Differentiated price loss aversion in destination choice: The effect of tourists' cultural interest

dc.contributor.authorNicolau, Juan Luisen
dc.date.accessioned2024-07-31T17:03:13Zen
dc.date.available2024-07-31T17:03:13Zen
dc.date.issued2011-10-01en
dc.description.abstractThis 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.versionAccepted versionen
dc.format.extentPages 1186-1195en
dc.format.extent10 page(s)en
dc.format.mimetypeapplication/pdfen
dc.identifier.doihttps://doi.org/10.1016/j.tourman.2010.11.002en
dc.identifier.eissn1879-3193en
dc.identifier.issn0261-5177en
dc.identifier.issue5en
dc.identifier.orcidNicolau Gonzalbez, Juan [0000-0003-0048-2823]en
dc.identifier.urihttps://hdl.handle.net/10919/120797en
dc.identifier.volume32en
dc.language.isoenen
dc.publisherElsevieren
dc.relation.urihttp://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:000291190100024&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=930d57c9ac61a043676db62af60056c1en
dc.rightsCreative Commons Attribution 4.0 Internationalen
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/en
dc.subjectLoss aversionen
dc.subjectProspect theoryen
dc.subjectCultural interesten
dc.subjectDestination choiceen
dc.titleDifferentiated price loss aversion in destination choice: The effect of tourists' cultural interesten
dc.title.serialTourism Managementen
dc.typeArticle - Refereeden
dc.type.dcmitypeTexten
dc.type.otherArticleen
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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