Sunk costs and travel cancellation: Focusing on temporal cost |
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| Institution: | 1. Department of Psychology, University of Florida, Gainesville, FL 32611, United States;2. University of Pittsburgh Counseling Center, Pittsburgh, PA 15260, United States;3. Department of Counseling and Psychological Services, Georgia State University, Atlanta, GA 30302-3980, United States;1. Purdue University, United States;2. Hong Kong Polytechnic University, Hong Kong;1. School of Management, Xiamen University, 422 South Siming Road, Xiamen, Fujian, China;2. School of Hospitality and Tourism Management, Purdue University, 900 W. State Street, West Lafayette, IN, USA;3. Department of Recreation, Sport and Tourism, University of Illinois at Urbana-Champaign, 104 George Huff Hall, 1206 S 4th Street, Champaign, IL, USA;4. Applied Economics and Extension Educator, University of Minnesota, 1994 Buford Ave, St Paul, MN, USA;1. University of Wollongong, Australia;2. Georg-August-University Goettingen, Germany;3. The University of Queensland, Australia |
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| Abstract: | Tourism products differ from ordinary retail products in terms of the spatial and temporal separation between the purchase and experiencing the product. Despite its importance, temporal separation has not drawn much attention in tourism research. The main objective of this study is to understand the effects of temporal sunk costs on potential travelers' cancellation intentions, in addition to monetary sunk costs. The results of this study suggested the possibility that temporal costs can be converted into monetary costs, but the conversion relationship may not be linear. This study also indicated that travelers' intentions to cancel a travel product decreased as the temporal and monetary sunk costs increased. Further, prior experience moderated the relationship when temporal sunk costs were involved, suggesting that repeat visitors' intentions to cancel their reservations are more influenced by temporal sunk costs than first-time visitors. Further discussion and implications are provided in the main body of this paper. |
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| Keywords: | Sunk cost effect Temporal sunk cost Monetary sunk cost Tourist behavior Tourism products |
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