A note on the contribution of Valuation economics in tourism

Abstract

Valuation economics is a field which promises a wide range of applications for tourism. However, the new born nature of tourism economics has not yet unveiled the vast opportunities for tourist policy information and the pricing information embedded therein. This paper aims to briefly conceptualize these opportunities with examples on the methods and relevant examples of literature and pave the way towards their accommodation in the emerging tourism economics field. Market failure occurrences in tourism drive the need for total economic value estimation for a wide array of tourist goods through the employment of stated preference techniques and revealed preference techniques. Tourism can also benefit from the benefit transfer approach initially conceptualized in environmental economics which have contributed to a great development and expansion of these methods.

Assessment of the Economic Value of Mangrove Resources

“…The rise in tourism revenue also intensifies competition for imported goods among the tourism sector and other industries within the domestic economy. (Menegaki et al, 2021;Stauvermann & Kumar, 2017) Typically, tourist areas include non-market goods which are not bought or sold directly on markets and therefore do not have an associated market price (Wahyudi, 2019). When goods and services lack a market presence, their assessment remains essential to evaluate their impact as a component of policy or project evaluations.…”