Preferences and Tourism Development under Uncertainty: An Empirical Study

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Abstract
Using the Global Preferences Survey dataset, this paper examines the effects of six measures of preferences (altruism, negative reciprocity, patience, positive reciprocity, risk-taking, and trust) on the per capita international tourist arrivals and the per capita incoming tourist receipts. The data focus on 74 countries for the period from 1995 to 2019. The paper finds that citizens’ trust is positively related to tourism development, and its impact is statistically significant. This evidence indicates that a country with a higher level of trust in other nations’ people attracts more tourists and generates higher tourism receipts.

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