Tipping is a significant economic activity (tips in the US food industry alone amount to about $42 billion annually) that was claimed to improve service quality and increase economic efficiency, because it gives incentives to provide excellent service, and therefore allows to avoid costly...

The modern tourism market is characterized by an increased struggle of tour operators for consumers and meeting their needs. Today a condition for the successful functioning of travel companies is the increasing differentiation of supply and the expansion of the range of package tours and...

Alao and Batabyal (2013) have recently used contract theory to study the sale of package tours to tourists when the tourists can be of two possible types. In this note, we first generalize their analysis by studying the case in which the tourists can be of infinitely many types. Next, we compare...

Intermediaries often arise in order to facilitate trade in markets characterized by asymmetric information. In the travel industry, policymakers have tried to address information asymmetries by providing hotel ratings. We show that those ratings are noisy indicators of quality because of the use...

Most Real Estate Property Management Companies (PMC) in most cases struggles with service charge funds (SCF) to provide amenities for tenants living in their serviced apartments after budget has been carefully prepared and approved and payments made by occupants. This paper investigated the...