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

Tourism Management

Volumn 32, Issue 5, 2011, Pages 1186-1195

  Nicolau, Juan L ^a  

^a UNIVERSITY OF ALICANTE   (Spain)

Author keywords

Cultural interest; Destination choice; Loss aversion; Prospect theory

Indexed keywords

EMPIRICAL ANALYSIS; HETEROGENEITY; LOGIT ANALYSIS; TOURIST DESTINATION;

EID: 79955466841     PISSN: None     EISSN: 02615177     Source Type: Journal    
DOI: 10.1016/j.tourman.2010.11.002     Document Type: Article

References (91)

1. Abdellaoui M., Bleichrodt H., Paraschiv C. Loss aversion under prospect theory: a parameter-free measurement. Management Science 2007, 53(10):1659-1674.
2. Alegre J., Pou L. The length of stay in the demand for tourism. Tourism Management 2006, 27:1343-1355.
3. Assael H. Consumer behavior and marketing action 1995, South-Western College Publishing, Cincinnati, OH.
4. Barros C., Butler R., Correia A. Heterogeneity in destination choice: tourism in Africa. Journal of Travel Research 2008, 47(2):235-246.
5. Barros C., Dieke P.U.C., Santos C.M. Heterogeneous technical efficiency of hotels in Luanda, Angola. Tourism Economics 2010, 16(1):137-151.
6. Beldona S., Morrison A.M., O'Learly J. Online shopping motivations and pleasure travel products: a correspondence analysis. Tourism Management 2005, 26:561-570.
7. Bell D.R., Lattin J.M. Looking for loss aversion in scanner panel data: the confounding effect of price response heterogeneity. Marketing Science 2000, 19(2):185-200.
8. Besculides A., Lee M.E., McCormick P. Residents' perceptions of the cultural benefits of tourism. Annals of Tourism Research 2002, 29(2):303-319.
9. Bharadwaj S.G., Menon A. Determinants of success in services industries. Journal of Services Marketing 1994, 7:19-40.
10. Bojanic D.C. Consumer perceptions of price, value and satisfaction in the hotel industry: an exploratory study. Journal of Hospitality Marketing & Management 1996, 4(1):5-22.
11. Briesch R., Krishnamurthi L., Mazumdar T., Raj S.P. A comparative analysis of reference price models. Journal of Consumer Research September 1997, 24:202-214.
12. Caserta S., Russo A.P. More means worse: asymmetric information spatial displacement and sustainable heritage tourism. Journal of Cultural Economics 2002, 26:245-260.
13. Caswell M.F., McConnell K.E. Simultaneous estimation of jointly dependent recreation participation function. Journal of Environmental Economics and Management 1980, 7:65-76.
14. Chang L., Liu W. Temple fairs in Taiwan: environmental strategies and competitive advantage for cultural tourism. Tourism Management 2009, 30:900-904.
15. Chen C., Chen F. Experience quality, perceived value, satisfaction and behavioral intentions for heritage tourists. Tourism Management 2010, 31:29-35.
16. Chen C., Tsai D. How destination image and evaluative factors affect behavioral intentions?. Tourism Management 2007, 28:1115-1122.
17. Chen C., Tsai M. Perceived value, satisfaction, and loyalty of TV travel product shopping: involvement as a moderator. Tourism Management 2008, 29:1166-1171.
18. Cooper C., Fletcher J., Fyall A., Gilbert D., Wanhill S. Tourism: Principles and practice 2008, Financial Times Prentice Hall, Harlow.
19. Correia A., Barros C.P., Silvestre A.L. Golf tourism repeat choice behaviour in the Algarve: a mixed logit approach. Tourism Economics 2007, 13(1):111-127.
20. Correia A., Santos C.M., Barros C.P. Tourism in Latin America: a choice analysis. Annals of Tourism Research 2007, 34(3):610-629.
21. Crouch G.I. The study of international tourism demand a review of findings. Journal of Travel Research 1994, 33:12-23.
22. Dickson P.R., Swayer A.G. The price knowledge and search of supermarket shoppers. Journal of Marketing 1990, 54:42-53.
23. Dodds W.B., Monroe K.B. The effect of brand and price information on subjective product evaluations. Advances in Consumer Research 1985, 12:85-90.
24. Dodds W.B., Monroe K.B., Grewal D. Effects of price, brand, and store information on buyers' product evaluations. Journal of Marketing Research 1991, 28(3):307-319.
25. Dwyer L., Forsyth P., Rao P. The price competitiveness of travel and tourism: a comparison of 19 destinations. Tourism Management 2000, 21:9-22.
26. Erdem T., Mayhew G., Sun B. Understanding reference-price shoppers: a within- and cross-category analysis. Journal of Marketing Research 2001, 38:445-457.
27. Eymann A., Ronning G. Discrete choice analysis of foreign travel demand. European integration in the world economy. Studies in international economics and institutions 1992, Springer, Berlin. H.J. Vosgerau (Ed.).
28. Eymann A., Ronning G. Microeconometric models of tourists' destination choice. Regional Science and Urban Economics 1997, 27:735-761.
29. Gartner W.C. Image formation process. Communication and channel systems in tourism marketing 1993, The Haworth Press, New York. M. Uysal, D.R. Fesenmaier (Eds.).
30. Gomezelj D.O., Mihalič T. Destination competitiveness-applying different models, the case of Slovenia. Tourism Management 2008, 29(2):294-307.
31. Gould-Williams J. The impact of employee performance cues on guest loyalty, perceived value and service quality. Service Industries Journal 1999, 19(3):97-118.
32. Grafton Q., Adamowicz W.L., Dupont D., Nelson H., Hill R., Renzetti S. The economics of the environment and natural resources 2003, Wiley-Blackwell, Hoboken.
33. Grewal D., Monroe K.B., Krishman R. The effect of price/comparison advertising on buyers' perceptions of acquisition value and transaction value. Journal of Marketing 1996, 62(2):96-103.
34. Hanemann, W. M. (1982). Applied welfare analysis with qualitative response models. California Agricultural Experimental Station working paper 241.
35. Hanemann W.M. Welfare evaluations in contingent valuation experiments with discrete responses. American Journal of Agricultural Economics 1984, 66:332-341.
36. Hardie B.G.S., Johnson E.J., Facer P.S. Modeling loss aversion and reference dependence effects on brand choice. Marketing Science 1993, 12(4):378-394.
37. He Y., Song H. A mediation model of tourists' repurchase intentions for packaged tour services. Journal of Travel Research 2009, 47:317-331.
38. Helgeson J.G., Beatty S.E. Price expectations and price recall error: an empirical study. Journal of Consumer Research 1987, 14:379-386.
39. Izquierdo M., Matea Ma LL Índices de precios hedónicos para ordenadores personales en España. Investigaciones Económicas 2004, 28(2):377-396.
40. Kahneman D., Tversky A. Prospect theory: and analysis of decision under risk. Econometrica 1979, 47(2):263-291.
41. Kalwani M.U., Yim C.K., Rinne H.J., Sugita Y. A price expectation model of customer brand choice. Journal of Marketing Research 1990, 27(3):251-262.
42. Kalyanaram G., Little J.D.C. An empirical analysis of latitude of price acceptance in consumer package goods. Journal of Consumer Research 1994, 21:408-418.
43. Kalyanaram G., Winer R. Empirical generalizations from reference price research. Marketing Science 1995, 14(3):161-169.
44. Kashyap R., Bojanic D.C. A structural analysis of value, quality, and price perceptions of business and leisure travelers. Journal of Travel Research 2000, 39:45-51.
45. Kim J., Bojanic D.C., Warnick R.B. Price bundling and travel product pricing practices used by online channels of distribution. Journal of Travel Research 2009, 47:403-412.
46. Kim S., Lee Ch Push and pull relationships. Annals of Tourism Research 2002, 29(1):257-260.
47. Kim S., Crompton J.L. The influence of selected behavioral and economic variables on perceptions of admission price levels. Journal of Travel Research 2002, 41:144-152.
48. Klapper D., Ebling C., Temme J. Another look at loss aversion in brand choice data: can we characterize the loss averse consumer?. International Journal of Research in Marketing 2005, 22:239-254.
49. Kobberling V., Wakker P.P. An index of loss aversion. Journal of Economic Theory 2005, 122:119-131.
50. Lee C., Yoon Y., Leea S. Investigating the relationships among perceived value, satisfaction, and recommendations: the case of the Korean DMZ. Tourism Management 2007, 28:204-214.
51. Lloyd, A. E., Yip, L. S. C., & Luk, S. T. K. An examination of the differences in retail service evaluation between domestic and tourist shoppers in Hong Kong. Tourism Management, in press.
52. Lo, A. S., & Lee, C. Y. S. Motivations and perceived value of volunteer tourists from Hong Kong. Tourism Management, in press.
53. Lockyer T. The perceived importance of price as one hotel selection dimension. Tourism Management 2005, 26:529-537.
54. Mayhew G.E., Winer R.S. An empirical analysis of internal and external reference prices using scanner data. Journal of Consumer Research 1992, 19:62-70.
55. Mazumdar T., Monroe K.B. The effects of buyers' intentions to learn price information on price encoding. Journal of Retailing 1990, 66:15-32.
56. Mazumdar T., Papatla P. Loyalty difference in the use of internal and external reference prices. Marketing Letters 1995, 6(2):111-122.
57. Mazumdar T., Raj S.P., Sinha I. Reference price research: review and propositions. Journal of Marketing October 2005, 69:84-102.
58. Monroe K.B., Lee A.Y. Remembering versus knowing: issues in buyers' processing of price information. Journal of the Academy of Marketing Science 1999, 27(2):207-225.
59. Moon S., Russell G.J., Duvvuri S.D. Profiling the reference price consumer. Journal of Retailing 2006, 82:1-11.
60. Morrison A.M. Hospitality and travel marketing 1996, Delmar Publishers, New York.
61. Moutinho L. Consumer behaviour in tourism. European Journal of Marketing 1987, 21(10):1-44.
62. Murphy P., Pritchard M.P., Smith B. The destination product and its impact on traveler perceptions. Tourism Management 2000, 21:43-52.
63. Murphy P.E., Pritchard M. Destination price/value perceptions: an examination of origin and seasonal influences. Journal of Travel Research 1997, 35:16-22.
64. Nahab S. Tourism management 1975, Tourism International Press, London.
65. Nicolau J.L., Más F.J. Stochastic modeling: a three-stage tourist choice process. Annals of Tourism Research 2005, 32(1):49-69.
66. Nicolau J.L., Más F.J. The influence of distance and prices on the choice of tourist destinations: the moderating role of motivations. Tourism Management 2006, 27:982-996.
67. Petrick J.F. First timers' and repeaters' perceived value. Journal of Travel Research 2004, 43:29-38.
68. Petrick J.F., Backman S.J. An examination of the construct of perceived value for the prediction of golf travelers' intentions to revisit. Journal of Travel Research 2002, 41:38-45.
69. Petrick J.F., Morais D.D., Norman W.C. An examination of the determinants of entertainment vacationers' intentions to revisit. Journal of Travel Research 2001, 40:41-48.
70. Putler D.S. Incorporating reference price effects into a theory of consumer choice. Marketing Science 1992, 11(3):287-309.
71. Rajendran K.N., Tellis G.J. Contextual and temporal components of reference price. Journal of Marketing January 1994, 58:22-35.
72. Raman K., Bass F.M. A general test of reference price theory in the presence of threshold effects. Tijdschrift voor Economie en Management 2002, 47:205-226.
73. Richards G. Tourism attraction systems: exploring cultural behaviour. Annals of Tourism Research 2002, 29(4):1048-1064.
74. Riera A. Modelos de elección discreta y coste del viaje. Los espacios naturales protegidos en Mallorca. Revista de Economía Aplicada 2000, 8(24):181-201.
75. Rosen S. Hedonic prices and implicit markets: product differentiation in pure competition. Journal of Political Economy 1974, 82:34-55.
76. Rugg D. The choice of journey destination: a theoretical and empirical analysis. The Review of Economics and Statistics 1973, 55(1):64-72.
77. Russo A.P., Van der Borg J. Planning considerations for cultural tourism: a case study of four European cities. Tourism Management 2002, 23:631-637.
78. San Martin H., Rodriguez del Bosque I. Exploring the cognitive-affective nature of destination image and the role of psychological factors in its formation. Tourism Management 2008, 29(2008):263-277.
79. Sanchez J., Callarisa L., Rodriguez R.M., Moliner M.A. Perceived value of the purchase of a tourism product. Tourism Management 2006, 27:394-409.
80. Santos J.L. La Decisión de Compra del Turista-Consumidor. Estudios Turísticos 1983, 79:39-53.
81. Schiffman L.G., Kanuk L.L. Consumer behavior 2007, Prentice Hall, Englewood Cliffs, New Jersey.
82. Schmidt U., Zank H. What is loss aversion?. Journal of Risk and Uncertainty 2005, 30(2):157-167.
83. Sirakaya, E. (1992). Modeling vacation destination choice decisions: Development of an instrument. Clemson University masters thesis, Clemson University, South Carolina.
84. Sirakaya E., McLellan R.W., Uysal M. Modeling vacation destinations decisions: a behavioural approach. Journal of Travel & Tourism Marketing 1996, 5(1/2):57-75.
85. Stevens B.F. Price value perceptions of travelers. Journal of Travel Research 1992, 31:44-48.
86. Thaler R.H. Toward a positive theory of consumer choice. Journal of Economic Behavior and Organization 1980, 1:39-60.
87. Train K.E. Discrete choice methods with simulation 2003, Cambridge University Press, New York.
88. Tversky A., Kahneman D. Loss aversion in riskless choice: a reference-dependent model. The Quarterly Journal of Economics 1991, 106(4):1039-1061.
89. Wilson R.S., Arvai J.L., Arkes H.R. My loss is your loss ... sometimes: loss aversion and the effect of motivational biases. Risk Analysis 2008, 28(4):929-938.
90. Winer R.S. A reference price model of brand choice for frequently purchased products. Journal of Consumer Research 1986, 13:250-256.
91. Zeithaml V.A. Consumer perceptions of price, quality, and value: a means-end model and synthesis of evidence. Journal of Marketing 1998, 52:2-22.