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The value of souvenirs: Endowment effect and religion

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  • 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.

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  • 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
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    Cited by:

    1. 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).
    2. 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.
    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. Terzidou, Matina, 2020. "Re-materialising the religious tourism experience: A post-human perspective," Annals of Tourism Research, Elsevier, vol. 83(C).
    5. Zeev Shtudiner, 2020. "Holiday gift-giving - deadweight loss or welfare gain?," Economics Bulletin, AccessEcon, vol. 40(3), pages 1977-1984.
    6. 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.
    7. 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.
    8. 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).
    9. 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.
    10. 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).

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