An Econometric Model of Tourist Demand: The Case of Greece
Tourism today includes a wide array of economic and social activities on an international scale and covers all social classes. It is directly related with the development of every modern society and aims at meeting human needs in a developed culture so as to create the conditions for advancing understanding and brotherhood among the different peoples in order to achieve a better future for mankind. The tourist sector does not constitute a specific sector in an economy, but includes goods and services from various sectors. The present study focuses on foreign tourism due to its primary influence on changes made in the social and economic structure of the tourist-host country. This study employs an econometric model of tourist demand in a developed tourist market like the Greek one which aims to improve its tourist product. The model is estimated using the method of Ordinary Least Squares (OLS), employing data for the period 1960-1993, and using the econometric package of Microfit 3.11.