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Asymmetric Information, Tourist Satisfaction and Quality in Tourism

Author

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  • Vincenzo Asero

    (University of Catania, Italy)

  • Sebastiano Patti

    (University of Catania, Italy)

Abstract

Quality is adopted by the market to resolve asymmetric information problems concerning the relationships between sellers and buyers. Also in the tourist market the quality assumes a particular importance, although its measurement needs different identification criterions. Tourism firms invest in quality and use it as mechanism of signalling, because of increasing market competitiveness. Nevertheless, it is argued in this paper that tourist satisfaction cannot depend directly on high quality good/services, but on the relationship between their expectations and satisfactions. This can explain why tourism market is characterized by different quality standard services.

Suggested Citation

  • Vincenzo Asero & Sebastiano Patti, 2009. "Asymmetric Information, Tourist Satisfaction and Quality in Tourism," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 9(3), pages 5-16.
    • Handle: RePEc:pet:annals:v:9:i:3:y:2009:p:5-16
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    File URL: http://upet.ro/annals/economics/pdf/2009/20090301.pdf
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    References listed on IDEAS

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    1. Stigler, George J., 2011. "Economics of Information," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 5, pages 35-49.
    2. repec:bla:econom:v:70:y:2003:i:279:p:385-404 is not listed on IDEAS
    3. Nelson, Phillip, 1970. "Information and Consumer Behavior," Journal of Political Economy, University of Chicago Press, vol. 78(2), pages 311-329, March-Apr.
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    6. Herbert A. Simon, 1955. "A Behavioral Model of Rational Choice," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 69(1), pages 99-118.
    7. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74(2), pages 132-132.
    8. Carl Shapiro, 1983. "Premiums for High Quality Products as Returns to Reputations," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 98(4), pages 659-679.
    9. Bar-Isaac, Heski, 2005. "Imperfect competition and reputational commitment," Economics Letters, Elsevier, vol. 89(2), pages 167-173, November.
    10. George A. Akerlof, 1970. "The Market for "Lemons": Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 84(3), pages 488-500.
    11. Stigler, George J & Becker, Gary S, 1977. "De Gustibus Non Est Disputandum," American Economic Review, American Economic Association, vol. 67(2), pages 76-90, March.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Ra¡¯ed Masa¡¯deh & Mohammed Abdullah Nasseef & Ala Alkoudary & Hanaa Mansour & Mervat Aldarabah, 2017. "The Impact of Motivation for Attendance on Destination Loyalty via the Mediating Effect of Tourist Satisfaction," International Journal of Business Administration, International Journal of Business Administration, Sciedu Press, vol. 8(4), pages 34-48, June.
    2. Monica Pătruţescu & Dalia Simion & Claudiu Şerban & Sabin Armăşelu, 2012. "Advantages Obtained by The Small Companies by Appealing To Managerial and Financial Consultancy in A Competitive Environment on The Tourism Services Market," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 12(2), pages 179-192.

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