{"title":"Satisfaction and Expenditure in Wineries: A Prospect Theory Approach","authors":"R. Sellers, J. Nicolau","doi":"10.1177/10963480211031407","DOIUrl":null,"url":null,"abstract":"Visitor satisfaction has been shown to be a critical determinant of visitor expenditure in wineries. Although the relationship between visitor satisfaction and expenditure in wineries has been investigated in previous literature, we have unearthed potential intricacies that emerge when this relationship is analyzed within the reference dependence framework of prospect theory. To fill this gap, we use segment-based reference points to capture the singularity of winery visitors, and results show that demographics and psychographics confirm reference dependence. When reference points are based on psychographics, loss aversion is confirmed (lowering visitor satisfaction has a greater negative impact on expenditure than the positive impact derived from increasing visitor satisfaction), while diminishing sensitivity is observed for losses (the effect of the variations in visitor satisfaction shifts depending on the distance from the individual’s reference point). Interestingly, when the reference points are obtained through demographics, loss aversion is reversed. Relevant managerial implications are outlined.","PeriodicalId":51409,"journal":{"name":"Journal of Hospitality & Tourism Research","volume":"47 1","pages":"354 - 374"},"PeriodicalIF":4.4000,"publicationDate":"2021-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/10963480211031407","citationCount":"3","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Hospitality & Tourism Research","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1177/10963480211031407","RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"HOSPITALITY, LEISURE, SPORT & TOURISM","Score":null,"Total":0}
引用次数: 3
Abstract
Visitor satisfaction has been shown to be a critical determinant of visitor expenditure in wineries. Although the relationship between visitor satisfaction and expenditure in wineries has been investigated in previous literature, we have unearthed potential intricacies that emerge when this relationship is analyzed within the reference dependence framework of prospect theory. To fill this gap, we use segment-based reference points to capture the singularity of winery visitors, and results show that demographics and psychographics confirm reference dependence. When reference points are based on psychographics, loss aversion is confirmed (lowering visitor satisfaction has a greater negative impact on expenditure than the positive impact derived from increasing visitor satisfaction), while diminishing sensitivity is observed for losses (the effect of the variations in visitor satisfaction shifts depending on the distance from the individual’s reference point). Interestingly, when the reference points are obtained through demographics, loss aversion is reversed. Relevant managerial implications are outlined.
期刊介绍:
The Journal of Hospitality & Tourism Research (JHTR) is an international scholarly research journal that publishes high-quality, refereed articles that advance the knowledge base of the hospitality and tourism field. JHTR focuses on original research, both conceptual and empirical, that clearly contributes to the theoretical development of our field. The word contribution is key. Simple applications of theories from other disciplines to a hospitality or tourism context are not encouraged unless the authors clearly state why this context significantly advances theory or knowledge. JHTR encourages research based on a variety of methods, qualitative and quantitative.