Risk management of climate impact for tourism operators: An empirical analysis on ski resorts
| Autor: | Laura Ballotta, Panos K. Pouliasis, Gianluca Fusai, Nikos C. Papapostolou, Ioannis Kyriakou |
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| Rok vydání: | 2020 |
| Předmět: |
HF
business.industry Strategy and Management 05 social sciences Climate change Transportation Development Environmental economics Snow Profit (economics) Operator (computer programming) HD61 Climate impact Tourism Leisure and Hospitality Management 0502 economics and business 050211 marketing Profitability index Business 050212 sport leisure & tourism Tourism Risk management |
| Zdroj: | Tourism Management. 77:104011 |
| ISSN: | 0261-5177 |
| DOI: | 10.1016/j.tourman.2019.104011 |
| Popis: | The aim of this paper is to analyze the performance of hedging strategies based on snow and temperature options developed by ski operators to protect their profitability under adverse changes in climatic conditions. The setup is based on a joint non-parametric model for snow and temperature aimed at providing a modelling support for the assessment of the impact of these weather variables on the number of visitors at the ski resort. The analysis is carried out considering the case of Austrian Alps, and examines: i) the ability of the proposed approach to provide a realistic representation of the true data-generating process; ii) the variability reduction in the Profit and Loss of the ski operator offered by the suggested strategies; and iii) the tradeoff between the budget earmarked for hedging and profitability protection. |
| Databáze: | OpenAIRE |
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