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    Rights statement: This is the author’s version of a work that was accepted for publication in Tourism Management. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Tourism Management, 75, 2019 DOI: 10.1016/j.tourman.2019.06.012

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Bayesian dynamic panel models for tourism research

Research output: Contribution to Journal/Magazine › Journal article › peer-review

Published
<mark>Journal publication date</mark>10/12/2019
<mark>Journal</mark>Tourism Management
Volume75
Number of pages13
Pages (from-to)582-594
Publication StatusPublished
Early online date9/07/19
<mark>Original language</mark>English

Abstract

This paper describes several innovative dynamic panel data models that allow variations in slope coefficients both across time and cross-sectional units. We replace time variation with a dynamic (autoregressive) component and introduce several variations of the so-called Mundlak device in which random intercepts are linear function of the average values of the regressors. We develop all models in a Bayesian framework, and test their performance using an interesting application on the impact of advertising on firm sales. We provide technical details of all these models and present tools to compare their performance in a Bayesian framework. Moreover, model averaging and posterior model pools are presented to gain more insight into the relationship between advertising and sales.

Bibliographic note

This is the author’s version of a work that was accepted for publication in Tourism Management. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Tourism Management, 75, 2019 DOI: 10.1016/j.tourman.2019.06.012