The role of information and choice under uncertainty

This chapter presents a panoramic overview of the evolution of the paradigms that have informed travelers’ choice under uncertainty and the approaches the literature has followed to analyze decision in tourism economics. With this purpose, the chapter first outlines the foundational conceptual frameworks with their assumptions and expectations—stemming from the expected utility theory to prospect theory—to go on with the different main topics that the literature has tackled. From traditional issues such as pricing to modern topics such as online reviews, the versatility is remarkable. Future research lines are highlighted.