Differentiated price loss aversion in destination choice: The effect of tourists' cultural interest
dc.contributor.author | Nicolau, Juan Luis | en |
dc.date.accessioned | 2024-07-31T17:03:13Z | en |
dc.date.available | 2024-07-31T17:03:13Z | en |
dc.date.issued | 2011-10-01 | en |
dc.description.abstract | This article looks into the differentiated effects of loss aversion depending on whether individuals show cultural interest when choosing a destination. Based on the fact that perceived value implies not only sacrifices but also the expectations of a certain level of quality and prospects of satisfaction, together with the idea the Prospect Theory applies to tourism prices, the article states the hypothesis that interest in culture when choosing a destination lowers people's loss aversion. By incorporating the reference-dependent model into a Multinomial Logit Model with Random Parameters - which controls for heterogeneity - the empirical application shows that culture-interested tourists are less loss averse; i.e. the negative effect of finding a higher than expected price diminishes with cultural interest. The expectation of enjoyment of these attributes and the more conscious attitude toward maintenance/restoration activities of cultural sites are hypothesized to lead prices to be evaluated differently when selecting a destination. | en |
dc.description.version | Accepted version | en |
dc.format.extent | Pages 1186-1195 | en |
dc.format.extent | 10 page(s) | en |
dc.format.mimetype | application/pdf | en |
dc.identifier.doi | https://doi.org/10.1016/j.tourman.2010.11.002 | en |
dc.identifier.eissn | 1879-3193 | en |
dc.identifier.issn | 0261-5177 | en |
dc.identifier.issue | 5 | en |
dc.identifier.orcid | Nicolau Gonzalbez, Juan [0000-0003-0048-2823] | en |
dc.identifier.uri | https://hdl.handle.net/10919/120797 | en |
dc.identifier.volume | 32 | en |
dc.language.iso | en | en |
dc.publisher | Elsevier | en |
dc.relation.uri | http://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:000291190100024&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=930d57c9ac61a043676db62af60056c1 | en |
dc.rights | Creative Commons Attribution 4.0 International | en |
dc.rights.uri | http://creativecommons.org/licenses/by/4.0/ | en |
dc.subject | Loss aversion | en |
dc.subject | Prospect theory | en |
dc.subject | Cultural interest | en |
dc.subject | Destination choice | en |
dc.title | Differentiated price loss aversion in destination choice: The effect of tourists' cultural interest | en |
dc.title.serial | Tourism Management | en |
dc.type | Article - Refereed | en |
dc.type.dcmitype | Text | en |
dc.type.other | Article | en |
dc.type.other | Journal | en |
pubs.organisational-group | /Virginia Tech | en |
pubs.organisational-group | /Virginia Tech/Pamplin College of Business | en |
pubs.organisational-group | /Virginia Tech/Pamplin College of Business/Hospitality and Tourism Management | en |
pubs.organisational-group | /Virginia Tech/All T&R Faculty | en |
pubs.organisational-group | /Virginia Tech/Pamplin College of Business/PCOB T&R Faculty | en |