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A reference-dependent approach to WTP for priority
- Source :
- RECERCAT (Dipòsit de la Recerca de Catalunya), Recercat. Dipósit de la Recerca de Catalunya, instname
- Publication Year :
- 2018
- Publisher :
- Elsevier, 2018.
-
Abstract
- 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.
- Subjects :
- Waiting time
Actuarial science
Strategy and Management
05 social sciences
Parcs temàtics
Waiting times
Transportation
Development
Temps d'espera
Quantile regression
Empirical research
Willingness to pay
Customer services
Tourism, Leisure and Hospitality Management
Loss aversion
Serveis d'atenció al client
0502 economics and business
Theme parks
Economics
050211 marketing
050212 sport, leisure & tourism
Tourism
338 - Situació econòmica. Política econòmica. Gestió, control i planificació de l'economia. Producció. Serveis. Turisme. Preus
Subjects
Details
- Database :
- OpenAIRE
- Journal :
- RECERCAT (Dipòsit de la Recerca de Catalunya), Recercat. Dipósit de la Recerca de Catalunya, instname
- Accession number :
- edsair.doi.dedup.....17887a02bcab3925b2bc4361d3004226