as a kind of investment in immaterial capital, bringing the firm to a higher equilibrium level of production and profits. The effects of investment decisions in...

A preliminary step in the measurement of inequality regards the choice of the index to use. Several indices exist, each one responding to a built-in aversion to inequality, and the choice affects conclusions. But how much? And in which way? We test the ranking correlation between inequality indices, by drawing a distinction between cases involving...

Multinational Companies and Wage Inequality in the Host Country: The Case of Ireland. — In this paper, the authors analyze the impact of multinational companies on wage inequality in a host country. Based on a model, in which the introduction of new technologies leads to increases in the demand for skilled labour and, therefore, to rising wage ineq...

In recent years, a vast literature on the links between inequality and growth has flourished. The emerging consensus is that equality enhances growth, but disagreement exists on the underlying mechanisms. In this paper, we aim to provide the reader with new empirical evidence from a cross sectional analysis of countries. First, we try to improve up...

This paper examines the long-run relationship between outward foreign direct investment (FDI) and total factor productivity for a sample of 33 developing countries over the period 1980-2005. Using panel cointegration techniques, we find that: (i) outward FDI has, on average, a positive long-run effect on total factor productivity in developing coun...

This paper is an assessment of the approach to measure inequality suggested by Gary Fields (1987, 1993). Fields' approach describes the change in inequality which occurs in dual economy models when there is enlargement of the high-income sector. According to Fields, inequality during this growth process initially decreases and then increases, depic...

The preliminary step in assessing the extent of inequality is to decide how to measure it. Different indices exist, each responding to a built-in "aversion to inequality", and the choice of the index to be used affects conclusions. Whilst there is not a "preferable" index, the family of General Entropy Measures presents some beneficial properties....

This paper is an assessment of the approach suggested by Gary Fields for measuring inequality in an economy with high-income sector enlargement. This approach describes the change in inequality according to a U-pattern, instead of the inverted U-pattern described by other indices. We argue that Fields index is not consistent with Lorenz Dominant Cr...

Total household income inequality can be very different from inequality measured at the income per-capita level but only in recent years has the pattern of this divergence been investigated. In this paper, results from Coulter et al. (1992) using a one-parameter equivalence scale are updated using data for Ireland, Italy, the UK and the US. A class...

Testo per Modulo II - Punto 1