Vladimír Baláž , Jason Li Chen , Allan M. Williams , Gang Li
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Stability of risk and uncertainty preferences in tourism
This paper provides a novel longitudinal analysis of the stability of risk preferences in the travel domain, and how these are impacted by major life events during a crisis. Analysis of a four-wave survey during COVID-19 demonstrates strong inter-temporal stability of most risk preferences. It also reveals greater stability of generic risk traits and risk and uncertainty tolerance in travel compared to situational risk preferences. An innovative difference-in-differences with multiple time periods analysis is undertaken to examine the oscillating risk preferences of individuals hit hard financially by the pandemic. It reveals they become more tolerant of situational risk and uncertainty over time. Learning that the negative consequences of the pandemic are negotiable plays a key role in changing risk preferences.
期刊介绍：
The Annals of Tourism Research is a scholarly journal that focuses on academic perspectives related to tourism. The journal defines tourism as a global economic activity that involves travel behavior, management and marketing activities of service industries catering to consumer demand, the effects of tourism on communities, and policy and governance at local, national, and international levels. While the journal aims to strike a balance between theory and application, its primary focus is on developing theoretical constructs that bridge the gap between business and the social and behavioral sciences. The disciplinary areas covered in the journal include, but are not limited to, service industries management, marketing science, consumer marketing, decision-making and behavior, business ethics, economics and forecasting, environment, geography and development, education and knowledge development, political science and administration, consumer-focused psychology, and anthropology and sociology.
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