Scholarly record

ECONOMIC VALUATION OF ENVIRONMENTAL RESOURCES INTEGRATED IN TOURISM PRODUCT - METHODOLOGICAL APPROACHES

A. Mandic

Abstract

The main purpose of this research is to identify different methodological approaches that can be used in economics to evaluate environmental resources that are integrated in tourism product. Environmental resources form essential physical plant for tourism development. It would be almost impossible to imagine tourism product that does not integrate, directly or indirectly natural resources. Strong expansion of tourism development, reflected in significant increase in number of international visitors, same as accepting tourism development as developing paradigm for many national economies, has resulted in increasing pressure on environment. At the same time natural resources and natural capital, are seen as a major factor of economic development and threatened categories. Therefore, UNWTO and UNDP encourage acceptance of the paradigm of sustainable development, and integration of its principals in key national strategic documents. Latter requires giving special attention to all those natural resources that are integrated in tourism product. Therefore, their economic valuation has become key research area of contemporary environmental economy and tourism development studies. Detecting their value and influence remains the main challenge, considering that natural and environmental resources are mostly not traded on tourism market. Last decade has witnessed several methodological approaches that can be used in order to estimate value and impacts of natural and environmental resources essential for tourism development. This paper focuses on identification and critical interpretation of those key methodological approaches in context of environmental economics and tourism development; and giving guidelines for future research. Based on conducted research, it is essential to highlight two main approaches: (1) reveal preference approach and (2) stated preference approach. Considering economic value, it can be concluded that not all methods reveal TEV (total economic value). The selected methodological approach, and therefore captured value will mostly depend on type and basic purpose of research.

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