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A contingent valuation approach to estimating the recreational value of commercial whale watching – the case study of Faxaflói Bay, Iceland
There is currently limited knowledge concerning the economic value of commercial whale watching from the perspective of the consumer's trip experience. This study outlines the results of an in-person contingent valuation survey, which asked whale watching tourists in Faxaflói Bay, Iceland, how...
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Published in: | Tourism management perspectives 2020-10, Vol.36, p.100754-100754, Article 100754 |
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description | There is currently limited knowledge concerning the economic value of commercial whale watching from the perspective of the consumer's trip experience. This study outlines the results of an in-person contingent valuation survey, which asked whale watching tourists in Faxaflói Bay, Iceland, how much they would have been willing to pay beyond the paid ticket price. Based on a sample of 163 tourists, only 30 (18.40%) reported any consumer surplus, despite the majority stating positive satisfaction with the experience. Mean consumer surplus was 768 ISK (approximately 5.60 euros). Scaled up to the number of whale watching tourists in Faxaflói Bay in 2018 of 148,442, aggregate CS was approximately 114.0 million ISK (0.83 million euros), a 6.9% mark-up on estimated annual revenue generation derived from average ticket prices. The study provides new information on the economic value of whale watching in an area which had already been part-designated as a whale sanctuary.
•Contingent valuation method used to estimate consumer surplus in whale watching.•Limited consumer surplus, with mean value of 768 ISK (5.60 euros / USD 6.22).•81.60% of sample (n = 163) report zero consumer surplus.•Informs the debate concerning the economic benefits of whale watching tourism. |
doi_str_mv | 10.1016/j.tmp.2020.100754 |
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•Contingent valuation method used to estimate consumer surplus in whale watching.•Limited consumer surplus, with mean value of 768 ISK (5.60 euros / USD 6.22).•81.60% of sample (n = 163) report zero consumer surplus.•Informs the debate concerning the economic benefits of whale watching tourism.</description><identifier>ISSN: 2211-9736</identifier><identifier>EISSN: 2211-9744</identifier><identifier>DOI: 10.1016/j.tmp.2020.100754</identifier><identifier>PMID: 33042773</identifier><language>eng</language><publisher>Elsevier Ltd</publisher><subject>Consumer surplus ; Contingent valuation ; Ecosystem services ; Recreational value ; Whale watching</subject><ispartof>Tourism management perspectives, 2020-10, Vol.36, p.100754-100754, Article 100754</ispartof><rights>2020 Elsevier Ltd</rights><rights>2020 Elsevier Ltd. All rights reserved. 2020 Elsevier Ltd</rights><lds50>peer_reviewed</lds50><oa>free_for_read</oa><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c428t-c3dca683184e2ed36b5c562411c52ac6511f61c78b3f5d841a54c0a6648aa0143</citedby><cites>FETCH-LOGICAL-c428t-c3dca683184e2ed36b5c562411c52ac6511f61c78b3f5d841a54c0a6648aa0143</cites><orcidid>0000-0001-9200-0515</orcidid></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><link.rule.ids>230,314,780,784,885,27924,27925</link.rule.ids></links><search><creatorcontrib>Cook, David</creatorcontrib><creatorcontrib>Malinauskaite, Laura</creatorcontrib><creatorcontrib>Davíðsdóttir, Brynhildur</creatorcontrib><creatorcontrib>Ögmundardóttir, Helga</creatorcontrib><title>A contingent valuation approach to estimating the recreational value of commercial whale watching – the case study of Faxaflói Bay, Iceland</title><title>Tourism management perspectives</title><description>There is currently limited knowledge concerning the economic value of commercial whale watching from the perspective of the consumer's trip experience. This study outlines the results of an in-person contingent valuation survey, which asked whale watching tourists in Faxaflói Bay, Iceland, how much they would have been willing to pay beyond the paid ticket price. Based on a sample of 163 tourists, only 30 (18.40%) reported any consumer surplus, despite the majority stating positive satisfaction with the experience. Mean consumer surplus was 768 ISK (approximately 5.60 euros). Scaled up to the number of whale watching tourists in Faxaflói Bay in 2018 of 148,442, aggregate CS was approximately 114.0 million ISK (0.83 million euros), a 6.9% mark-up on estimated annual revenue generation derived from average ticket prices. The study provides new information on the economic value of whale watching in an area which had already been part-designated as a whale sanctuary.
•Contingent valuation method used to estimate consumer surplus in whale watching.•Limited consumer surplus, with mean value of 768 ISK (5.60 euros / USD 6.22).•81.60% of sample (n = 163) report zero consumer surplus.•Informs the debate concerning the economic benefits of whale watching tourism.</description><subject>Consumer surplus</subject><subject>Contingent valuation</subject><subject>Ecosystem services</subject><subject>Recreational value</subject><subject>Whale watching</subject><issn>2211-9736</issn><issn>2211-9744</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2020</creationdate><recordtype>article</recordtype><recordid>eNp9Uc1u1DAYjBAVrdo-ADcfObCL_5MVElKpWqhUiQucrW-dL41XSRxsZ9u99Qm48Cg8Am_Ck-DsVpW44Iv92TNjzUxRvGZ0ySjT7zbL1I9LTvk801LJF8UJ54wtVqWUL5_PQh8X5zFuaF5aMa2qV8WxEFTyshQnxY8LYv2Q3HCHQyJb6CZIzg8ExjF4sC1JnmBMrocZQ1KLJKANuEdBt2cg8U1W6XsM1uW7-xY6JPeQbDtz_jz-3PMsRCQxTfVuxl_DAzTd71-OfITdW3JjsYOhPiuOGuginj_tp8W366uvl58Xt18-3Vxe3C6s5FVaWFFb0JVglUSOtdBrZZXmkjGrONjskzWa2bJai0bVlWSgpKWgtawAKJPitPhw0B2ndY-1zeYDdGYM2WjYGQ_O_PsyuNbc-a0plajoapUF3jwJBP99ygmZ3sXsIZtAP0XDpaKUcSZ1hrID1AYfY8Dm-RtGzVyl2ZhcpZmrNIcqM-f9gYM5hK3DYKJ1OFisXY4_mdq7_7D_AthKqQo</recordid><startdate>202010</startdate><enddate>202010</enddate><creator>Cook, David</creator><creator>Malinauskaite, Laura</creator><creator>Davíðsdóttir, Brynhildur</creator><creator>Ögmundardóttir, Helga</creator><general>Elsevier Ltd</general><scope>AAYXX</scope><scope>CITATION</scope><scope>7X8</scope><scope>5PM</scope><orcidid>https://orcid.org/0000-0001-9200-0515</orcidid></search><sort><creationdate>202010</creationdate><title>A contingent valuation approach to estimating the recreational value of commercial whale watching – the case study of Faxaflói Bay, Iceland</title><author>Cook, David ; Malinauskaite, Laura ; Davíðsdóttir, Brynhildur ; Ögmundardóttir, Helga</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c428t-c3dca683184e2ed36b5c562411c52ac6511f61c78b3f5d841a54c0a6648aa0143</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2020</creationdate><topic>Consumer surplus</topic><topic>Contingent valuation</topic><topic>Ecosystem services</topic><topic>Recreational value</topic><topic>Whale watching</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Cook, David</creatorcontrib><creatorcontrib>Malinauskaite, Laura</creatorcontrib><creatorcontrib>Davíðsdóttir, Brynhildur</creatorcontrib><creatorcontrib>Ögmundardóttir, Helga</creatorcontrib><collection>CrossRef</collection><collection>MEDLINE - Academic</collection><collection>PubMed Central (Full Participant titles)</collection><jtitle>Tourism management perspectives</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Cook, David</au><au>Malinauskaite, Laura</au><au>Davíðsdóttir, Brynhildur</au><au>Ögmundardóttir, Helga</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>A contingent valuation approach to estimating the recreational value of commercial whale watching – the case study of Faxaflói Bay, Iceland</atitle><jtitle>Tourism management perspectives</jtitle><date>2020-10</date><risdate>2020</risdate><volume>36</volume><spage>100754</spage><epage>100754</epage><pages>100754-100754</pages><artnum>100754</artnum><issn>2211-9736</issn><eissn>2211-9744</eissn><abstract>There is currently limited knowledge concerning the economic value of commercial whale watching from the perspective of the consumer's trip experience. This study outlines the results of an in-person contingent valuation survey, which asked whale watching tourists in Faxaflói Bay, Iceland, how much they would have been willing to pay beyond the paid ticket price. Based on a sample of 163 tourists, only 30 (18.40%) reported any consumer surplus, despite the majority stating positive satisfaction with the experience. Mean consumer surplus was 768 ISK (approximately 5.60 euros). Scaled up to the number of whale watching tourists in Faxaflói Bay in 2018 of 148,442, aggregate CS was approximately 114.0 million ISK (0.83 million euros), a 6.9% mark-up on estimated annual revenue generation derived from average ticket prices. The study provides new information on the economic value of whale watching in an area which had already been part-designated as a whale sanctuary.
•Contingent valuation method used to estimate consumer surplus in whale watching.•Limited consumer surplus, with mean value of 768 ISK (5.60 euros / USD 6.22).•81.60% of sample (n = 163) report zero consumer surplus.•Informs the debate concerning the economic benefits of whale watching tourism.</abstract><pub>Elsevier Ltd</pub><pmid>33042773</pmid><doi>10.1016/j.tmp.2020.100754</doi><tpages>1</tpages><orcidid>https://orcid.org/0000-0001-9200-0515</orcidid><oa>free_for_read</oa></addata></record> |
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subjects | Consumer surplus Contingent valuation Ecosystem services Recreational value Whale watching |
title | A contingent valuation approach to estimating the recreational value of commercial whale watching – the case study of Faxaflói Bay, Iceland |
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