The traditional literature on investment in touristic promotion identifies the ‘natural targets' as the main tourist issuing regions. However, other parameters should also be considered, such as the income level of the region, the emitter–receiver ratio, geographical proximity and, principally, the existence of a strategic interdependence scenario. This paper, in addition to these parameters, uses the monetary return from tourists to show that the literature needs to move towards multivariate analyses. By means of game theory and a consideration of the main Brazilian states linked to tourism, it is observed that the results almost entirely indicate that decisions on where to make investments in touristic promotion are not as obvious as may be supposed, with the possibility of multiple targets.
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