ABSTRACT
This chapter was previously published in the Journal of Travel Research, 34(1), 1995. Reprinted with permission.
assume that consumers make choices best suited to their goals, budget constraints, and earning power and are primarily interested in value maximization (VM). However, this theory presumes that consumers have specific preferences and are then consistent with their choice among alternatives (Robertson, Zielinski, and Ward, 1984). But economists also assume that consumers have perfect information about market offerings. This assumption is rarely true, since most consumers make a choice from a limited contextual set.
