69211 - TOURISM MICROECONOMICS

Anno Accademico 2021/2022

  • Docente: Maurizio Mussoni
  • Crediti formativi: 12
  • SSD: SECS-P/01
  • Lingua di insegnamento: Inglese
  • Moduli: Maurizio Mussoni (Modulo 1) Lorenzo Masiero (Modulo 2)
  • Modalità didattica: Convenzionale - Lezioni in presenza (Modulo 1) Convenzionale - Lezioni in presenza (Modulo 2)
  • Campus: Rimini
  • Corso: Laurea Magistrale in Tourism economics and management / economia e management del turismo (cod. 8609)

Conoscenze e abilità da conseguire

Learning Outcomes: At the end of the course the student knows some advanced models of microeconomic theory and their application to tourism. Moreover, the student knows how to interpret the tourist's behaviour, the characteristics of tourism demand and supply. More specifically, the student is able to: critically evaluate recent studies of microeconomics, with particular reference to the economic problems of tourism firms and destinations, their product and pricing strategies and the organization of tourism markets; to compare theoretical results with empirical evidence; to develop autonomous ability in undertaking empirical research in tourism microeconomics.

Contenuti

MODULE I: Analysis of Tourism Demand (Maurizio Mussoni - 30 hours)

1. Short review of microeconomics and tourism economics

  • Review of microeconomic theory: neoclassical (or Walrasian) general equilibrium theory; Pareto efficiency and the two fundamental theorems of welfare economics; market failures, asymmetric information, and uncertainty.
  • The tourism demand and the tourism markets: characteristics of the tourism good; timing in consuming a tourism good; the role of information in tourists' choices (incomplete and imperfect information); market failures and asymmetric information in tourism markets; search and experience goods in the tourism market.

2. Economic theory of contracts

  • Economic theory of contracts (implicit and explicit contracts, complete and incomplete contracts).
  • Contracts enforcement and enforcement mechanisms.
  • The Coase theorem.
  • Social efficient outcome, first-best and second-best contracts.
  • The contracts in tourism markets.

3. Economic uncertainty and tourism. Insurance contracts in tourism

  • Consumer decisions under uncertainty.
  • Expected utility theory and attitudes towards risk.
  • Insurance and risk-sharing contracts.
  • Insurance contracts in tourism: insurance against the "economic risk" of ruined holidays.

4. Future contracts in tourism

  • "Free Sale" and "Allotment" Contracts.

5. Asymmetric information and uncertainty. Incentive contracts. Signaling, reputation, and selection contract

  • Incomplete, imperfect, and asymmetric information.
  • The moral hazard problem (hidden action): incentive contracts and the trade-off between incentives and insurance. Incentive contracts in tourism.
  • The adverse selection problem (hidden information): signaling and selection mechanisms in tourism.
  • Implicit contracts and reputation mechanisms in tourism.

 

MODULE II: Industrial Organization and Market Structure in Tourism (Lorenzo Masiero - 30 hours)

1. Monopoly

2. Competition

3. Pricing

4. Consumer theory

5. Policy

Testi/Bibliografia

MODULE I: Analysis of Tourism Demand (Maurizio Mussoni - 30 hours)

  • R. Cooter, R. Ulen. Law and Economics, 6th Edition, 2016, Berkeley Law Books (chapters 2 and 8).
  • G. Candela, P. Figini. The Economics of Tourism Destinations, Springer, 2012 (chapters 10 and 11).
  • M. Castellani, M. Mussoni. An Economic Analysis of Tourism Contracts: Allotment and Free Sale, in "Advances in Modern Tourism Research", Springer-Verlag, Berlin, 2007, p. 51-85 (available on the faculty member's website).

 

MODULE II: Industrial Organization and Market Structure in Tourism (Lorenzo Masiero - 30 hours)

  • Candela, G. and Figini, P. The Economics of Tourism Destinations, Springer, 2012 (chapters 5-10).

Other specific references to tourism applications will be given in class.

 

The teaching material (slides and case studies) can be downloaded by clicking on "Teaching resources on Virtuale" or directly from the "Virtuale" website (https://virtuale.unibo.it).

Any additional material will be communicated at the beginning of the course, and made available online within the course's teaching material.

Metodi didattici

60 hours of in-class lectures and discussion of case studies.

Modalità di verifica e valutazione dell'apprendimento

The exam is composed of two written exams which cover Module I and Module II of the course and aim to evaluate the skills and the critical abilities developed by the students regarding the microeconomic theories explained during lectures and their applications to tourism. The written exam on each module lasts 1 hour.

The written exams consist of “open-answer questions”, and students must select two questions out of the four proposed and answer to all the corresponding sub-points. The answer to each question is worth 30 points, and the final mark is computed as the simple average of the two marks obtained for each question. An example of an exam will be illustrated during the course.

The exams are currently carried out both in person (face to face) and online (via Zoom). The former option is conditional on possible pandemic restrictions, while the latter will be available as long as the University guarantees this option.

For students attending lectures, it is possible to do the written exams through two mid-term assessments (partial exams):

  • the mid-term assessment for Module I (1/2 of the final mark) is scheduled at the end of the first term of lectures and is a 1-hour exam;
  • the mid-term assessment for Module II (1/2 of the final mark) is scheduled at the end of the second term of lectures and is a 1-hour exam.

Only students who pass the first mid-term assessment are admitted to the second mid-term assessment. To pass the exam, students must obtain a sufficient grade (18/30) for both Module I and Module II.

The final mark is computed as the simple average of the two marks obtained for Module I and Module II, and it is expressed out of 30 points according to the following graduation:

  • <18, fail;
  • 18-23, sufficient;
  • 24-27, good;
  • 28-30, very good;
  • 30 with laude, excellent.

It is not possible to bring books, personal notes, or electronic devices to the exam. Registration for the exam is compulsory, and students have to register through AlmaEsami website (https://almaesami.unibo.it) according to the general rules of the School of Economics and Management.

Strumenti a supporto della didattica

Teaching material (slides and discussion of case studies).

The slides can be downloaded by clicking on "Teaching resources on Virtuale" or directly from the "Virtuale" website (https://virtuale.unibo.it).

Orario di ricevimento

Consulta il sito web di Maurizio Mussoni

Consulta il sito web di Lorenzo Masiero

SDGs

Istruzione di qualità Lavoro dignitoso e crescita economica Imprese innovazione e infrastrutture Consumo e produzione responsabili

L'insegnamento contribuisce al perseguimento degli Obiettivi di Sviluppo Sostenibile dell'Agenda 2030 dell'ONU.