Satisfaction and Expenditure in Wineries: A Prospect Theory Approach

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dc.contributor.authorSellers, Ricardoen
dc.contributor.authorNicolau, Juan Luisen
dc.date.accessioned2022-01-13T14:31:09Zen
dc.date.available2022-01-13T14:31:09Zen
dc.date.issued2021-07-22en
dc.date.updated2022-01-13T14:31:07Zen
dc.description.abstractVisitor satisfaction has been shown to be a critical determinant of visitor expenditure in wineries. Although the relationship between visitor satisfaction and expenditure in wineries has been investigated in previous literature, we have unearthed potential intricacies that emerge when this relationship is analyzed within the reference dependence framework of prospect theory. To fill this gap, we use segment-based reference points to capture the singularity of winery visitors, and results show that demographics and psychographics confirm reference dependence. When reference points are based on psychographics, loss aversion is confirmed (lowering visitor satisfaction has a greater negative impact on expenditure than the positive impact derived from increasing visitor satisfaction), while diminishing sensitivity is observed for losses (the effect of the variations in visitor satisfaction shifts depending on the distance from the individual’s reference point). Interestingly, when the reference points are obtained through demographics, loss aversion is reversed. Relevant managerial implications are outlined.en
dc.description.versionAccepted versionen
dc.format.extent21 page(s)en
dc.format.mimetypeapplication/pdfen
dc.identifierARTN 10963480211031407 (Article number)en
dc.identifier.doihttps://doi.org/10.1177/10963480211031407en
dc.identifier.eissn1557-7554en
dc.identifier.issn1096-3480en
dc.identifier.orcidNicolau Gonzalbez, Juan [0000-0003-0048-2823]en
dc.identifier.urihttp://hdl.handle.net/10919/107595en
dc.language.isoenen
dc.publisherSAGEen
dc.relation.urihttp://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:000676826700001&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=930d57c9ac61a043676db62af60056c1en
dc.rightsIn Copyrighten
dc.rights.urihttp://rightsstatements.org/vocab/InC/1.0/en
dc.subjectSocial Sciencesen
dc.subjectHospitality, Leisure, Sport & Tourismen
dc.subjectsatisfactionen
dc.subjectexpenditureen
dc.subjectwineryen
dc.subjectloss aversionen
dc.subjectprospect theoryen
dc.subjectLOSS AVERSIONen
dc.subjectTOURISTSen
dc.subjectSEGMENTATIONen
dc.subjectINVOLVEMENTen
dc.subjectEXPERIENCEen
dc.subjectDECISIONen
dc.subjectORIGINen
dc.subject1503 Business and Managementen
dc.subject1504 Commercial Servicesen
dc.subject1506 Tourismen
dc.titleSatisfaction and Expenditure in Wineries: A Prospect Theory Approachen
dc.title.serialJournal of Hospitality & Tourism Researchen
dc.typeArticle - Refereeden
dc.type.dcmitypeTexten
dc.type.otherArticleen
dc.type.otherEarly Accessen
dc.type.otherJournalen
pubs.organisational-group/Virginia Techen
pubs.organisational-group/Virginia Tech/Pamplin College of Businessen
pubs.organisational-group/Virginia Tech/Pamplin College of Business/Hospitality and Tourism Managementen
pubs.organisational-group/Virginia Tech/All T&R Facultyen
pubs.organisational-group/Virginia Tech/Pamplin College of Business/PCOB T&R Facultyen

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