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Title: If you, tourist, behave irrationally, I'll find you!
Authors: Park, S 
Nicolau, J
Keywords: Choice model
Irrational behavior
Reference prices
Sticker shock model
Utility theory
Issue Date: 2018
Publisher: Pergamon Press
Source: Tourism management, 2018, v. 69, p. 434-439 How to cite?
Journal: Tourism management 
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.
ISSN: 0261-5177
EISSN: 1879-3193
DOI: 10.1016/j.tourman.2018.06.017
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