A contingent valuation approach to estimating the recreational value of commercial whale watching – the case study of Faxaflói Bay, Iceland
Pre-print (óritrýnt handrit) 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 i...
Published in: | Tourism Management Perspectives |
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Format: | Article in Journal/Newspaper |
Language: | English |
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Online Access: | https://hdl.handle.net/20.500.11815/2125 https://doi.org/10.1016/j.tmp.2020.100754 |
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ftopinvisindi:oai:opinvisindi.is:20.500.11815/2125 2023-05-15T15:08:08+02:00 A contingent valuation approach to estimating the recreational value of commercial whale watching – the case study of Faxaflói Bay, Iceland Cook, David Malinauskaite, Laura Davidsdottir, Brynhildur Ögmundardóttir, Helga Umhverfis- og auðlindafræði (HÍ) Environment and Natural Resources (UI) Félagsfræði-, mannfræði- og þjóðfræðideild (HÍ) Faculty of Sociology, Anthropology and Folkloristics (UI) Hagfræðideild (HÍ) Faculty of Economics (UI) Líf- og umhverfisvísindadeild (HÍ) Faculty of Life and Environmental Sciences (UI) Verkfræði- og náttúruvísindasvið (HÍ) School of Engineering and Natural Sciences (UI) Félagsvísindasvið (HÍ) School of Social Sciences (UI) Háskóli Íslands University of Iceland 2020-10 100754 https://hdl.handle.net/20.500.11815/2125 https://doi.org/10.1016/j.tmp.2020.100754 en eng Elsevier BV Tourism Management Perspectives;36 Cook, D., Malinauskaite, L., Davíðsdóttir, B., & Ögmundardóttir, H. (2020). A contingent valuation approach to estimating the recreational value of commercial whale watching – the case study of Faxaflói Bay, Iceland. Tourism Management Perspectives, 36, 100754. doi:https://doi.org/10.1016/j.tmp.2020.100754 2211-9736 https://hdl.handle.net/20.500.11815/2125 Tourism Management Perspectives doi:10.1016/j.tmp.2020.100754 info:eu-repo/semantics/openAccess Whale watching Consumer surplus Ecosystem services Contingent valuation Recreational value Hvalaskoðun Vistvæn ferðamennska Ferðamenn info:eu-repo/semantics/article 2020 ftopinvisindi https://doi.org/20.500.11815/2125 https://doi.org/10.1016/j.tmp.2020.100754 2022-11-18T06:52:01Z Pre-print (óritrýnt handrit) 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. This paper has been funded by NordForsk (grant number 76654) via their financial support to the Nordic Centre of Excellence ARCPATH (Arctic Climate Predictions – Pathways to Resilient, Sustainable Communities). In addition, the authors would like to thank Urður Einarsdóttir, undergraduate student at the University of Iceland, for her facilitation of data collection. Article in Journal/Newspaper Arctic Iceland Opin vísindi (Iceland) Arctic Faxaflói ENVELOPE(-22.451,-22.451,64.322,64.322) Tourism Management Perspectives 36 100754 |
institution |
Open Polar |
collection |
Opin vísindi (Iceland) |
op_collection_id |
ftopinvisindi |
language |
English |
topic |
Whale watching Consumer surplus Ecosystem services Contingent valuation Recreational value Hvalaskoðun Vistvæn ferðamennska Ferðamenn |
spellingShingle |
Whale watching Consumer surplus Ecosystem services Contingent valuation Recreational value Hvalaskoðun Vistvæn ferðamennska Ferðamenn Cook, David Malinauskaite, Laura Davidsdottir, Brynhildur Ögmundardóttir, Helga A contingent valuation approach to estimating the recreational value of commercial whale watching – the case study of Faxaflói Bay, Iceland |
topic_facet |
Whale watching Consumer surplus Ecosystem services Contingent valuation Recreational value Hvalaskoðun Vistvæn ferðamennska Ferðamenn |
description |
Pre-print (óritrýnt handrit) 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. This paper has been funded by NordForsk (grant number 76654) via their financial support to the Nordic Centre of Excellence ARCPATH (Arctic Climate Predictions – Pathways to Resilient, Sustainable Communities). In addition, the authors would like to thank Urður Einarsdóttir, undergraduate student at the University of Iceland, for her facilitation of data collection. |
author2 |
Umhverfis- og auðlindafræði (HÍ) Environment and Natural Resources (UI) Félagsfræði-, mannfræði- og þjóðfræðideild (HÍ) Faculty of Sociology, Anthropology and Folkloristics (UI) Hagfræðideild (HÍ) Faculty of Economics (UI) Líf- og umhverfisvísindadeild (HÍ) Faculty of Life and Environmental Sciences (UI) Verkfræði- og náttúruvísindasvið (HÍ) School of Engineering and Natural Sciences (UI) Félagsvísindasvið (HÍ) School of Social Sciences (UI) Háskóli Íslands University of Iceland |
format |
Article in Journal/Newspaper |
author |
Cook, David Malinauskaite, Laura Davidsdottir, Brynhildur Ögmundardóttir, Helga |
author_facet |
Cook, David Malinauskaite, Laura Davidsdottir, Brynhildur Ögmundardóttir, Helga |
author_sort |
Cook, David |
title |
A contingent valuation approach to estimating the recreational value of commercial whale watching – the case study of Faxaflói Bay, Iceland |
title_short |
A contingent valuation approach to estimating the recreational value of commercial whale watching – the case study of Faxaflói Bay, Iceland |
title_full |
A contingent valuation approach to estimating the recreational value of commercial whale watching – the case study of Faxaflói Bay, Iceland |
title_fullStr |
A contingent valuation approach to estimating the recreational value of commercial whale watching – the case study of Faxaflói Bay, Iceland |
title_full_unstemmed |
A contingent valuation approach to estimating the recreational value of commercial whale watching – the case study of Faxaflói Bay, Iceland |
title_sort |
contingent valuation approach to estimating the recreational value of commercial whale watching – the case study of faxaflói bay, iceland |
publisher |
Elsevier BV |
publishDate |
2020 |
url |
https://hdl.handle.net/20.500.11815/2125 https://doi.org/10.1016/j.tmp.2020.100754 |
long_lat |
ENVELOPE(-22.451,-22.451,64.322,64.322) |
geographic |
Arctic Faxaflói |
geographic_facet |
Arctic Faxaflói |
genre |
Arctic Iceland |
genre_facet |
Arctic Iceland |
op_relation |
Tourism Management Perspectives;36 Cook, D., Malinauskaite, L., Davíðsdóttir, B., & Ögmundardóttir, H. (2020). A contingent valuation approach to estimating the recreational value of commercial whale watching – the case study of Faxaflói Bay, Iceland. Tourism Management Perspectives, 36, 100754. doi:https://doi.org/10.1016/j.tmp.2020.100754 2211-9736 https://hdl.handle.net/20.500.11815/2125 Tourism Management Perspectives doi:10.1016/j.tmp.2020.100754 |
op_rights |
info:eu-repo/semantics/openAccess |
op_doi |
https://doi.org/20.500.11815/2125 https://doi.org/10.1016/j.tmp.2020.100754 |
container_title |
Tourism Management Perspectives |
container_volume |
36 |
container_start_page |
100754 |
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1766339548331114496 |