Title

Towards New Metrics To Measure Sustained Competitiveness In The Caribbean

Abstract

The purpose of this study is to provide a measurement metrics for competitiveness. The concept of competitiveness is elusive and the conventional measurement metrics currently used are not suitable for small island destinations. The study suggests a new metrics measurement that is based on the concept of economic value, and that is embedded in the rational choice theory. It compares the conventional metrics with the proposed measurement metrics, and aims at providing these more suitable metrics for small island destinations with characteristics such as market and natural vulnerabilities. The study uses ordinary least squares to estimate the coefficients of both the conventional and measurement metrics for comparison purposes. The measurement is applied to several island destinations in the Caribbean, a region highly dependent on tourism development and keenly affected by globalization. The results of the study indicate that the new metrics measurement is more robust and profound in the information and implications that are necessary for policymakers and business managers to measure competitiveness. It suggests a new incentive structure for practitioners in the region that communicates that more is not necessarily better; especially in the context of facing the challenges of improving tourism performance and adjusting to new and often adverse, circumstances. © 2010 by Nova Science Publishers, Inc. All rights reserved.

Publication Date

1-1-2011

Publication Title

Central Banking and Globalization

Number of Pages

71-90

Document Type

Article; Book Chapter

Personal Identifier

scopus

Socpus ID

84891997119 (Scopus)

Source API URL

https://api.elsevier.com/content/abstract/scopus_id/84891997119

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