Articles producció científica> Gestió d'Empreses

A reference-dependent approach to WTP for priority

  • Identification data

    Identifier: imarina:4123857
    Authors:
    Hernandez-Maskivker, Gilda-MariaNicolau, Juan LRyan, GerardValverde, Mireia
    Abstract:
    © 2018 Elsevier Ltd This article introduces the notions of reference dependence and loss aversion to the analysis of waiting times in tourism to examine their effects on people's willingness to pay (WTP). The empirical study carried out using quantile regression confirms that visitors to theme parks who are willing to pay a high price for express passes are reference-dependent (their WTP for an express pass is influenced by the difference between the expected waiting time and the perceived waiting time) and loss averse (a loss in waiting time, i.e. waiting longer than expected, has a greater effect on WTP as this loss is more annoying than an equal-sized gain in waiting time being satisfying). The implications of these findings for the literature on waiting in services are considered.
  • Others:

    Author, as appears in the article.: Hernandez-Maskivker, Gilda-Maria; Nicolau, Juan L; Ryan, Gerard; Valverde, Mireia
    Department: Gestió d'Empreses
    URV's Author/s: HERNÁNDEZ MASKIVKER, GILDA MARÍA / Ryan, Gerard Anthony / Valverde Aparicio, Mireia
    Keywords: Waiting times Quantile regression Priority Loss aversion Express pass
    Abstract: © 2018 Elsevier Ltd This article introduces the notions of reference dependence and loss aversion to the analysis of waiting times in tourism to examine their effects on people's willingness to pay (WTP). The empirical study carried out using quantile regression confirms that visitors to theme parks who are willing to pay a high price for express passes are reference-dependent (their WTP for an express pass is influenced by the difference between the expected waiting time and the perceived waiting time) and loss averse (a loss in waiting time, i.e. waiting longer than expected, has a greater effect on WTP as this loss is more annoying than an equal-sized gain in waiting time being satisfying). The implications of these findings for the literature on waiting in services are considered.
    Thematic Areas: Transportation Tourism, leisure and hospitality management Strategy and management Management Interdisciplinary research in the social sciences Interdisciplinar Hospitality, leisure, sport & tourism Environmental studies Engenharias iii Educação física Economia Development Ciencias sociales Ciências ambientais Biodiversidade Administração pública e de empresas, ciências contábeis e turismo
    licence for use: https://creativecommons.org/licenses/by/3.0/es/
    ISSN: 02615177
    Author's mail: mireia.valverde@urv.cat gerard.ryan@urv.cat
    Author identifier: 0000-0002-0174-3207 0000-0002-5008-9862
    Record's date: 2024-06-28
    Papper version: info:eu-repo/semantics/acceptedVersion
    Link to the original source: https://www.sciencedirect.com/science/article/abs/pii/S0261517718302383
    Papper original source: Tourism Management. 71 165-172
    APA: Hernandez-Maskivker, Gilda-Maria; Nicolau, Juan L; Ryan, Gerard; Valverde, Mireia (2019). A reference-dependent approach to WTP for priority. Tourism Management, 71(), 165-172. DOI: 10.1016/j.tourman.2018.10.003
    Licence document URL: https://repositori.urv.cat/ca/proteccio-de-dades/
    Article's DOI: 10.1016/j.tourman.2018.10.003
    Entity: Universitat Rovira i Virgili
    Journal publication year: 2019
    Publication Type: Journal Publications
  • Keywords:

    Development,Environmental Studies,Hospitality, Leisure, Sport & Tourism,Management,Strategy and Management,Tourism, Leisure and Hospitality Management,Transportation
    Waiting times
    Quantile regression
    Priority
    Loss aversion
    Express pass
    Transportation
    Tourism, leisure and hospitality management
    Strategy and management
    Management
    Interdisciplinary research in the social sciences
    Interdisciplinar
    Hospitality, leisure, sport & tourism
    Environmental studies
    Engenharias iii
    Educação física
    Economia
    Development
    Ciencias sociales
    Ciências ambientais
    Biodiversidade
    Administração pública e de empresas, ciências contábeis e turismo
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