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Title:
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A reference-dependent approach to WTP for priority
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Author:
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Hernández-Maskivker, Gilda; Nicolau, Juan R.; Ryan, Gerard; Valverde, Mireia
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Other authors:
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Universitat Ramon Llull. Facultat de Turisme i Direcció Hotelera Sant Ignasi; Universitat Rovira i Virgili, Departament d'Economia; Virginia Tech. Pamplin College of Business, Hospitality and Tourism Management |
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Abstract:
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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. |
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Publication date:
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2018-10 |
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Subject (UDC):
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338 - Situació econòmica. Política econòmica. Gestió, control i planificació de l'economia. Producció. Serveis. Turisme. Preus |
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Subject(s):
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Serveis d'atenció al client
Customer services
Temps d'espera
Waiting times
Parcs temàtics
Theme parks |
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Rights:
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© Elsevier
L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons:http://creativecommons.org/licenses/by-nc-nd/4.0/ |
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Pages:
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21 p. |
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Document type:
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Article
Article - Accepted version |
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DOI:
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https://doi.org/10.1016/j.tourman.2018.10.003
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Published by:
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Elsevier
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Publish at:
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Tourism Management, 2019, Vol. 71 (April), p. 165-172
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