The purpose of this study is to examine the relationships between perceived value and perceived risk with an integrated approach. Both concepts have previously been measured through either an overall or a multi-dimensional approach, but a comparison of these two measurement approaches has been ignored. Unlike other studies, perceived risk and value are examined here via two different approaches, and their relationship with customer satisfaction and behavioural intention are tested with a structural model via data gathered from hotel customers in Turkey. According to the results, multidimensionally measured perceived risk negatively influences perceived value more. Perceived value and customer satisfaction positively influence behavioural intention. In addition, the perceived value and risk are measured in six dimensions. Reputation and epistemic value are added to the scale.