Contrary to Traditional Economics, Behavioural Economics postulates that people are not always rational. Dan Ariely (2010) says "…we are not only irrational but predictable irrational-that our irrationality happens the same way, again and again…" In literature we call them as biases. There are many biases such as overconfidence, framing effect, sunk cost effect, gambler fallacy etc. reference point bias is one of them. This article examines the case of reference price in the tourism sector as a social factor trying to explain if this characteristic creates a bias in the final decision of the uses.
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