Review of valuation from a non‐market perspective: travel cost method for rural tourism

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.

Citation

Herman bin Mohammad Afandi, S., Samdin, Z. and bin Shuib, A. (2013), "Review of valuation from a non‐market perspective: travel cost method for rural tourism", Worldwide Hospitality and Tourism Themes, Vol. 5 No. 4, pp. 329-341. https://doi.org/10.1108/WHATT-03-2013-0018