Application of Travel Cost Model to Measure Economic Value of Recreation and Tourism Resources
Abstract:The primary objective of this study is to explore the applicability of the Travel Cost Model (TCM) to user-oriented and resource-based areas. The whole recreation experience demand models and tourism resource demand models were derived for the user-oriented resources and the resource-based resources using the TCM. The total benefits of the visitors were also analyzed. The results revealed that the TCM was also a good method for the evaluation of recreation experiences in the user-oriented and resource-based resources. The results also provided the demand elasticity of price of the two resources. The results of this study suggest the usefulness of the TCM in analyzing cost and benefits of public goods and in making decisions on the development and investment of nonmarket goods. This study also demonstrated public policy alternatives for decisions of price policy at national parks. Using this valuation method, resource managers in the public and private sectors can estimate the acceptable prices and their impacts on visitation and total income. They also can acquire important information on the effective use and operations of resources, and on pricing policies by the locations of recreation and tourism resources.
Document Type: Research Article
Publication date: January 1, 2001
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- The aim of Tourism Analysis is to promote a forum for practitioners and academicians in the fields of Leisure, Recreation, Tourism, and Hospitality (LRTH). As a interdisciplinary journal, it is an appropriate outlet for articles, research notes, and computer software packages designed to be of interest, concern, and of applied value to its audience of professionals, scholars, and students of LRTH programs the world over.