Review of valuation from a non-market perspective: travel cost method for rural tourism
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 estim...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Emerald Group Publishing
2013
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| Online Access: | http://psasir.upm.edu.my/id/eprint/30738/1/Review%20of%20valuation%20from%20a%20non.pdf |
| Summary: | 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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