Where Do You Want to Go Skiing? The Effect of the Reference
Point and Loss Aversion

J 2019

Where Do You Want to Go Skiing? The Effect of the Reference Point and Loss Aversion

GOCMANOVÁ, Zuzana; Jaromír SKORKOVSKÝ; Štěpán VESELÝ a Jan BÖHM

Základní údaje

Originální název

Where Do You Want to Go Skiing? The Effect of the Reference Point and Loss Aversion

Autoři

GOCMANOVÁ, Zuzana; Jaromír SKORKOVSKÝ ; Štěpán VESELÝ a Jan BÖHM

Vydání

Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 2019, 1211-8516

Další údaje

Jazyk

angličtina

Typ výsledku

Článek v odborném periodiku

Obor

50204 Business and management

Stát vydavatele

Česká republika

Utajení

není předmětem státního či obchodního tajemství

Odkazy

URL

Označené pro přenos do RIV

Ano

Kód RIV

RIV/00216224:14560/19:00109143

Organizační jednotka

Ekonomicko-správní fakulta

DOI

https://doi.org/10.11118/actaun201967010243

EID Scopus

2-s2.0-85062488802

Klíčová slova anglicky

prospect theory; reference point; loss aversion; preference shifts; marketing

Příznaky

Mezinárodní význam, Recenzováno

Změněno: 9. 4. 2020 10:14, Mgr. Daniela Marcollová

Anotace

V originále

This paper has explored the effect of loss aversion and changes of reference points in a hypothetical choice experiment in microeconomic consumption behavior. We confirm that people tend to prefer alternatives that do not compare unfavorably to other options in the choice set (i.e. people are loss averse). We also confirm that the evaluation of alternatives is reference dependent: by adding different alternatives to a choice set the relative (mutual) attractiveness of the remaining alternatives can be reversed (e.g., A is chosen over B in a choice set including C1, but B is chosen over A in a choice set including C2). The choice tasks we employed were based on real offers from an actual travel agency. This enhances the external validity of our findings that in general the role of the reference point and loss aversion has a significant impact on the consumer’s behavior. Thus, our results suggest the possibility of a relatively simple and practical application of prospect theoretical principles in marketing campaigns. We expect that our findings might be added to a growing body of literature on using the prospect theory for understanding and predicting consumer’s behavior. However, with small sample size, caution must be applied, as the findings might not be transferable to all conditions. Another significant limitation that needs to be considered is the survey method used. The results are not captured from the real marketplace; the only likely choice was made. When making an actual decision, the respondents might act differently than stated in the questionnaire.

Návaznosti

MUNI/A/1503/2018, interní kód MU

Název: Matematické statistické modelování 3 (Akronym: MaStaMo3)

Investor: Masarykova univerzita, Matematické statistické modelování 3, DO R. 2020_Kategorie A - Specifický výzkum - Studentské výzkumné projekty

Přiložené soubory

Where_do_you_want_to_go_final_text.pdf

Požádat o autorskou verzi souboru

actaun_2019067010243.pdf

Citovat

GOCMANOVÁ, Zuzana; Jaromír SKORKOVSKÝ; Štěpán VESELÝ a Jan BÖHM. Where Do You Want to Go Skiing? The Effect of the Reference Point and Loss Aversion. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis. 2019, roč. 67, č. 1, s. 243-252. ISSN 1211-8516. Dostupné z: https://doi.org/10.11118/actaun201967010243.

@article{1497051,
   author = {Gocmanová, Zuzana and Skorkovský, Jaromír and Veselý, Štěpán and Böhm, Jan},
   article_number = {1},
   doi = {https://doi.org/10.11118/actaun201967010243},
   keywords = {prospect theory; reference point; loss aversion; preference shifts; marketing},
   language = {eng},
   issn = {1211-8516},
   journal = {Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis},
   title = {Where Do You Want to Go Skiing? The Effect of the Reference Point and Loss Aversion},
   url = {https://acta.mendelu.cz/media/pdf/actaun_2019067010243.pdf},
   volume = {67},
   year = {2019}
}

TY  - JOUR
ID  - 1497051
AU  - Gocmanová, Zuzana - Skorkovský, Jaromír - Veselý, Štěpán - Böhm, Jan
PY  - 2019
TI  - Where Do You Want to Go Skiing? The Effect of the Reference Point and Loss Aversion
JF  - Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
VL  - 67
IS  - 1
SP  - 243-252
EP  - 243-252
SN  - 12118516
KW  - prospect theory
KW  - reference point
KW  - loss aversion
KW  - preference shifts
KW  - marketing
UR  - https://acta.mendelu.cz/media/pdf/actaun_2019067010243.pdf
L2  - https://acta.mendelu.cz/media/pdf/actaun_2019067010243.pdf
N2  - This paper has explored the effect of loss aversion and changes of reference points in a hypothetical choice experiment in microeconomic consumption behavior. We confirm that people tend to prefer alternatives that do not compare unfavorably to other options in the choice set (i.e. people are loss averse). We also confirm that the evaluation of alternatives is reference dependent: by adding different alternatives to a choice set the relative (mutual) attractiveness of the remaining alternatives can be reversed (e.g., A is chosen over B in a choice set including C1, but B is chosen over A in a choice set including C2). The choice tasks we employed were based on real offers from an actual travel agency. This enhances the external validity of our findings that in general the role of the reference point and loss aversion has a significant impact on the consumer’s behavior. Thus, our results suggest the possibility of a relatively simple and practical application of prospect theoretical principles in marketing campaigns. We expect that our findings might be added to a growing body of literature on using the prospect theory for understanding and predicting consumer’s behavior. However, with small sample size, caution must be applied, as the findings might not be transferable to all conditions. Another significant limitation that needs to be considered is the survey method used. The results are not captured from the real marketplace; the only likely choice was made. When making an actual decision, the respondents might act differently than stated in the questionnaire.
ER  -

GOCMANOVÁ, Zuzana; Jaromír SKORKOVSKÝ; Štěpán VESELÝ a Jan BÖHM. Where Do You Want to Go Skiing? The Effect of the Reference Point and Loss Aversion. \textit{Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis}. 2019, roč.~67, č.~1, s.~243-252. ISSN~1211-8516. Dostupné z: https://doi.org/10.11118/actaun201967010243.

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