Understanding Fomo Through Game Theory: Impacts on Business Policy in Tourism
DOI:
https://doi.org/10.26905/icgss.v9i1.15718Keywords:
FOMO, Game Theory, Business Policy in TourismAbstract
This systematic literature review investigates the interplay between Fear of Missing Out (FOMO) and game theory within the tourism sector, utilizing 57 articles from reputable sources and adhering to PRISMA guidelines. The findings propose some prepositions on how tourism businesses strategically exploit FOMO by emphasizing scarcity and exclusivity in their marketing efforts. In addition, tourism businesses can use FOMO to gain profits through tourist visits based on dynamic pricing strategies and, at the same time, maintain visitors' loyalty. By applying game theory principles, this study elucidates how businesses could anticipate consumer reactions to FOMO-driven marketing tactics, thereby enhancing consumer engagement. The results underscore the necessity for tourism policies that integrate psychological insights into consumer behavior, ultimately fostering more effective marketing strategies and improving overall tourist satisfaction.
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