scholarly journals Satisfaction and Expenditure in Wineries: A Prospect Theory Approach

2021 ◽  
pp. 109634802110314
Author(s):  
Ricardo Sellers ◽  
Juan Luis Nicolau
Keyword(s):  
Prospect Theory ◽  
Loss Aversion ◽  
Negative Impact ◽  
Positive Impact ◽  
Reference Points ◽  
Theory Approach ◽  
Reference Dependence ◽  
Critical Determinant ◽  
Visitor Satisfaction ◽  
Managerial Implications

Visitor satisfaction has been shown to be a critical determinant of visitor expenditure in wineries. Although the relationship between visitor satisfaction and expenditure in wineries has been investigated in previous literature, we have unearthed potential intricacies that emerge when this relationship is analyzed within the reference dependence framework of prospect theory. To fill this gap, we use segment-based reference points to capture the singularity of winery visitors, and results show that demographics and psychographics confirm reference dependence. When reference points are based on psychographics, loss aversion is confirmed (lowering visitor satisfaction has a greater negative impact on expenditure than the positive impact derived from increasing visitor satisfaction), while diminishing sensitivity is observed for losses (the effect of the variations in visitor satisfaction shifts depending on the distance from the individual’s reference point). Interestingly, when the reference points are obtained through demographics, loss aversion is reversed. Relevant managerial implications are outlined.

Visitor Satisfaction of the Palace Museum Website in China: An Empirical and Integrated Model

2019 ◽  
Vol 10 (5) ◽  
pp. 421-437
Author(s):  
Qiong Dang ◽  
Keyword(s):  
Online Survey ◽  
Positive Impact ◽  
New Technology ◽  
Perceived Usefulness ◽  
System Quality ◽  
Visitor Satisfaction ◽  
Digital Era ◽  
Managerial Implications ◽  
Museum Websites ◽  
Perceived Usability

In 2001, the website of the Palace Museum was opened to the public, marking that museum’s first step into the digital era in China. Numerous studies and much research has concentrated on how to employ this new technology in order to digitize the museum and its collection. However, little attention has been paid to research regarding visitor satisfaction’s regarding museum websites in China. This research aims to fill the gap. Consequently, this conceptual model has been proposed, and the Palace Museum website was as the research objective. Empirical methodology has been applied and the online survey was created to gather data, which results in a total of 557 questionnaires being analyzed though the SPSS 20.0. The findings demonstrate that system quality, perceived usefulness, perceived usability, and the museum’s image have a positive impact on visitor satisfaction regarding their continuance intention. Furthermore, managerial implications are proposed for museum practitioners.

scholarly journals The practice of Cousin Marriage in the Community of Kalola Village, Pasangkayu Regency, West Sulawesi

2020 ◽  
Vol 2 (2) ◽  
pp. 71-82
Author(s):  
Muhammd Rizal Soulisa ◽  
Lukman S. Thahir ◽  
Malkan Malkan
Keyword(s):  
Negative Impact ◽  
Positive Impact ◽  
Large Family ◽  
Theory Approach ◽  
Political Systems ◽  
Cousin Marriage ◽  
Long Time ◽  
Negative Impacts ◽  
The Impact ◽  
Grounded Theory Approach

The aim of this paper is to discuss the practice of cousin marriage in the community of Kalola Village, Pasangkayu Regency, West Sulawesi. This study uses qualitative methods and data was gathered through observation, in-depth interviews, and written material. Data analysis was analyzed using grounded theory approach. the background of a cousin marriage in the Mandar tribe community in Kalola Village is a tradition that has been strong for a long time in the community, in addition to the factor of maintaining a large family and protecting property. Meanwhile, the impact of cousin marriage includes both positive and negative impacts. The positive impact is to reduce the number of conflicts in the community and strengthen local political systems, while the negative impact is the breakdown of kinship in the event of conflict and divorce and health risks.

Happiness as a Reward for Torture: Is Participation in a Long-Distance Triathlon a Rational Choice?

2018 ◽  
Vol 20 (2) ◽  
pp. 177-197 ◽  
Author(s):  
Joel Maxcy ◽  
Pamela Wicker ◽  
Joachim Prinz
Keyword(s):  
Rational Choice ◽  
Prospect Theory ◽  
Loss Aversion ◽  
Actual Behavior ◽  
Reference Dependence ◽  
Long Distance ◽  
Negatively Associated ◽  
Diminishing Sensitivity

This study applies prospect theory to an assessment of actual behavior. Loss aversion, reference dependence, and diminishing sensitivity are conceptualized through survey respondents’ perceptions of physical and mental torture during training for and competition in long-distance triathlons. Regression results show that frequent thoughts of giving up during the race negatively affect happiness after the race, while mental torture during training and race is negatively associated with happiness in the weeks after the race. Satisfaction with race outcome positively affects happiness, suggesting that achieving individual goals is more important than absolute performance in terms of finishing times and ranks.

scholarly journals Endowment effect in capuchin monkeys

2008 ◽  
Vol 363 (1511) ◽  
pp. 3837-3844 ◽  
Author(s):  
Venkat Lakshminaryanan ◽  
M Keith Chen ◽  
Laurie R Santos
Keyword(s):  
Transaction Costs ◽  
Rational Choice ◽  
Loss Aversion ◽  
New World ◽  
Endowment Effect ◽  
Reference Points ◽  
Capuchin Monkeys ◽  
Cognitive Systems ◽  
Reference Dependence ◽  
World Primate

In humans, the capacity for economically rational choice is constrained by a variety of preference biases: humans evaluate gambles relative to arbitrary reference points; weigh losses heavier than equally sized gains; and demand a higher price for owned goods than for equally preferred goods that are not yet owned. To date, however, fewer studies have examined the origins of these biases. Here, we review previous work demonstrating that human economic biases such as loss aversion and reference dependence are shared with an ancestrally related New World primate, the capuchin monkey ( Cebus apella ). We then examine whether capuchins display an endowment effect in a token-trading task. We identified pairs of treats (fruit discs versus cereal chunks) that were equally preferred by each monkey. When given a chance to trade away their owned fruit discs to obtain the equally valued cereal chunks (or vice versa), however, monkeys required a far greater compensation than the equally preferred treat. We show that these effects are not due to transaction costs or timing issues. These data suggest that biased preferences rely on cognitive systems that are more evolutionarily ancient than previously thought—and that common evolutionary ancestry shared by humans and capuchins may account for the occurrence of the endowment effect in both species.

scholarly journals Does Reference Dependence Impact Intervention Mechanisms in Vaccine Markets?

2020 ◽  
Vol 12 (16) ◽  
pp. 6371
Author(s):  
Feiyu Guo ◽  
Erbao Cao
Keyword(s):  
Social Welfare ◽  
Negative Impact ◽  
Positive Impact ◽  
Supply Side ◽  
Government Subsidy ◽  
Reference Dependence ◽  
Government Interventions ◽  
Game Theoretic ◽  
Sustainable Health

Prior research suggests that, to maintain sustainable health, inefficient vaccine markets need to be intervened by government subsidy. However, the effectiveness of these intervention mechanisms is often reduced by the absence of reference dependence preference. Our paper introduces this preference as the psychological disutility of overproduction and underproduction, and then uses game-theoretic way to find that reference dependence has implications on one-sided (pure demand or supply side) and two-sided intervention mechanisms. (i) The positive impact is that this preference helps both pure demand-sided and specific two-sided intervention mechanisms not only to maximize social welfare, but also to achieve diverse targets: pure demand-sided one reduces government interventions while specific two-sided ones achieves budget neutrality. (ii) The negative impact is that, although maximizing social welfare, reference dependence makes general two-sided intervention mechanisms complex. This complexity is reflected in differences in intervention’s extent (i.e., a change in payment extent used to address inefficient vaccine markets) and structure (i.e., an adjustment from subsidy alone to subsidy/tax/zero schemes). These finds guide governments with diverse targets to design the corresponding intervention mechanisms to maintain sustainable health.

Deciding When to Quit: Reference-Dependence over Slot Machine Outcomes

2015 ◽  
Vol 105 (5) ◽  
pp. 366-370 ◽  
Author(s):  
Jaimie W. Lien ◽  
Jie Zheng
Keyword(s):  
Loss Aversion ◽  
Reference Point ◽  
Slot Machine ◽  
Status Quo ◽  
Reference Points ◽  
Reference Dependence ◽  
Diminishing Sensitivity

We conduct tests for reference dependent loss aversion using slot machine gamblers' decisions on when to quit playing for a visit to a casino. Evidence for a lagged status-quo reference point is found in the aggregate, while endogenously determined reference points are found when conditioning on betting intensity choices. Significant deviations from the distributions implied by random quitting support the loss aversion and diminishing sensitivity hypotheses.

scholarly journals Prospect Theory and Political Decision Making

2019 ◽  
Author(s):  
Ferdinand M. Vieider ◽  
Barbara Vis
Keyword(s):  
Decision Making ◽  
Prospect Theory ◽  
Loss Aversion ◽  
Reference Dependence ◽  
Reflection Effect ◽  
Decision Making Under Risk ◽  
Political Decision ◽  
Ex Post ◽  
Past Data ◽  
Political Decision Making

Prospect theory—a psychologically founded account of decision making under risk and uncertainty—revolutionized how economists and, later, political scientists thought about decision making under uncertainty. Conceptually, prospect theory is based on two central notions: reference dependence, which is the notion that the utility of outcomes is defined over changes in outcomes from a reference point instead of over absolute outcome levels; and likelihood dependence, which is the notion that people distort probabilities non-linearly when making a decision. Likelihood dependence gives rise to the possibility and certainty effects—changes in probabilities are given much more weight if they fall toward the probability endpoints than if they fall into intermediate probability ranges. Reference dependence gives rise to the reflection effect, predicting mirrored risk attitudes for gains and for losses; and to loss aversion, predicting that people display a disproportionate dislike for losses. Prospect theory has been extensively applied in the literature on political decision making. Two observations stand out. One, some aspects, such as the reflection effect, have received considerably more attention than others, such as loss aversion or likelihood dependence. Two, there is a twin challenge arising from the combination of this selective modelling and ex post rationalization. A step-wise procedure may help making modelling approaches more principled and systematic. This could furthermore help predicting future decision making behaviour—an aspect that has been neglected in favour of fitting past data.

TURN-OVER GURU PADA MADRASAH ALIYAH NAHDLATUL ULAMA

1970 ◽  
Vol 13 (1) ◽  
Author(s):  
Mochamad Iskarim
Keyword(s):  
Data Collection ◽  
Negative Impact ◽  
Positive Impact ◽  
New Teacher ◽  
Qualitative Approach ◽  
Depth Interview ◽  
Nahdlatul Ulama ◽  
Turn Over ◽  
Interview Questionnaire ◽  
Collection Methods

Penelitian ini dimaksudkan untuk mengetahui dampak positif dan negatif dari adanya pergantian (turn-over) guru di Madrasah Aliyah Nahdlatul Ulama Banyuputih kabupaten Batang. Penelitian inimenggunakan pendekatan kualitatif deskriptif analitis dengan metode pengumpulan data berupa wawancara mendalam, angket, dan dokumentasi. Hasil penelitian menunjukkan adanya turn-over yang tinggi pada guru atau pendidik di madrasah tersebut; keuntungan yang bersifat positif justru didapatkan ketika adanya turn-over guru dibandingkan dampak negatifnya; dan kehadiran guru baru menjadi hal yang sangat disukai oleh siswa dalam hal kreativitas, inovasi pembelajaran, motivasi, dan lain sebagainya.The aims of this research were to know the positive and negative impact of teacher turn over at Madrasah Aliyah Nahdlatul Ulama Banyuputih Kabupaten Batang. This research was use analytical descriptive qualitative approach with depth interview, questionnaire and documentation as data collection methods. The results of this research shows that the positive impact occur more than the negative impact when there was teacher turn over; and the presence of a new teacher become student’s favourite on creativity, learning innovation, and motivation aspects.

Accidental Sustainability

2017 ◽  
Author(s):  
Geoffrey Jones
Keyword(s):  
Large Scale ◽  
Negative Impact ◽  
Positive Impact ◽  
Organic Food ◽  
The United States ◽  
Air Travel ◽  
Business Leaders ◽  
Natural Beauty ◽  
And Diffusion ◽  
Whole Foods

This chapter examines the scaling and diffusion of green entrepreneurship between 1980 and the present. It explores how entrepreneurs and business leaders promoted the idea that business and sustainability were compatible. It then examines the rapid growth of organic foods, natural beauty, ecological architecture, and eco-tourism. Green firms sometimes grew to a large scale, such as the retailer Whole Foods Market in the United States. The chapter explores how greater mainstreaming of these businesses resulted in a new set of challenges arising from scaling. Organic food was now transported across large distances causing a negative impact on carbon emissions. More eco-tourism resulted in more air travel and bigger airports. In other industries scaling had a more positive impact. Towns were major polluters, so more ecological buildings had a positive impact.

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