Measuring Recreational Value Using Travel Cost Method (TCM): A Number of Issues and Limitations
Journal Title: International Journal of Academic Research in Business and Social Sciences - Year 2018, Vol 8, Issue 10
Abstract
This article aims to explain on how the concept of economic value assessment using Travel Cost Method (TCM) can be applied to recreational based tourism locations. By using the Travel Cost Method (TCM) approach, the economic value of a tourism location can be determined even though the attributes of that tourism site are based on recreational features. The concept of economic determination of a tourism location based on Travel Cost Method (TCM) is by the use of individual's travel cost data as a proxy for the recreational value of that tourist location. Consumers' willingness to pay (WTP) for the cost to visit the recreation area is able to show the economic value and importance of a tourism location. The reason is because visitors have to spend money to pay for the costs of travel such as fuel, tolls, parking and the costs during the stay in recreational centre such as accommodation, food and ticket prices should also be considered. However, economic value assessment using Travel Cost Method (TCM) comes with certain issues and limitations. Therefore, this article also discusses the issues and limitations in applying economic value assessment of a tourist location based on Travel Cost Method (TCM).
Authors and Affiliations
Fauziah Che Leh, Farah Zulaikha Mokhtar, Norimah Rameli, Kamarul Ismail
Keywords
Related Articles
- EP ID EP574064
- DOI 10.6007/IJARBSS/v8-i10/5306
- Views 41
- Downloads 0
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