Microsoft Word 2007 ichrie conference Proceedings Final-Final 06-06-07. doc

 
RESULTS 
 
Before seeking optimal tourist market mixes, mean yearly arrivals of markets and their variance/covariance 
matrix were calculated and presented in Table 3. Mean arrival represents the demand size of each tourist market. 
Each market showed a different level of demand during the ten-year period. The Japanese market had the highest 
mean arrivals, followed by Hong Kong and the U.S. Among major foreign tourist markets, Thailand, South Korea, 
Singapore, and the Philippines appeared to be relatively small markets for Taiwan. It was noteworthy, however, that 
the bigger the mean arrivals, the greater the variance in arrivals on average. For example, Japan showed a mean 
arrival of about 901,900, but its standard deviation was also the largest, which indicated the most serious instability 
over the period. On the other hand, Thailand’s mean visitors to Taiwan were about 116,000, but its variability was 
close to the lowest, meaning that Thailand was almost the least volatile market. To concurrently understand the 

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