The Economic Value of Coral Reefs: The Case Study of Mu Ko Chang National Park, Trat Province, Thailand
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Abstract
The past decade has witnessed a substantial rise in ecotourism, providing a major economic boost to many developing countries, including Thailand's second-largest island, Ko Chang in Trat Province. Protected areas like Mu Ko Chang National Park face critical challenges in reconciling economic development with conservation. This paper contributes to understanding the role of economic analysis in protected area management by estimating the recreational benefit (consumer surplus) of the coral reefs in Mu Ko Chang, Trat province, using the Individual Travel Cost Method (ITCM). Data were collected via direct interviews with 592 visitors. The results indicate that the recreational services of the park generate an estimated annual consumer surplus of 2,025.92 million Baht (USD 61.73 million), of which international visitors account for the largest share (1,298.13 million Baht). The present recreational value over 30 years is calculated to be 25,139.48 million Baht (USD 794.75 million) (using a 7% discount rate). Crucially, demand analysis revealed distinct market behaviors: Domestic demand aligns with a normal good and is inelastic to price, while international demand is negatively income elastic (indicating substitution as wealth rises) but strongly and positively driven by educational attainment. The findings demonstrate the substantial economic importance of coral reef ecosystems and support the implementation of a tiered entrance fee system and conservation funding mechanisms to enhance sustainable tourism management and long-term marine ecosystem conservation.
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