If you,tourist, behave irrationally,I’ll find you! |
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| Institution: | 1. School of Hotel and Tourism Management, The Hong Kong Polytechnic University, Kowloon, Hong Kong;2. Marriott Professor of Revenue Management, Department of Hospitality and Tourism Management, Pamplin College of Business, Virginia Tech, Blacksburg VA 24061, USA;1. University of Barcelona, Departament d’Economia Aplicada, Av. Diagonal 690, 08034 Barcelona, Spain;2. University of Las Palmas de Gran Canaria, Facultad de Economía, Empresa y Turismo, Campus de Tafira, 35017 Las Palmas de Gran Canaria, Spain;3. Universitat Autònoma de Barcelona, Departament d’Economia Aplicada Research Group of “Economia Aplicada” (GEAP), Spain;1. School of Tourism Management, Sun Yat-sen University, Building 329, 135 Xingangxi Road, Guangzhou, 510275, PR China;2. Center for Tourism Planning and Research, Sun Yat-sen University, Building 329, 135 Xingangxi Road, Guangzhou, 510275, PR China;1. Geomedia Research Group, Karlstad University, Karlstad, S-651 88, Sweden;2. School of Business, The University of Queensland, Brisbane, Queensland 4072, Australia;1. School of Biological, Earth and Environmental Sciences, UNSW Sydney, Sydney, 2052, Australia;2. Department of Geography, Texas A&M University, TX, USA;3. Faculty of Science, University of Windsor, Windsor, Canada;1. Akdeniz University, Tourism Faculty, Campus. Antalya, Turkey;2. College of Law and Business, Faculty of Business Administration, Ramat-Gan, Israel |
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| Abstract: | When departures from rational behavior can potentially be expected, modeling should allow for their identification and their quantification. In this regard, prices in tourism might have effects that may not be as apparent as economic theory predicts. This article incorporates the sticker shock formulation into the mixed logit model without imposing consistency with consumer theory to accommodate any possible positive or negative price effects. By allowing the parameters of “price” and “sticker shock term” to take any value – negative or positive – we detect abnormal behaviors in the tourist demand: not only is the negative relationship between price and demand inverted for some people but also some tourists might be willing to accept higher-than-expected prices. The “non-well-behaved” groups' shares are estimated. |
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| Keywords: | Utility theory Irrational behavior Reference prices Sticker shock model Choice model |
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