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Using Monte Carlo Methods for the Valuation of Intangible Assets in Sports Economics

Abstract

This paper indicates the possibilities of using Monte Carlo simulations methods in players’ performance rights value monitoring. The authors have formulated a hypothesis that connects Monte Carlo methods (MC) and econometric models of the player’s life cycle that could give club managers another source of information for the decision process. The MC method in finance is usually used to value the option price on the basis of assumed distribution of price changes. In this approach, the method was used to determine future the hypothetical value of footballers’ performance rights. Using econometric models of the player’s life cycle we could observe and analyse the phase in the life cycle of a football player and determine volatility.

In this paper we use historical data of the market values of chosen football players from the website http://transfermarkt.de. The analysis is based on popular valuable players after the growth phase of their life cycle. For the visualisation of the “Championships games bubble” problem we analyse the periods before and after the UEFA EURO 2016.

The opportunities and threats of a such an attempt are shown in this paper.

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The Behaviour of Tourism Market Participants in the Context of the Development of Ecotourism

Abstract

This article considers the influence of ecotourism, a fast-developing form of tourism, on an important area in the functioning of the tourism market, which is the behaviour of its participants. The aim of the article is to present the way in which the developing concept and principles of ecotourism can affect the behaviour of consumers (tourists) and the activity of tour operators (providers of tourism services). The authors propose a unique research approach which consist in addressing both the expectations on the part of tourists as well as those related to business targets of the tourism industry. This article presents conceptual framework and outlines methodical approach which can be useful for the future research. Twelve types of behaviour regarding both tourists and tour operators were distinguished, followed by a description of the character of the possible influence of ecotourism on each of them. In this way the article also presents an outline of a new approach to managing business (including market relations), taking into consideration the growing popularity and importance of ecotourism.

Open access
Influence of Feature Selection Methods on Classification Sensitivity Based on the Example of A Study of Polish Voivodship Tourist Attractiveness

Abstract

The purpose of this article is to determine the influence of various methods of selection of diagnostic features on the sensitivity of classification. Three options of feature selection are presented: a parametric feature selection method with a sum (option I), a median of the correlation coefficients matrix column elements (option II) and the method of a reversed matrix (option III). Efficiency of the groupings was verified by the indicators of homogeneity, heterogeneity and the correctness of grouping. In the assessment of group efficiency the approach with the Weber median was used. The undertaken problem was illustrated with a research into the tourist attractiveness of voivodships in Poland in 2011.

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Cost-Effective Service Excellence: Exploring the Relationships Among Restaurants’ Operational Efficiency, Size and Service Quality

Abstract

The main goal of this study is to investigate whether higher (cost-effective) operational efficiency in restaurants can be achieved without lowering the perceived level of service quality. This study also investigates the importance of restaurants’ size on operational efficiency and on the perceived level of service quality. We present the methodological procedures used to investigate the relationships among restaurants’ operational efficiency, size, and service quality after presenting the conceptualization of the cost-effective service excellence (CESE) research construct. The restaurants’ efficiency was assessed using Data Envelopment Analyses and the DINESERV tool was implemented to analyse guests’ perceptions of service quality. Guests of low- and high-efficient restaurants perceive service quality based on the same quality dimensions. Based on the structural equation modelling, it is evident that CESE can be achieved in the restaurant industry. The restaurant size has proven to influence restaurants’ operational efficiency and guests’ quality perceptions.

Open access
Differentiation of the Demand for the Hunting Tourism in the Czech Republic

Abstract

In the world scale, there are various forms of how the hunting tourism is carried out. there is a considerably specific situation in the czech republic originating in the historical development. the assessment of the diversification of the demand for tourist activities was chosen to be the aim of this article. this assessment is based on a questionnaire survey among tourism participants who consume the specific products of the hunting tourism in the tourist regions of Bohemian Forest and south Bohemia. A guided tour in a game enclosure with a professional commentary and wildlife observation showed to be the most interesting offer. the most important thing is the identification of five main segments of demand called “ordinary” gamekeeper's hunting, “occasional” gamekeeper's hunting, angling activities, hunting without the killing and complementary activities. the differences among the latter five segments were identified in the representation of respondents as far as their gender and their membership in a community of anglers or gamekeepers are concerned.

Open access
Environmental Sustainability Analysis as a Competitive Strategy in the Hotel Industry of Sinaloa, Mexico

Abstract

This case study analyses characteristics of the implementation of environmental strategies in hotels. Results were found to be highly variable between hotels. They also highlight the need for greater momentum for this new type of business model. For the development of this research, a multi-method study approach was adopted, with a mixed methodology to the hotel industry of the state of Sinaloa, Mexico. This was done through executive interviews in addition to the application of a compliance guide to 11 companies selected from the sector. Relevant aspects are considered through a review of the hotel sector and sustainability, consumer trends, sustainability in the tourism market and development phases for corporate sustainability.

Open access
Mining Heritage and Mining Tourism

Abstract

The mining industry leaves behind a large number of tangible or intangible remains. A part of them can be used by different actors as a mining heritage. Specific cultural or social values and meanings, which remind of the importance of mining in the past and today, are represented through this mining heritage. To preserve them, the heritage must be passed to future generations. One of the ways is mining tourism. However, the relation between the mining heritage and tourism is not simple as the complex mining heritage has many specific features that differ from the traditional tourist attractions and conceal many pitfalls. The aspects of authenticity or approaches to heritage interpretation are also important.

Open access
Going Entrepreneurial: Agro-tourism and Rural Development in Northern Montenegro

Abstract

Background: In Montenegro, there is a growing awareness of the necessity to further develop sustainable forms of tourism and foster economic development of mostly agrarian northern rural areas. However, this is of the utmost importance not only for sustaining local economy, but also for creating more balanced framework for territorial development.

Objectives: Paper aims to set a framework for studying the role of innovations and entrepreneurship in developing sustainable agro-tourism in Montenegro through identifying main resources, obstacles, challenges and potentials of the process.

Methods/Approach: The analysis is based on both review of the secondary sources and the fieldwork conducted between June and October 2015 in rural areas of Kuci and Durmitor, as well as the number of interviews with farmers and tourism professionals from the country.

Results: The results highlighted the low levels of both entrepreneurial culture and hospitality awareness amongst local population, lack of investments, infrastructural backwardness and insufficient government support as the main obstacles to developing successful and sustainable agro-tourism ventures.

Conclusions: Public bodies should create a comprehensive strategy for sustainable tourism development, which should focus on providing incentives, training and support to the farmers eager to diversify their agro-activities through entrepreneurial actions.

Open access
The Predictors of the Willingness to Recommend a Visit for Diversified Tourism Attractions

Abstract

The predictors of a positive word-of-mouth experience as an important destination loyalty factor among tourist in the Šumava and South Bohemian Touristic Regions were studied via structural equation modelling. The perception of quality, on-site experience, and the perception of value as the mediators between the motivation to visit and the word-of-mouth experience were studied. The pleasant ‘natural’ environment, the history, the accessibility, and the closeness were found as the pull motivation factors. Social gathering, education, self-reflection, and relaxation were revealed as the push motivation factors. Speaking of the common-place factors, the complexity, the novelty, and the density were all identified as factors of perception of the visited environment. The on-site experience is given by pleasure, arousal, and dominance feelings. The model ‘motivation to visit → quality of environment → on-site experience → perceived value of environment → satisfaction with visit → willingness to recommend the visit’ was found as being appropriate for the collected data.

Open access
Analyzing Hotel Innovation Behavior in the Balaton Region of Hungary to Identify Best Practices

Abstract

The goal of the research is to investigate the hotel innovation behavior in one of the most important tourism regions of Hungary. The Lake Balaton Region is a very popular area of the country with quite a short season (from the middle of June to August 20). The region is the second most visited area based on the number of guests and guest nights in Hungary. The topic of innovation plays a growing role in the Hungarian hotel sector as well, because competition is very high and keeping guests and employees can be a great challenge. The study involved both qualitative and quantitative research. The qualitative research aimed to identify the best practices of the Hotel Európa Fit****superior which introduced an “innovation by inspiring” strategy and applies several types of innovation in a highly recommended way. The respondents of the questionnaire included 28 hotel general managers (52% of the 54-person sample). The results showed a strong relationship between the type of the hotel and the number of innovations as well as the type of the hotel and the frequency of innovation.

Open access