MATRIX ANALYSIS IN ECONOMICS AND TOURISM: MODELS, CHALLENGES AND PRACTICAL SOLUTIONS

Nevena M. Vasović

doi:10.52370/TISC26324NV

Nevena M. Vasović University of Kragujevac, Faculty of Hotel Management and Tourism in Vrnjačka Banja, Vrnjačka Banja, Serbia

DOI: https://doi.org/10.52370/TISC26324NV

Keywords: Matrix Analysis, Linear Algebra, Economic Modeling, Tourism Economics, Input-Output Model, Markov Chains, Optimization

Abstract

This paper investigates the application of matrix analysis and linear algebra as fundamental tools for solving complex economic problems, with a specific focus on the tourism sector. Central to this study is the process of mathematical modeling, where real-world economic scenarios-such as supply chain interdependencies (Input-Output models) and market share dynamics (Markov chains) are translated into structured matrix systems. A significant portion of the research is dedicated to the pedagogical and practical challenges faced by students and educators in this field. The transition from abstract algebraic operations, such as matrix inversion and determinants, to their functional interpretation in tourism management (e.g., Revenue Management and cost optimization) represents a major cognitive hurdle. By analyzing these "modeling gaps," the paper suggests that the integration of computational tools and case-study methods is essential for bridging the divide between theory and practice. The findings conclude that mastering matrix-based modeling is not merely a technical requirement but a strategic necessity for future professionals navigating the data-driven landscape of modern tourism.

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