Citation
Mohammad Afandi, Syamsul Herman and Samdin, Zaiton and Shuib, Ahmad
(2013)
Review of valuation from a non-market perspective: travel cost method for rural tourism.
Worldwide Hospitality and Tourism Themes, 5 (4).
pp. 329-341.
ISSN 1755-4217
Abstract
Purpose: The study aims to conduct a critical analysis of available economic tools to value non‐market rural tourism products and services, and assess the strengths and weaknesses of these tools. Design/methodology/approach: The paper reviews existing valuation methods to better understand how estimates of rural tourism products and services are conducted. The paper also critically evaluates the applicability of these methods.Findings: The study concludes that the selection of a method is mainly based on applicability of the approach. In assessing the non‐market value of rural tourism products and services, a method is selected by identifying its strengths and weaknesses. A review of previous studies suggests the evaluation of the practicality of each method according to the topic studied.
Originality/value: The paper contributes to a better understanding of available valuation approaches that give reliable estimates on non‐market rural tourism products and services.
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