Chung-ki Min

Examining the Role of Multidimensional Value in Convention Attendee Behavior

This study delves into what causes convention attendees to perceive low or high multidimensional value (MDV) by examining the psychographic and demographic profiles of different tiers of MDV convention attendees (low-, middle-, and high-MDV attendees in this study). This study adopts functional, emotional, and social values to represent MDV. Using cluster and discriminant analyses, findings show that whereas low-MDV attendees negatively perceive convention experiences according to dimensions of the MDV, convention quality, and behavioral intentions, high-MDV attendees favorably evaluate convention experiences along the same dimensions. The demographic profile of high-MDV attendees includes more doctoral degree holders and academic faculty. Positive word of mouth, professional education, and social networking play more powerful roles than site-specific dimensions in discriminating low-, middle-, and high-MDV attendees. An understanding of the different tiers of MDV attendees enables convention planners to better comprehend distinct evaluative perceptions and, thus, to cultivate and sustain high MDV, resulting in loyalty and profit.

A Gibbs sampling approach to estimation and prediction of time-varying-parameter models

This study addreses the issue of unconditional estimation of regression models with time-varying parameters. Using a data augmentation in which unobserved random coefficients are treated as missing data, procedures for the Gibbs sampler are developed. Several examples are presented to illustrate how the Gibbs-sampling procedures perform in practice.

Examining the Quality Antecedents and Moderating Effects of Experiential Value in a Mega-Event

ABSTRACT This study aims to explore (1) the underlying dimensions of experiential value (EV), (2) the quality antecedents of EV, and (3) the moderating effects of EV on the relationships between the quality dimensions of Expo 2012, Yeosu, Korea, and visitor satisfaction. Although gaining event experience is a crucial reason why event visitors attend certain events, EV has yet to be fully investigated in event literature. This study offers an expanded view of the event consumption experience from the EV perspective, thus contributing to the event literature, particularly by investigating the unexplored aspect of event visitors’ behavior. The theoretical and practical implications of the findings are also discussed.

Growth effects of leisure tourism and the level of economic development

ABSTRACT This study examines (1) whether leisure tourism can contribute to economic growth and (2) if it does, whether its growth effects are constant across levels of economic development. Leisure tourism differs from business tourism in the causal relation with economic growth. In addition, the natural and heritage-related resources for leisure tourism are limited and not reproducible. This notion has a significant implication for the relationship between the growth effects of leisure tourism and the level of economic development. Thus, the current study focuses on leisure tourism and controls for the effects of business tourism. As an economy grows, the growth effects of leisure tourism are expected to diminish due to a lack of continued productivity improvement in the tourism industry. The empirical findings in this research reveal that leisure tourism contributes to economic growth at an early stage of economic development, but its contribution becomes weaker as the economy develops.

Contribution of Cultural Tourism to Economic Growth and its Sustainability

This study examines, 1) whether cultural tourism can contribute to economic growth, and 2) if it does, whether its growth effects are sustainable. Regarding the contribution to economic growth, cultural tourism differs from business tourism in the causal relation. Furthermore, the resources are limited for cultural tourism but can be produced in the case of business one; this has a significant implication for the sustainability of the growth effects of cultural tourism. Thus, this study focuses on cultural tourism by controlling for the effects of business tourism. The empirical findings show that cultural tourism contributes to economic growth at an early stage of economic development but has limitations in sustaining the contribution to economic growth.

Instrumental Variable Estimation of Tourism Demand: Comparing Level versus Change-rate Models

Tourism demand is highly sensitive to economic fluctuations. If variables are subject to such time-specific effects, lagged variables in dynamic models can cause the OLS estimation to be biased. This study estimates tourism demand with controlling for time-specific effects by using instrumental variables. The empirical results show that the models of change rate variables produce significant and reliable estimates when they are estimated by GMM.

Estimation of SEs for heteroscedastic and cross-sectionally correlated data

This study develops SE estimators for heteroscedastic and cross-sectionally correlated data. The new estimators are a cross-sectional version of the White and Domowitz (1984) and Newey and West (1987) estimators, and therefore, consistent in the presence of heteroscedasticity and cross correlation of unknown form. Unlike the estimators in the literature, these estimators can control for cross correlation even for single-period cross-sectional data.

Efficient Estimation of the Fixed Effects Models for Panel Data

The dummy-variable approach to controlling for fixed effects is not efficient since it unnecessarily removes the between-groups variability in explanatory variables. This study proposes an efficient estimation method which utilizes the between-groups variability.

Estimation of Standard Errors for Heteroscedastic and Cross-Sectionally Correlated Data

This study develops standard error estimators for heteroscedastic and cross-sectionally correlated data. The new estimators are a cross-sectional version of the White and Domowitz (1984) and Newey and West (1987) estimators and therefore consistent in the presence of heteroscedasticity and cross correlations of unknown form. Unlike the estimators in the finance literature, these estimators can control for cross correlations even for single-period cross-sectional data.