IDEAS home Printed from https://ideas.repec.org/a/eee/anture/v74y2019icp17-32.html
   My bibliography  Save this article

The value of souvenirs: Endowment effect and religion

Author

Listed:
  • Shtudiner, Zeev
  • Klein, Galit
  • Zwilling, Moti
  • Kantor, Jeffrey

Abstract

Souvenir purchases has emerged as an important area of research in tourism studies. We investigate tourists’ attachment to souvenirs based on religion, type, and place of purchase, and analyze the endowment effect. We asked 3325 Jewish and Christian tourists visiting Israel to estimate the price they would pay/accept for three types of souvenir: Jewish, Christian, and general souvenirs. Overall, we found an endowment effect toward most of the souvenirs. The results demonstrated that religion, type, and place of purchase affected the valuation of the items. The endowment effect was higher for the Jewish group than for their non-Jewish counterparts. These results demonstrate that tourists’ perceptions of souvenirs are shaped not only by their utility, but also by their meaningfulness.

Suggested Citation

  • Shtudiner, Zeev & Klein, Galit & Zwilling, Moti & Kantor, Jeffrey, 2019. "The value of souvenirs: Endowment effect and religion," Annals of Tourism Research, Elsevier, vol. 74(C), pages 17-32.
    • Handle: RePEc:eee:anture:v:74:y:2019:i:c:p:17-32
    DOI: 10.1016/j.annals.2018.10.003
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0160738318301063
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.annals.2018.10.003?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Keith M. Marzilli Ericson & Andreas Fuster, 2014. "The Endowment Effect," Annual Review of Economics, Annual Reviews, vol. 6(1), pages 555-579, August.
    2. Swanson, Kristen K. & Timothy, Dallen J., 2012. "Souvenirs: Icons of meaning, commercialization and commoditization," Tourism Management, Elsevier, vol. 33(3), pages 489-499.
    3. Trinh, Thu Thi & Ryan, Chris & Cave, Jenny, 2014. "Souvenir sellers and perceptions of authenticity – The retailers of Hội An, Vietnam," Tourism Management, Elsevier, vol. 45(C), pages 275-283.
    4. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
    5. Weber, Martin & Camerer, Colin F., 1998. "The disposition effect in securities trading: an experimental analysis," Journal of Economic Behavior & Organization, Elsevier, vol. 33(2), pages 167-184, January.
    6. Terzidou, Matina & Scarles, Caroline & Saunders, Mark N.K., 2017. "Religiousness as tourist performances: A case study of Greek Orthodox pilgrimage," Annals of Tourism Research, Elsevier, vol. 66(C), pages 116-129.
    7. Paraskevaidis, Pavlos & Andriotis, Konstantinos, 2015. "Values of souvenirs as commodities," Tourism Management, Elsevier, vol. 48(C), pages 1-10.
    8. Kahneman, Daniel & Knetsch, Jack L & Thaler, Richard H, 1990. "Experimental Tests of the Endowment Effect and the Coase Theorem," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1325-1348, December.
    9. Daniel Kahneman & Jack L. Knetsch & Richard H. Thaler, 1991. "Anomalies: The Endowment Effect, Loss Aversion, and Status Quo Bias," Journal of Economic Perspectives, American Economic Association, vol. 5(1), pages 193-206, Winter.
    10. Thaler, Richard, 1980. "Toward a positive theory of consumer choice," Journal of Economic Behavior & Organization, Elsevier, vol. 1(1), pages 39-60, March.
    11. Nicholas C. Barberis, 2013. "Thirty Years of Prospect Theory in Economics: A Review and Assessment," Journal of Economic Perspectives, American Economic Association, vol. 27(1), pages 173-196, Winter.
    12. Qu, Hailin & Kim, Lisa Hyunjung & Im, Holly Hyunjung, 2011. "A model of destination branding: Integrating the concepts of the branding and destination image," Tourism Management, Elsevier, vol. 32(3), pages 465-476.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Colucci, Domenico & Franco, Chiara & Valori, Vincenzo, 2024. "The endowment effect with different possession times and types of items," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 110(C).
    2. Byrom, John & Light, Duncan & Medway, Dominic & Parker, Cathy & Zenker, Sebastian, 2024. "Post-holiday memory work: Everyday encounters with fridge magnets," Annals of Tourism Research, Elsevier, vol. 105(C).
    3. Zeev Shtudiner, 2020. "The impact of attractiveness on employability: Gender differences in peer effects," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 41(8), pages 1613-1620, December.
    4. Galit Klein & Zeev Shtudiner & Moti Zwilling, 2023. "Why do peer-to-peer (P2P) lending platforms fail? The gap between P2P lenders' preferences and the platforms’ intentions," Electronic Commerce Research, Springer, vol. 23(2), pages 709-738, June.
    5. Zeev Shtudiner, 2020. "Holiday gift-giving - deadweight loss or welfare gain?," Economics Bulletin, AccessEcon, vol. 40(3), pages 1977-1984.
    6. Arnold Pabian & Aleksander Pabian & Andrzej Brzeziński, 2020. "Young People Collecting Natural Souvenirs: A Perspective of Sustainability and Marketing," Sustainability, MDPI, vol. 12(2), pages 1-12, January.
    7. Huixian Shen & Ivan Ka Wai Lai, 2022. "Souvenirs: A Systematic Literature Review (1981–2020) and Research Agenda," SAGE Open, , vol. 12(2), pages 21582440221, June.
    8. Daum-Avital, Liora & Azar, Ofer H., 2023. "Courtesy versus efficiency: Personal gifts and monetary gifts – Preferences and norms in Israeli society," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 104(C).
    9. Vujicic, Maja & Vujicic-Tomic, Brankica & Klaric, Mia, 2019. "Meeting Halfway — Comparison Between Cost-Based And Demand-Based Pricing Methods," UTMS Journal of Economics, University of Tourism and Management, Skopje, Macedonia, vol. 10(2), pages 215-225.
    10. Terzidou, Matina, 2020. "Re-materialising the religious tourism experience: A post-human perspective," Annals of Tourism Research, Elsevier, vol. 83(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Eduard Marinov, 2017. "The 2017 Nobel Prize in Economics," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 6, pages 117-159.
    2. Liu, Runqiu & Jiang, Jian & Yu, Chao & Rodenbiker, Jesse & Jiang, Yongmu, 2021. "The endowment effect accompanying villagers' withdrawal from rural homesteads: Field evidence from Chengdu, China," Land Use Policy, Elsevier, vol. 101(C).
    3. Committee, Nobel Prize, 2017. "Richard H. Thaler: Integrating Economics with Psychology," Nobel Prize in Economics documents 2017-1, Nobel Prize Committee.
    4. Satakhun Kosavinta & Donyaprueth Krairit & Do Ba Khang, 2017. "Decision making in the pre-development stage of residential development," Journal of Property Investment & Finance, Emerald Group Publishing Limited, vol. 35(2), pages 160-183, March.
    5. Qin, Dan, 2024. "Differentiating roles of the reference alternative," Games and Economic Behavior, Elsevier, vol. 146(C), pages 196-221.
    6. Alex Imas & Sally Sadoff & Anya Samek, 2017. "Do People Anticipate Loss Aversion?," Management Science, INFORMS, vol. 63(5), pages 1271-1284, May.
    7. Brunner, Fabian & Gamm, Fabian & Mill, Wladislaw, 2023. "MyPortfolio: The IKEA effect in financial investment decisions," Journal of Banking & Finance, Elsevier, vol. 154(C).
    8. Simon Gächter & Eric J. Johnson & Andreas Herrmann, 2022. "Individual-level loss aversion in riskless and risky choices," Theory and Decision, Springer, vol. 92(3), pages 599-624, April.
    9. Yan, Jinming & Yang, Yumeng & Xia, Fangzhou, 2021. "Subjective land ownership and the endowment effect in land markets: A case study of the farmland “three rights separation” reform in China," Land Use Policy, Elsevier, vol. 101(C).
    10. Hsu, Yuan-Lin & Chow, Edward H., 2013. "The house money effect on investment risk taking: Evidence from Taiwan," Pacific-Basin Finance Journal, Elsevier, vol. 21(1), pages 1102-1115.
    11. Jang, Sunghoon & Hong, Doosun & Jung, Yeonwoo & Lee, Chungwon, 2024. "Exploring reference-dependency in route switching behavior on intercity travel: Endowment effect and disparities between willingness to pay and willingness to accept," Transport Policy, Elsevier, vol. 155(C), pages 224-233.
    12. Babaioff, Moshe & Dobzinski, Shahar & Oren, Sigal, 2022. "Combinatorial auctions with endowment effect," Games and Economic Behavior, Elsevier, vol. 136(C), pages 255-273.
    13. repec:cup:judgdm:v:14:y:2019:i:3:p:293-298 is not listed on IDEAS
    14. de Groot, I. Manon & Antonides, Gerrit & Read, Daniel & Raaij, W. Fred van, 2009. "The effects of direct experience on consumer product evaluation," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 38(3), pages 509-518, June.
    15. (Xiao-Tian) Wang, X.T. & Ong, Lay See & Tan, Jolene H., 2015. "Sense and sensibility of ownership: Type of ownership experience and valuation of goods," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 58(C), pages 171-177.
    16. Lakomaa, Erik, 2009. "The Municipal Takeover of the School System," SSE/EFI Working Paper Series in Business Administration 2011:2, Stockholm School of Economics, revised 08 May 2011.
    17. Drouvelis, Michalis & Sonnemans, Joep, 2017. "The endowment effect in games," European Economic Review, Elsevier, vol. 94(C), pages 240-262.
    18. Dertwinkel-Kalt, Markus & Köhler, Katrin, 2016. "Exchange asymmetries for bads? Experimental evidence," European Economic Review, Elsevier, vol. 82(C), pages 231-241.
    19. Martin, Jolie M. & Lejarraga, Tomás & Gonzalez, Cleotilde, 2018. "The effects of motivation and memory on the weighting of reference prices," Journal of Economic Psychology, Elsevier, vol. 65(C), pages 16-25.
    20. Xu, Xiaobing & Chen, Rong & Zhang, Jin, 2019. "Effectiveness of trade-ins and price discounts: A moderating role of substitutability," Journal of Economic Psychology, Elsevier, vol. 70(C), pages 80-89.
    21. Hochman, Guy & Ayal, Shahar & Ariely, Dan, 2014. "Keeping your gains close but your money closer: The prepayment effect in riskless choices," Journal of Economic Behavior & Organization, Elsevier, vol. 107(PB), pages 582-594.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:anture:v:74:y:2019:i:c:p:17-32. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.journals.elsevier.com/annals-of-tourism-research/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.