THE CHAOTIC GROWTH MODEL: INTERNATIONAL TOURISM
Vesna D. Jablanovic - University of Belgrade, Faculty of Agriculture, Nemanjina 6, 11081 Belgrade, Serbia
DOI: https://doi.org/10.31410/tmt.2020.29
5th International Thematic Monograph - Modern Management Tools and Economy of Tourism Sector in Present Era, Belgrade, 2020, 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 978-86-80194-42-4; 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
Abstract: The basic aims of this paper are: firstly, to create a relatively simple chaotic international tourism expenditure growth model that is capable of generating stable equilibria, cycles, or chaos; and secondly, to set up a relatively simple chaotic international tourism receipts growth model. This paper confirms stable growth of the international tourism receipts and expenditures in high-income countries, low & middle-income countries, lower-middle-income countries, middle-income countries, and upper-middle-income countries in the period 1995-2018.
Keywords: Expenditure, Receipts, 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) 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. (2019) The Chaotic Growth Model of the Total Consumption Visitor Expenditure: Euro Area. 4th International Thematic Monograph Modern management tools and of economy of tourism sector in present era. pp. 17-31, Association of Economists and Managers of the Balkans in cooperation with the Faculty of Tourism and Hospitality, Ohrid, North Macedonia, ISBN 978-86-
80194-29-5, DOI https://doi.org/10.31410/tmt.2019.17
Medio, A. (1996) Chaotic dynamics. Theory and applications to economics. Cambridge University Press, In: De Economist 144 (4), 695-698. Covid-19 and Tourism: Assessing the Economic Consequences (2020) United Nations Conference on Trade and Development. https://unctad.org/system/files/official-document/ditcinf2020d3_en.pdfhttps://data.worldbank.org/indicator/ST.INT.
RCPT.XP.ZS?view=chart
Keywords: Expenditure, Receipts, 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) 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. (2019) The Chaotic Growth Model of the Total Consumption Visitor Expenditure: Euro Area. 4th International Thematic Monograph Modern management tools and of economy of tourism sector in present era. pp. 17-31, Association of Economists and Managers of the Balkans in cooperation with the Faculty of Tourism and Hospitality, Ohrid, North Macedonia, ISBN 978-86-
80194-29-5, DOI https://doi.org/10.31410/tmt.2019.17
Medio, A. (1996) Chaotic dynamics. Theory and applications to economics. Cambridge University Press, In: De Economist 144 (4), 695-698. Covid-19 and Tourism: Assessing the Economic Consequences (2020) United Nations Conference on Trade and Development. https://unctad.org/system/files/official-document/ditcinf2020d3_en.pdfhttps://data.worldbank.org/indicator/ST.INT.
RCPT.XP.ZS?view=chart
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