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#XmasCryptoMiracles The paper aims at estimating the economic use value, primarily recreational, of a particular outdoor recreation activity, the Christmas market in Meran, Italy. Valuations based on revealed preferences are derived from the prices paid for goods or services. To infer the value derived from the direct use or interaction with cultural services for recreation purposes, we apply a travel cost model (TCM), which has been used to value non-market goods and outdoor events (Armbrecht, 2014, Bedate et al., 2004, Poor and Smith, 2004). A misspecification arises if individuals’ trips consist of different trip purposes. In case of ignoring this misspecification bias may occur. This is why the study includes visitors whose aim is to visit the Meran Christmas market and focuses on estimating the economic value of the event in terms of consumer surplus. The novelty of the study is the attempt to estimate the economic or social value (consumer surplus) of the Christmas market as distinct from the economic impact that is a change in expenditure that could be assessed via other methodologies (e.g., input–output analysis). In Section 2, we discuss previous studies on Christmas markets, and in Section 3, we provide an overview of the travel cost method. In Section 4, we describe the Meran Christmas market and the survey methodology and present key socio-demographic characteristics of respondents. In Section 5, we provide additional details about the modeling process and focus on the important role that authenticity plays, as highlighted in the literature, in the decision to attend the Christmas market. In Section 6, we present the results and the computation of the consumer surpluses. Finally, in Section 7, we conclude.
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In recent years, a visit to a Christmas market has become a Christmas tradition for many Europeans (CRR Research, 2014). In 2014, there were 157 main Christmas markets and 2634 smaller markets in Europe, which attracted 493.7 million visitors who spent £4450.4 billion (CRR Research, 2014). A Christmas market is a street market with market stalls selling Christmas decorations, local traditional food and drinks, artisan products, toys, and other local traditional products related to Christmas. A Christmas market is not only a shopping occasion but also provides an experience for the whole family with the site especially decorated for Christmas, music, performances, and other features aiming to create a Christmas atmosphere. Not surprisingly, most of the research related to Christmas markets has investigated visitors’ expenditures (e.g., Brida et al., 2013a, Brida et al., 2013b, Brida and Tokarchuk, 2015). The main goal of these studies is to understand what makes visitors spend and to increase their spending to increase economic value of the event to the hosting community. However, Christmas markets are an event that creates value for the visitor as well. Research has shown that tourists attend Christmas markets in order to relax, enjoy the Christmas atmosphere, spend time with family and friends, and sample local products (Brida, Disegna, & Osti, 2012). Shopping is generally a secondary motivation for tourists attending Christmas markets. The growing importance of Christmas markets in the tourism industry has created the need to estimate the value for visitors of the experience at a Christmas market that goes beyond a mere shopping occasion. In recent years, a visit to a Christmas market has become a Christmas tradition for many Europeans (CRR Research, 2014). In 2014, there were 157 main Christmas markets and 2634 smaller markets in Europe, which attracted 493.7 million visitors who spent £4450.4 billion (CRR Research, 2014). #ReboundRally
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#MarketRebound able of Contents Technical Analysis Technical Analysis Basic Education Pullback: What It Means in Trading, With Examples By Brian Dolan Updated August 04, 2024 Reviewed by Samantha Silberstein Part of the Series Guide to Technical Analysis What Is a Pullback? A pullback is a brief decline or pause in a generally upward price trend of a stock or other asset. Investors who are confident that the pullback will be brief use it as a buying opportunity. A pullback can occur for many reasons, some of which are unrelated to the fundamentals of the stock. Technical analysts, who track the price movements of stocks to establish trends, identify the "support level," or lowest price that a stock is likely to reach before buyers step back in. Key Takeaways A pullback is a temporary reversal in the upward price trend of a stock or other investment. A pullback typically lasts only a few consecutive sessions. Pullbacks can provide an entry point for new investors when other technical indicators remain bullish. Investors can use limit orders or stop entry orders to take advantage of a pullback. What Is a Bitcoin Pullback? The most volatile assets tend to experience the most severe pullbacks. Cryptocurrency traders respond to the same pressures that influence stock traders, plus others that are unique to the cryptocurrency world. The price of a Bitcoin dropped more than 10% in the week that ended on Aug. 2, 2024. The same day, the Nasdaq closed at 10% below its record level, officially entering correction territory. 1 What Does a Pullback Tell You? A pullback is similar to a retracement or consolidation, and the terms are sometimes used interchangeably. The term pullback is usually applied to short-lived price declines—only a few consecutive sessions—before the uptrend resumes. Pullbacks are widely seen as buying opportunities if the stock has been showing a generally upward price movement. For example, many stocks experience a significant increase after a positive earnings announcement, followed by a sharp pullback as traders sell shares to take profits.
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