Considering we’ve just entered that time of year where many of our children are winding down their summer vacation and gearing back up for school, I thought I would open this blog with a brief “Economics 101” lesson, introducing a term that is helping hoteliers grow revenue, and, if used properly, aiding their loyalty programs too.
“Positive externality.”
Leave it to economists to coin such a drab phrase. But beneath its clunky eight syllables is an important definition. Positive externality....