Purpose The purpose of this paper is to test and compare different conceptual approaches for perceived value in a service context. Design/methodology/approach Perceived value is an outcome construct that results from various benefits received and sacrifices devoted to achieve a particular exchange of a service. The paper compares three different modeling approaches (Type 1, Type 2, and Type 4) for perceived value using data from an in‐flight survey. The questionnaire covered topics such as perceived service quality and overall satisfaction, price perception, customer value, and customer retention. Findings The theoretical discussion repeatedly emphasizes that only the formative modeling of perceived value fits the arguments put forward in the existing literature. This study replicates and extends a study by Lin et al. in the airline service context. The paper reports details about the impact of the proposed seven “get” and “give” components, together with an analysis of the consequences perceived value has on satisfaction, loyalty, and word‐of‐mouth. Research limitations/implications The findings suggest extensions and improvements concerning measurement and conceptual issues. Practical implications Perceived value shows a substantial effect on behavioral consequences. Service operations must observe the perception of atmospherics emerging from the main service encounters next to considering functional aspects. Originality/value Misconceptualizations of multi‐item constructs are well known. However, critical discussions and empirical tests are still scarce in the tourism field. This paper tests and compares different conceptual approaches for perceived value in a service context.
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