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Optimal Korean Inbound Tourist Market Mixes Using financial Portfolio Theory
Journal of Tourism Sciences
Abbr :
JTS
2009, 33(2), pp.455-475
Publisher : The Tourism Sciences Society Of Korea
Research Area : Tourism
2009, 33(2), pp.455-475
Publisher : The Tourism Sciences Society Of Korea
Research Area : Tourism
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This study applied a financial portfolio theory to estimate optimal market mixes to minimize the instability of inbound tourist market demand. An empirical analysis was applied to inbound tourists to Korean. The results shed light on diversification in tourism market and offer tourism authorities and policy-makers explicit guidelines for risk management in the destination planning process. Specifically, using optimal mixes with various return-risk options can facilitate a more stable pattern of arrivals from foreign countries. To achieve the optimal inbound tourism market mixes, the tourism authorities should take the high-return & high-risk option and shift available resources to Japan, Chines, Indonesia, USA, Taiwan etc. More policy implications are provided to guide tourism authorities and policy makers.
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