A review of tourism and hospitality studies on behavioural economics

• ShiNa Li ^[1] ; Yixin Liu ^[1] ; Shanshan Dai ^[2] ; Mengxin Chen ^[1]
  1. [1] Sun Yat-sen University

     Sun Yat-sen University

     China

     
  2. [2] China University of Geosciences

     China University of Geosciences

     China

     
• Localización: Tourism economics: the business and finance of tourism and recreation, ISSN 1354-8166, Vol. 28, Nº. Extra 3, 2022 (Ejemplar dedicado a: Competitiveness in the Visitor Economy: New Trends, Issues and Perspectives), págs. 843-859
• Idioma: inglés
• Texto completo no disponible (Saber más ...)
• Resumen

  • Tourists display bounded rationality when they rely on heuristics to simplify complex decisions or make decisions not based purely on self-interest. Behavioural economics, which moves beyond the widely criticised assumptions that traditional economics makes regarding rational economic behaviour, provides useful theoretical foundations and approaches to tourism and hospitality studies. This paper reviews and discusses studies that evaluate bounded rational behaviour in the tourism and hospitality industry and examine influencing psychological factors. A review framework of economic behaviour is proposed to identify new perspectives and approaches to evaluating tourists’ complex decision-making processes. The paper also considers the prospects for applying behavioural eco- nomics theories to tourism and hospitality. It is suggested that limited attention and projection bias should be further examined in future research. The application of anchoring, mental accounting, nudge theory and neuroeconomics to tourism studies is also recommended.