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Since universities adopted a “Student as Customer” approach, student consumer behavior is a field of study which has become crucial. In the European higher education area, more understanding is needed on International students, and more precisely on Erasmus students. The purpose of this paper is to validate a multidimensional scale to assess Erasmus students’ value expectations (i.e. expected value) on the basis of costs and benefits in their choices as consumers of an academic experience abroad.

A survey conducted on a sample of 192 students from 50 universities show the role of functional, social and emotional values along with costs of time and effort in the perceived value of an Erasmus experience.

After validating the five scales, the results show that social and emotional are the aspects were students’ expected value dimensions are the highest, as the Erasmus experience is expected to enrich their studies and enable them to boost their self-confidence, while functionally helping them to find a job in the future. Concerning the sacrifices, the Erasmus experience has a high cost with regard to effort, time and energy, but students are willing to go through it: an Erasmus stay is seen as a good investment, whose benefits will be reaped in the long run.

The contribution of this paper comes from the scope and the target: a multidimensional trade-off approach to the expected value of the Erasmus experience. Other works have already depicted the educational experience through the value concept, but none, to the best of the authors’ knowledge, has measured expected value on the pre-purchase phase for Erasmus students.

The purpose of this paper is to examine the dynamic nature of consumer value by proposing a causal model that shows the existence of sequentiality in value dimensions and in their influence on satisfaction and loyalty. The paper focuses on intrinsic dimensions of value (play, aesthetics, ethics and escapism), which are fully experiential, and therefore less studied in the literature.

The conceptual model proposed was empirically tested in tourist hotel accommodations. Data were collected through a structured questionnaire, analyzing the experiences of 285 hotel guests with structural equation modeling-partial least squares.

The results reveal that the reactive dimensions of value (aesthetics and escapism) influence the active ones (play and ethics), which in turn affect consumers’ satisfaction and loyalty.

This paper is exploratory and focuses on the intrinsic dimensions of value. Future research should consider the entire extrinsic/intrinsic value duality. This paper is based on a convenience sample consisting solely of hotel accommodation. Further studies based on a random sample and on other hospitality contexts would be required to generalize the results.

This paper can help hotel managers to understand the role and importance of each intrinsic dimension of value to successfully implement their relationship marketing strategies, defined by the chain value-satisfaction-loyalty.

This paper depicts the dynamic nature of value, with concatenated (and not simultaneous) effects of value dimensions on satisfaction and loyalty, which supports research in value co-creation.

In the fertile line of research on consumer value from the services literature, a gap exists between theoretical and empirical knowledge, in particular regarding Holbrook’s conceptual value framework. The purpose of this paper is to find construct validity for a multidimensional value scale based on Holbrook’s proposal.

Based on a literature review, a qualitative phase, and consultation with an expert, eight value scales (efficiency, service quality, play, aesthetics, status, esteem, ethics, and escapism as an adaptation of spirituality) are tested on a sample of 585 hotel customers and are further analyzed with simple and partial correlations, multiple regressions, and structural modeling.

Following the literature on the merits of Holbrook’s value typology, results are presented in three concatenated phases: validation of Holbrook’s eight value scales corresponding to his eight value types; interrelationships between these value types showing a predominance of the extrinsic-intrinsic and self-other dimensions; and construction of six indices based on the 2×2×2 matrix (self, other, extrinsic, intrinsic, active, and reactive) and a value index as a higher-order representation. The results support Holbrook’s typology, thereby supporting construct validity for the multidimensional scales.

Implications for further conceptual research on value are presented. Meanwhile, the empirical study is context-specific, i.e. related to a hospitality experience.

Although Holbrook’s typology has gained widespread attention, to the best of the authors’ knowledge, no previous research has tested all eight value types simultaneously in the same empirical work.

The purpose of this paper is, first, to review the main conceptual proposals for the study of information and communication technologies (ICT) in tourism companies, and second, to develop and validate a formative scale for measuring the degree of technological advancement in hotels, based on the perceptions of a sample of Spanish hotel guests.

After a literature review on the measurement of technology advancement in tourism, a formative scale for ICT advancement in hotels from the guest perspective is developed and validated through a multiple-indicator, multiple-cause model estimated through partial least squares regression with data from 197 Spanish hotel guests.

Results of the empirical research allow validating the proposed formative scale for measuring technological advancement in hotels, identifying solutions that hotel guests mainly associate with highly technified establishments.

The proposed and validated formative scale for measuring the degree of technological advancement of hotels is expected to enable the proposal of models where the relations between central variables in consumer behaviour research (e.g. value) and their dependent variables (e.g. satisfaction) may be influenced by guests’ perception of hotel technology.

This paper presents an initial attempt to develop a scale for measuring the degree of technological advancement of tourism companies, a topic that has received scant attention in acad`emic research in spite of the importance of technology in this industry.

本论文研究目的, 第一, 审阅关于旅游公司的信息通信技术（ICT）相关理论研究；第二, 以西班牙酒店客户为样本, 编制和验证酒店科技先进度的形成性量度。

本论文首先审阅了旅游产业中科技先进度测量的相关文献, 然后通过MIMIC模型编制了从酒店客户角度出发的测量酒店ICT的形成性量度, 最后通过197份西班牙酒店客户样本和偏最小二乘回归来验证模型。

本论文验证了衡量酒店科技先进度的形成性量度, 并且发现各种解决方案, 其酒店客户用来评价高科技酒店个体的标准。

编制和验证的衡量酒店科技先进度的形成性量度, 表明消费者行为学核心概念（比如, 价值）和消费者满意度之间, 是可以由酒店客户对酒店科技度的感知因素来影响的。

本论文首次编制衡量旅游公司科技先进度的量度。尽管科技在行业中被视为很重要, 但是这个话题在科研界受到较少的关注。

科技先进度、信息通信科技、形成性量度、反应性量度、酒店

研究论文

Within the abundant and not always unanimous body or research on conceptual and methodological approaches to consumer value in services, there are two areas of relative consensus: the multidimensional nature of value (intra-variable approach) and the existence of causal relations with other constructs (inter-variable approach). This work aims to contribute additional knowledge in both areas, with a joint approach in a structural model tested for hospitality services.

The study proposes four scales of intrinsic values (entertainment, aesthetics, ethics and spirituality as relaxation), based on Holbrook’s (1999) value typology, and a casual model to be used to measure the relationships between these four values and overall perceived value, satisfaction and loyalty. The model is tested with PLS on a sample of 585 hotel guests on the island of Sardinia (Italy).

The psychometric properties of all four value scales, created ad hoc, are tested and approved. Results on the causal model show contrasted links on the intra-variable approach, entertainment, aesthetics and spirituality (measured as relaxation), are positive antecedents of perceived value, while the path ethics-overall value is not confirmed. The value–satisfaction–loyalty chain is fully confirmed, with strong linkages.

The authors acknowledge the use of a convenience sample, of mainly leisure tourists.

The implications for managers are derived on the need of considering extra drivers (intrinsic and therefore fully experiential) of satisfaction and loyalty.

Research on value has been qualified as not univocal and controversial. This study adds knowledge on the use of four less common value types (intrinsic ones) and sheds light on their nature as antecedents of the well-known value–satisfaction–loyalty chain.

The current paper aims to present a formal model illustrating how payoff imbalances among the members of a team of decision makers (DMs) who must undertake a project condition the final outcome obtained. This result builds on the fact that payoffs imbalances would lead to different performance levels among the employees and managers who compose a team. The analysis is applied to a strategic environment, where a project requiring coordination among the DMs within the team must be developed.

The intuition behind the strategic framework on which the results are based is twofold. The authors build on the literature on social comparisons and assume that employees and managers acquire information on the payoffs received by other members of the team while being affected by the resulting comparisons, and they follow the economic literature on firm boundaries determined via incomplete contracts. In this case, employees and managers may underperform if they feel aggrieved by the outcome of the contract giving place to deadweight losses when developing the project.

The authors illustrate how a team-based performance reward structure may lead to a coordinated equilibrium even when team managers and employees receive different payoffs and exhibit shading incentives based on the payoff differentials between them. The authors will also illustrate how identical shading intensities by both groups of DMs imply that shading by the managers imposes a lower cost on the profit structure of the firm because it leads to a lower decrease in the cooperation incentives of the other members of the team. Finally, the authors show how differences in shading intensity between both types of DMs trigger a strategic defect mechanism within the team that determines the outcome of the project.

The novel environment of team cooperation and defection through shading introduced in this paper is designed to deal with the strategic decisions taken by DMs when undertaking a project within a group. In particular, the intensity of shading applied by the DMs will be endogenously determined by the relative payoffs received, which allows to account for different scenarios, where relative payoff differentials among DMs determine the outcome of the project.

The purpose of this paper is to study the optimal sequential information acquisition process of a rational decision maker (DM) when allowed to acquire n pieces of information from a set of bi-dimensional products whose characteristics vary in a continuum set.

The authors incorporate a heuristic mechanism that makes the n-observation scenario faced by a DM tractable. This heuristic allows the DM to assimilate substantial amounts of information and define an acquisition strategy within a coherent analytical framework. Numerical simulations are introduced to illustrate the main results obtained.

The information acquisition behavior modeled in this paper corresponds to that of a perfectly rational DM, i.e. endowed with complete and transitive preferences, whose objective is to choose optimally among the products available subject to a heuristic assimilation constraint. The current paper opens the way for additional research on heuristic information acquisition and choice processes when considered from a satisficing perspective that accounts for cognitive limits in the information processing capacities of DMs.

The proposed information acquisition algorithm does not allow for the use of standard dynamic programming techniques. That is, after each observation is gathered, a rational DM must modify his information acquisition strategy and recalculate his or her expected payoffs in terms of the observations already acquired and the information still to be gathered.

In organizational markets, many companies tend to reduce the number of providers to focus on establishing relationships with few of them. The purpose of this paper is to analyze the influence of relationship value and dependence of supplier on long‐term orientation and customer loyalty in the setting of relationships between travel agencies and their main providers.

A partial least square regression is performed to test a proposed model that links several relational variables with outcomes in terms of customer loyalty.

Results provide support for the positive indirect influence of relationship value on long‐term orientation, while customer dependence of the main provider does not seem to exert a significant effect. These findings support the importance of value creation for providers in their relationships with their customers.

This study allows us to suggest that service companies, such as travel agents, should concentrate on investing in generating benefits for customers through offering value‐added services, thus providing evidence that the supplier has no incentives to opportunistic behaviors.

Although literature has reported the importance of both relational and market conditions for customer‐supplier relationships that involve physical distribution of goods and might require important investments in technological solutions to coordinate their relationships, little attention has been paid to service companies.

The purpose of this paper is to present volunteering in tourism events as a sort of spontaneous community participation that has far‐reaching consequences for destination management. It chooses the concept of value to explore volunteering experience in an international religious mega‐event, using Holbrook's value typology (efficiency, social value, play, spirituality).

The authors undertake this objective by means of testing psychometric properties of the four value scales, as well as providing a causal model of relationships among value dimensions and overall perceived value, satisfaction and loyalty or commitment to volunteering in a special event tested with MBPLS, a particular algorithm for the partial least squares methodology.

The results confirm the reliability and validity of the scales tested in a sample of 1,638 volunteers, collected via e‐mail from the database of a religious mega‐event held in Valencia in July 2006. They also confirm a relationship among overall perceived value, satisfaction and loyalty or commitment as a chain of behavioral constructs.

One can find implications for the relevant weight of volunteers as peculiar stakeholders of mega‐events. For consumer behavior researchers, the chain of effects among value dimensions and behavioral constructs is once more relevant, although the findings are only related to volunteers at religious events.

For destination marketing managers, this study can throw light on the profile of volunteers for event marketing and how they behave in their own experience as relevant stakeholders in the organization of a mega‐event.

Very few works devote their interest to value dimensionality in a marketing event context, despite the richness of that sort of tourism experience. Perceived value, satisfaction and loyalty or commitment have been investigated among volunteers in sport or cultural mega‐events, but rarely in religious mega‐events.

The purpose of this paper is to propose a game-theoretical model for commercial bank foreign direct investment strategy, government policy and domestic banking industry interactions in emerging market economies and demonstrate the application of this strategy to the banking system. Government policy and domestic banking industry interactions in emerging market economies and demonstrate the application of this strategy to the banking system.

The paper develops a game-theoretical model to analyze the optimality of the limiting entry strategy followed by a given domestic institutional sector when considering the entry applications of foreign banks in the domestic financial system. The model analyzes the strategic options available to an emerging market country with a relatively underdeveloped banking system when deciding whether or not and to what extent allow for the entrance of better reputed and more technologically advanced foreign banks in its domestic financial system.

The paper shows that the progressive liberalization of entry restrictions would define the perfect Bayesian equilibria of the subsequent set of continuation games and the respective payoffs derived from this liberalization as the domestic economy integrates and competes within the global financial system.

Banks operating in the international financial market have incentives to invest directly in emerging market economies and governments have incentives in allowing foreign banks entry to their market. As banking systems in these economies are generally underdeveloped, opening the financial system to foreign competitors could lead to a decrease in the market share of local banks. Eventually foreign banks could control the banking system and could de facto control the money supply.