The value of souvenirs: Endowment effect and religion

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...