Economic Valuation of Ocean-Based and Ocean-Related Tourism and Recreation

Abstract

Coastal and marine ecosystems provide many essential services to society. Despite the benefits offered, these ecosystems are subject to a number of human pressures, including the constant and often uncontrolled growth of tourism activity in coastal areas. Current intensity of coastal tourism, one of the fastest-growing forms of tourism in recent decades, has raised concerns about its sustainability and, thus, an urgent need for better regulation and management of coastal ecosystems. This chapter focuses on the economic value of tourism and recreational ecosystem services as an appropriate tool for the management of these fragile ecosystems. Economic valuation may play a crucial role in financial modelling and decision-making processes since it enables comparing the social costs and benefits associated with tourism and recreation. Most studies estimate ecosystem services’ non-use values and direct non-consumptive use values, usually linked to cultural services. A common outcome of these studies is that people are willing to pay to protect coastal and marine ecosystems and that their economic valuation can contribute to a more sustainable management of these critical resources.