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THE CHAOTIC GROWTH MODEL OF THE TOTAL CONSUMPTION VISITOR EXPENDITURE: EURO AREA Vesna Jablanovic University of Belgrade, Faculty of Agriculture, Nemanjina 6, 11081 Belgrade, Republic of Serbia DOI: https://doi.org/10.31410/tmt.2019.17 4th International Thematic Monograph - Modern Management Tools and Economy of Tourism Sector in Present Era, Belgrade, 2019, Published by: Association of Economists and Managers of the Balkans in cooperation with the Faculty of Tourism and Hospitality, Ohrid, North Macedonia; ISSN 2683-5673, ISBN 978-86-80194-29-5; Editors: Vuk Bevanda, associate professor, Faculty of Social Sciences, Belgrade, Serbia; Snežana Štetić, full time professor, The College of Tourism, Belgrade, Serbia, Printed by: SKRIPTA International, Belgrade
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Abstract: This paper examines the total consumption expenditure made by a visitor or on behalf of a visitor for and during his/her trip and stay at destination in the euro area. The basic aims of this paper are: firstly, to create a relatively simple chaotic growth model of the total consumption visitor expenditure that is capable of generating stable equilibria, cycles, or chaos, and secondly, to analyze the total consumption visitor expenditure growth stability in the period 2012-2018 in the euro area. This paper confirms the existence of the different growth path of the total consumption visitor expenditure in the euro area in the observed period. Keywords: Expenditure, Tourism, Growth, Stability, Chaos. REFERENCES Benhabib, J., Day, R.H. (1981) Rational Choice and Erratic Behaviour, Review of Economic Studies 48: 459-471. Benhabib, J., Day, R.H. (1982) Characterization of Erratic Dynamics in the Overlapping Generation Model. Journal of Economic Dynamics and Control 4: 37-55. Day, R.H. (1982) Complex Economic Dynamics: Obvious in History, Generic in Theory, Elusive in Data. Journal of Applied Econometrics, Vol. 7, Issue Supplement, 1992, S9-S23. Day, R.H. (1982) Irregular Growth Cycles. American Economic Review 72: 406-414. Day, R.H. (1983) The Emergence of Chaos from Classica Economic Growth. Quarterly Journal of Economics 98: 200-213. Day, R.H. (1997) Complex Economic Dynamics. Volume I: “An introduction to dynamical systems and market mechanism”, MIT Press, In: Discrete Dynamics in Nature and Society, Vol. 1. 177-178. Goodwin, R.M. (1990) Chaotic Economic Dynamics. Clarendon Press, Oxford. Grandmont, J.M. (1985) On Endogenous Competitive Business Cycles. Econometrica 53: 994-1045. Jablanovic, V. (2011) Budget Deficit and Chaotic Economic Growth Models. Aracne editrice S.r.l, Roma. Jablanovic, V. (2013) Elements of Chaotic Microeconomics. Aracne editrice S.r.l., Roma. Jablanovic, V. (2016) A Contribution to the Chaotic Economic Growth Theory. Aracne editrice S.r.l., Roma. Jablanovic, V. (2018). The Chaotic Growth Model of the International Tourism Receipts: Euro Area. In Proceedings of Second International Scientific Conference EMAN 2018 Economics & Management: How to Cope With Disrupted Times (pp. 703-717). Ljubljana. Li, T., Yorke, J. (1975) Period Three Implies Chaos. American Mathematical Monthly 8: 985-992. Lorenz, E.N. (1963) Deterministic nonperiodic flow. Journal of Atmospheric Sciences 20: 130-141. Lorenz, H.W. (1993) Nonlinear Dynamical Economics and Chaotic Motion. 2nd edition, Springer- Verlag, Heidelberg. May, R.M. (1976) Mathematical Models with Very Complicated Dynamics. Nature 261: 459-467. Medio, A. (1993) Chaotic Dynamics: Theory and Applications to Economics. Cambridge University Press, Cambridge. Medio, A. (1996) Chaotic dynamics. Theory and applications to economics. Cambridge University Press, In: De Economist 144 (4), 695-698. https://ec.europa.eu/eurostat/databrowser/view/ tin00194/default/table?lang=en 
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