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This study aims to explore how social media affects decision-making among tourists and whether there is a potential effect of age, which is studied through generations. For this purpose, baby boomers, Gen X, Gen Y and Gen Z tourists are studied and real-time implications are offered.

The study adopts a descriptive and exploratory design where the conceptual model of social media-based decision-making is developed through a review of the literature. Quantitative analysis is conducted on primary data from 600 Indian tourists. This is done using a self-administered questionnaire adopted from Gulati (2022) after checking its validity and reliability. The statistical analysis for hypothesis testing is done using PLS-SEM path modelling on pooled data. To study the categorical moderating effect of generations, partial least squares multigroup analysis (PLS-MGA) is performed as a paired comparison on every successive generation.

After testing every successive younger generation with an older generation through PLS-MGA, none of the pairs found any significant differences in path coefficients, as the values obtained were 0.05 < p < 0.95 for all five paths (SM → NR, SM → IS, SM → E, SM → P, SM → PPB). This indicates all the generations behave in a similar manner irrespective of them being older or younger, and age does not moderate social media’s impact on decision-making among Indian tourists.

The study establishes India as a unique geographical market and suggests tourism marketers to treat all generations at par, irrespective of age, as they behave and interact with social media in a similar manner. But, because this study is restricted to a single geographical location, i.e. India, further regions can be explored for global generalisation. Future research can also explore other demographics for combined, moderated analysis. Findings from the study suggest that marketers should ensure that equal attention is given to all generations as they engage with social media in a similar manner. Targeted marketing using artificial intelligence can help in ensuring custom ads. Personalisation according to generations can also facilitate greater purchases.

The study fills a major population and knowledge gap by exploring a topic that has been highly under-researched. Also, the study adopts an inclusive approach by analysing all the generations, both younger and older, to understand the potential effect of age on moderating the impact that social media has on tourist decision-making. Further, real-time suggestions and implications are offered to tourism marketers with special reference to the Indian tourism industry.

Free banking theory, as developed in Adam Smith’s 1776 treatise, “The Wealth of Nations” is a useful tool in determining the extent to which the “invisible hand of the market” should prevail in regulatory policy. The purpose of this study is to provide a timely review of the literature, evaluating the theory’s relevance to regulation of financial technology generally and cryptocurrencies (cryptos) specifically.

The methodology is qualitative, applying free banking theory as developed in the literature to technology-defined environments. Recent legislative developments in the regulation of cryptocurrencies in the UK, European Union and the USA, are drawn upon.

Participants in volatile cryptocurrency markets should bear the consequences of inadvisable investments in accordance with free banking theory. The decentralised nature of cryptocurrencies and the exchanges on which these are traded militate against coordinated oversight by central banks, supporting a qualified free banking approach. Differences regarding statutory definitions of cryptos as units of exchange, tokens or investment securities and the propensity of these to transition between categories across the business cycle render attempts at concerted classification at the international level problematic. Prevention of criminality through extension of Suspicious Activity Reporting to exchanges and intermediaries should be the principal objective of policymakers, rather than definitions of evolving products that risk stifling technological innovation.

The study proposes that instead of a traditional regulatory approach to cryptos, which emphasises holders’ safety and compensation, a free banking approach combined with a focus on criminality would be a more effective and pragmatic way forward.