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The value of souvenirs: Endowment effect and religion

Published on Jan 1, 2019in Annals of Tourism Research
· DOI :10.1016/j.annals.2018.10.003
Ze'ev Shtudiner5
Estimated H-index: 5
(Ariel University),
Galit Klein3
Estimated H-index: 3
(Ariel University)
+ 1 AuthorsJeffrey Kantor4
Estimated H-index: 4
(Ariel University)
Sources
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.
  • References (55)
  • Citations (1)
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References55
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#1Ze'ev Shtudiner (Ariel University)H-Index: 5
#2Galit Klein (Ariel University)H-Index: 3
Last. Jeffrey Kantor (Ariel University)H-Index: 4
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#1Jenny Cave (University of Waikato)H-Index: 6
#2Dorina Buda (UG: University of Groningen)H-Index: 6
This chapter explores the proposition that the act of ‘souveniring’ recent and/or ancient places of death, disaster, or atrocities is a more emotionally immersive experience—and thus less cognitively controlled—than in other tourism contexts. We introduce and explore the notion of ‘dark souvenirs’ which encompass unlikely forms, redolent of darkness, emotions, and affective experiences in the dark tourism context of places connected to death, disaster, or atrocities.
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#1Matina Terzidou (Middlesex University)H-Index: 6
#2Caroline Scarles (University of Surrey)H-Index: 14
Last. Mark N. K. Saunders (University of Birmingham)H-Index: 27
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The aim of this paper is to decipher ways of experiencing religiousness through tourist performances, intersecting textual approaches with the essential embodiment and materiality of the tourist world. Exploring the diversity of religious tourists’ practices within the Greek Orthodox context, two dimensions underpinning religious tourist experience are highlighted: institutional performances and unconventional performances. Focussing on the embodied experience and drawing upon theories of perfor...
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#1Michael Haldrup (RU: Roskilde University)H-Index: 8
Abstract This article considers the role of souvenirs within domestic spaces. Souvenirs are ambivalent objects; at the same time the very epitome of tourism kitsch and personal objects for which the owner holds significant affection. Rather than pre-framing these objects either as ‘touristic signifiers’ or as personal memory objects, this article reflects on the roles they take as material and embodied co-habitants in domestic space, living - and communicating – with their owners. Hence, this pa...
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#1Doron Greenberg (Ariel University)H-Index: 2
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When choosing a particular alternative from a number of financial assets, risk is an important feature. According to the classic Capital Assets Pricing Model (CAPM), we would expect to receive a positive correlation between risk and return of financial assets. However, studies show that investors judge financial assets in terms of “good” or “bad”. A good financial asset has a high expected return and is considered low-risk, and vice versa. This type of thinking is biased, as it is both irrationa...
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#1Carey K. Morewedge (BU: Boston University)H-Index: 23
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The endowment effect is the tendency for people who own a good to value it more than people who do not. Its economic impact is consequential. It creates market inefficiencies and irregularities in valuation such as differences between buyers and sellers, reluctance to trade, and mere ownership effects. Traditionally, the endowment effect has been attributed to loss aversion causing sellers of a good to value it more than buyers. New theories and findings – some inconsistent with loss aversion – ...
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Although souvenirs have received increased research interest in tourism studies, sociological research in this field still remains limited. This exploratory study aspires to overcome past research negligence on the values identified in social theory for commodities, such as Marx's use and exchange values and Baudrillard's sign-value, as well as introducing an additional one, the spiritual-value. By using a sample of twenty respondents in Veria, a small city in Northern Greece, this study attempt...
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Authenticity has long been a theme within the tourism literature, but relatively little has been written about the attitudes of souvenir retailers. This paper, based on a combination of case study and micro-ethnographic approaches, reports findings derived from interviews with 25 souvenir retailers in the UNESCO World Heritage site of Hoi An, Vietnam. It uses a thematic and content analysis aided by the use of textual analysis software to identify dichotomous yet holistic perceptions on the part...
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The endowment effect is among the best known findings in behavioral economics and has been used as evidence for theories of reference-dependent preferences and loss aversion. However, a recent literature has questioned the robustness of the effect in the laboratory, as well as its relevance in the field. In this review, we provide a summary of the evidence and describe recent theoretical developments that can potentially reconcile the different findings, with a focus on expectation-based referen...
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Abstract Using ethnographic research into Christian Orthodox religious tourists' performances in Tinos, Greece, this paper traces the complex pathways of human and material entanglement in creating religious experiences. While religions stage material performances by ascribing sign and use value to objects, affect through doing allows for different modes of understanding and performance, in which the material nature plays an essential role. This paper contributes in recognising the importance of...
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#1Juan Antonio Jimber del Río (UCO: University of Córdoba (Spain))H-Index: 1
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Tourism in synagogues is an activity which is increasing in popularity due to the current interest in cultural and patrimonial heritage. The synagogue in Cordoba has become an irreplaceable Jewish tourist destination in Spain due to its origins, construction, conservation, and recognition by international organizations. This article analyzes the loyalty of tourism in synagogues using variables such as satisfaction, loyalty and the expected and perceived value of the destination and the historica...
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Collecting of natural souvenirs causes destruction of the natural environment as well as social and economic problems. The article shows that the next generation will have a tendency to aggravate such problems by collecting natural souvenirs. To discover the preferences of young people related to collecting natural souvenirs, the authors performed a survey in Poland on a sample of 426 persons aged 21–30. The survey has shown that 80.7% of young people participating in tourist trips bring souveni...
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#1Suzanne Amaro (Polytechnic Institute of Viseu)H-Index: 7
#2Bruno Morgado Ferreira (Polytechnic Institute of Viseu)H-Index: 1
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Although there are many studies addressing the purchase of souvenirs, a few provide practical insights for practitioners in the souvenir industry regarding tourist’s preferred souvenir attributes, ...
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