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Optimal subsidy policies of the Chinese cruise market under the impact of COVID-19.

ABSTRACT: The spread of the COVID-19 pandemic has caused severe damage to the Chinese cruise market since 2020. It is crucial for the local government to reformulate the subsidy policy to respond to the changing environment. We propose a cruise supply chain system to investigate the choice of subsidy recipients and the setting of optimal subsidy levels with a budget-constrained government during the access restriction period and post-epidemic period. We find that in both periods, as long as the subsidy achieves the optimal level, either the cruise lines, the travel agency, or the passengers as recipients of the subsidy policy can maximize the market demand and recover the cruise market after the COVID-19 outbreak. However, as the budget increases, subsidizing passengers can improve the "low price dilemma" of the Chinese cruise market. Compared with the access restriction period, the local government should adjust the subsidy level in the post-epidemic period. Interestingly, the subsidy policy does not always positively impact the international cruise line's profit in the post-epidemic period.

SUBMITTER: Liu J

PROVIDER: S-EPMC9345325 | biostudies-literature | 2022 Sep

REPOSITORIES: biostudies-literature

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Optimal subsidy policies of the Chinese cruise market under the impact of COVID-19.

Liu Jiaguo J Zhao Aixiang A Kong Yudan Y Wang Junjin J

Transport policy 20220802

The spread of the COVID-19 pandemic has caused severe damage to the Chinese cruise market since 2020. It is crucial for the local government to reformulate the subsidy policy to respond to the changing environment. We propose a cruise supply chain system to investigate the choice of subsidy recipients and the setting of optimal subsidy levels with a budget-constrained government during the access restriction period and post-epidemic period. We find that in both periods, as long as the subsidy ac ...[more]

PMID: 35937308

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Project description:Prefabricated construction has attracted worldwide concern and promotion due to its environmental friendliness, high quality, and high efficiency. In China, the application of prefabricated construction still lags due to its high cost. To improve prefabricated construction development, the Chinese government and provinces have launched subsidy policies for different objects that offer subsidies to the assembler, the manufacturer, or consumers. Subsidy policies for different subsidy objects have different impacts on the manufacturer wholesale price and assembler retail price and assembly rate and make their decisions more complicated. Therefore, this study uses game theory and builds three models to analyze the effects of government subsidies on manufacturer pricing, assembler pricing, assembly rate decisions, and profit. We find that government subsidy policies can bring more profit to prefabricated construction enterprises, reduce their costs, and benefit the promotion of prefabricated construction. Through comparison and numerical analysis, we also find that when the government subsidizes enterprises more, it is better to subsidize the assembler, because it is good for all three parties. First, consumers can obtain a lower retail price. Second, enterprises can obtain more profits. Finally, for the government, this approach can increase the demand for prefabricated construction and increase the assembly rate, which is conducive to the promotion of prefabricated construction. When the government subsidizes customers more, it is better for the assembler and the manufacturer to subsidize customers, because they can obtain more profits. It is better for the government and customers to subsidize the assembler or the manufacture, because consumers can get the lower retail price. Although the assembly rate and enterprises' profits are not optimal, they have also been improved. In addition, when the government directly subsidizes enterprises, the enterprises will actively cooperate with the subsidy policy and are more willing to adopt prefabricated construction. This approach will benefit the promotion of prefabricated construction.

Dataset Information

Optimal subsidy policies of the Chinese cruise market under the impact of COVID-19.

Publications

Optimal subsidy policies of the Chinese cruise market under the impact of COVID-19.

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