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Review Article
Cognitive Biases and Pilgrim Spending Behaviour: A Behavioural Economics Perspective on Religious Tourism
Dr. Manesh N. A1
Dr. Keerthy T R2
1 Associate Professor, Department of Commerce, Government College Munnar, Kerala, India. 2 Assistant Professor, Department of Business Administration, SCMS School of Technology and Management, Kochi, Kerala, India.
Published Online: July-August 2026
Pages: 80-87
Cite this article
↗ https://www.doi.org/10.59256/ijrtmr.20260604009References
1. Abraham, A., Anoop, P. S., Johnson, R. M., Saseendran, A. K., & Biju, M. K. (2025a). Determinants of health-related quality of life in
elderly in Kerala. Mental Health, 67, 25-31.
2. Abraham, A., Anoop, P. S., Johnson, R. M., Saseendran, A. K., & Biju, M. K. (2025b). Women and men in midlife crisis: an evaluation
from holistic approach.
3. Anoop, P. S., Abraham, A., Saseendran, A. K., Johnson, R. M., & Biju, M. K. (2025). The impact of artificial intelligence on job
displacement and skill requirements: A study of the manufacturing sector. International Journal of Economics and Business Research,
15(4), 112-128.
4. Anoop, P. S., & Biju, M. K. (2022). Impact of ICT in rural financial wellbeing through farming tourism. In Reimagining business
education and industry in 2030 (pp. 93-105).
5. Anoop, P. S., & Biju, M. K. (2025a). Sustainable financial behavior and its determinants from an individual's perspective: A literature
synthesis. International Journal of Research in Engineering and Applied Management, 10(12), 1-2.
6. Anoop, P. S., & Biju, M. K. (2025b). NEXT-DAY TO NEAR-TERM CARDAMOM PRICE PREDICTION IN KERALA VIA MULTI-
MODEL FUSION AND XGBOOST. Annals of the University of Petroşani. Economics, 25(2), 77-96.
7. Bhatt, S. D., & Dwivedi, R. (2025). Pilgrimage tourism networks in Nepal: Prospects, challenges, and implications for site-based economic
contribution studies. Journal of Research in Education, 2(1), 213–224. https://doi.org/10.3126/jore.v2i1.92069
8. Bhatt, S. D., Subedi, K. R., & Dwivedi, R. (2025). Review paper on the methodological choice for assessing the economic contribution
of pilgrimage site. The Management Review, 1(1), 136–154. https://doi.org/10.3126/tmr.v1i1.82222
9. Chvaja, R. (2023). Costly signaling theory of pilgrimage [Doctoral dissertation, Masaryk University]. Masaryk University Information
System. https://is.muni.cz/th/cfxa5/Chvaja_disertace.pdf
10. Hidalgo Villota, M. E., Enríquez Narváez, J. M., & Valenzuela Erazo, Y. K. (2024). Valoración económica del Santuario de Nuestra
Señora de Las Lajas en Ipiales, Colombia. Apuntes del Cenes, 43(77), 211–
242. https://doi.org/10.19053/uptc.01203053.v43.n77.2024.16569
11. Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47(2), 263-291.
12. Lukas, M. F., & Howard, R. C. (2022). The influence of budgets on consumer spending available for purchase. Journal of Consumer
Research, 49(5), 697–720. https://doi.org/10.1093/jcr/ucac024
13. Nguyen, Q. (2016). Linking loss aversion and present bias with overspending behavior of tourists: Insights from a lab-in-the-field
experiment. Tourism Management, 54, 152–159. https://doi.org/10.1016/j.tourman.2015.09.019
14. Park, J. Y., & Jang, S. S. (2014). Sunk costs and travel cancellation: Focusing on temporal cost. Tourism Management, 40, 425–
435. https://doi.org/10.1016/j.tourman.2013.06.016
15. Pilgrims of Fátima: Understanding the demand side. (2025). CORE. https://core.ac.uk/outputs/667946982
16. Saseendran, A. K., Johnson, R. M., Anoop, P. S., Abraham, A., & Biju, M. K. (2025). The impact of workplace flexibility on financial
well-being and employee productivity in the finance and banking sector: A comprehensive study. Journal of Banking and Finance
Psychology, 14(3), 201-218.
17. Tanford, S., Choi, J., & Joe, S. (2019). Anchoring effects on willingness to pay in tourism. Tourism Management, 74, 17-32.
18. The tourist-pilgrim continuum in consumer behaviour: The case of international visitors to Kykkos Monastery, Cyprus. (2021). Journal
of Tourism and Cultural Change, 19(5), 587–604. https://doi.org/10.1080/14766825.2020.1834567
19. The value of souvenirs: Endowment effect and religion. (2019). Annals of Tourism Research, 74, 17–
32. https://doi.org/10.1016/j.annals.2018.08.001.
elderly in Kerala. Mental Health, 67, 25-31.
2. Abraham, A., Anoop, P. S., Johnson, R. M., Saseendran, A. K., & Biju, M. K. (2025b). Women and men in midlife crisis: an evaluation
from holistic approach.
3. Anoop, P. S., Abraham, A., Saseendran, A. K., Johnson, R. M., & Biju, M. K. (2025). The impact of artificial intelligence on job
displacement and skill requirements: A study of the manufacturing sector. International Journal of Economics and Business Research,
15(4), 112-128.
4. Anoop, P. S., & Biju, M. K. (2022). Impact of ICT in rural financial wellbeing through farming tourism. In Reimagining business
education and industry in 2030 (pp. 93-105).
5. Anoop, P. S., & Biju, M. K. (2025a). Sustainable financial behavior and its determinants from an individual's perspective: A literature
synthesis. International Journal of Research in Engineering and Applied Management, 10(12), 1-2.
6. Anoop, P. S., & Biju, M. K. (2025b). NEXT-DAY TO NEAR-TERM CARDAMOM PRICE PREDICTION IN KERALA VIA MULTI-
MODEL FUSION AND XGBOOST. Annals of the University of Petroşani. Economics, 25(2), 77-96.
7. Bhatt, S. D., & Dwivedi, R. (2025). Pilgrimage tourism networks in Nepal: Prospects, challenges, and implications for site-based economic
contribution studies. Journal of Research in Education, 2(1), 213–224. https://doi.org/10.3126/jore.v2i1.92069
8. Bhatt, S. D., Subedi, K. R., & Dwivedi, R. (2025). Review paper on the methodological choice for assessing the economic contribution
of pilgrimage site. The Management Review, 1(1), 136–154. https://doi.org/10.3126/tmr.v1i1.82222
9. Chvaja, R. (2023). Costly signaling theory of pilgrimage [Doctoral dissertation, Masaryk University]. Masaryk University Information
System. https://is.muni.cz/th/cfxa5/Chvaja_disertace.pdf
10. Hidalgo Villota, M. E., Enríquez Narváez, J. M., & Valenzuela Erazo, Y. K. (2024). Valoración económica del Santuario de Nuestra
Señora de Las Lajas en Ipiales, Colombia. Apuntes del Cenes, 43(77), 211–
242. https://doi.org/10.19053/uptc.01203053.v43.n77.2024.16569
11. Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47(2), 263-291.
12. Lukas, M. F., & Howard, R. C. (2022). The influence of budgets on consumer spending available for purchase. Journal of Consumer
Research, 49(5), 697–720. https://doi.org/10.1093/jcr/ucac024
13. Nguyen, Q. (2016). Linking loss aversion and present bias with overspending behavior of tourists: Insights from a lab-in-the-field
experiment. Tourism Management, 54, 152–159. https://doi.org/10.1016/j.tourman.2015.09.019
14. Park, J. Y., & Jang, S. S. (2014). Sunk costs and travel cancellation: Focusing on temporal cost. Tourism Management, 40, 425–
435. https://doi.org/10.1016/j.tourman.2013.06.016
15. Pilgrims of Fátima: Understanding the demand side. (2025). CORE. https://core.ac.uk/outputs/667946982
16. Saseendran, A. K., Johnson, R. M., Anoop, P. S., Abraham, A., & Biju, M. K. (2025). The impact of workplace flexibility on financial
well-being and employee productivity in the finance and banking sector: A comprehensive study. Journal of Banking and Finance
Psychology, 14(3), 201-218.
17. Tanford, S., Choi, J., & Joe, S. (2019). Anchoring effects on willingness to pay in tourism. Tourism Management, 74, 17-32.
18. The tourist-pilgrim continuum in consumer behaviour: The case of international visitors to Kykkos Monastery, Cyprus. (2021). Journal
of Tourism and Cultural Change, 19(5), 587–604. https://doi.org/10.1080/14766825.2020.1834567
19. The value of souvenirs: Endowment effect and religion. (2019). Annals of Tourism Research, 74, 17–
32. https://doi.org/10.1016/j.annals.2018.08.001.
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