Abstract
Many studies using choice experiments used the random utility maximization(RUM) for its theoretical foundation. However, the random regret minimization(RRM) was proposed to deal with irrational decisions. More recent studies proposed the hybrid model combining RUM and RRM in the model estimation process. The present study aims to find the best fitted model among the three models(RUM, RRM, and hybrid) by using a 2018 PyeongChang Winter Olympic travel package as a case hypothetical situation in choice experiment. Among the three models, the hybrid model showed the best model fit and confirmed that sport tourists may follow different decision strategies(RUM or RRM). Our findings showed that, depending on decision strategies, sport tourists would consider different product attributes while making a decision and have a different level of price sensitivity. The theoretical and managerial implications will be discussed accordingly.
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