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Valuation of Mudflats in Nature-Based Tourism: Inclusion of Perceived Value of Festival Experiences

Author

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  • Youngjoon Choi

    (Department of Recreation, Park and Tourism Management, The Pennsylvania State University, 801 Ford Building, University Park, PA 16802, USA)

  • Won Seok Lee

    (Department of Convention Management, Kyung Hee University, 26 Kyungheedae-ro, Dongdaemoon-gu, Seoul 130-701, Republic of Korea)

  • Choong-Ki Lee

    (College of Hotel and Tourism Management, Kyung Hee University, 26 Kyungheedae-ro, Dongdaemoon-gu, Seoul 130-701, Republic of Korea)

  • John Dattilo

    (Department of Recreation, Park and Tourism Management, The Pennsylvania State University, USA)

Abstract

As a particular type of wetlands, mudflats are a potentially valuable natural resource that has become an alternative destination for nature-based tourism. One prominent example of using mudflats in a tourism context is the Boryeong Mud Festival. To understand the role of the touristic experience in shaping the need for preservation, this study: (a) examines the effect of experiences in a nature-based festival on visitors' willingness-to-pay (WTP) to preserve mudflats; and (b) estimates the preservation value of mudflats by using a contingent evaluation method. In particular, the perceived value of festival experiences is included in the proposed models when estimating visitors' WTP. The results indicate that the experience of festival visitors was positively associated with WTP by showing that festival visitors perceived a higher level of utility for preserving mudflats as the functional value of festival experience increased. Based on the error-reduced WTP results, the average respondents' WTP and the annual aggregate preservation value of mudflats were estimated at KRW 11,039 (US$8.64) and KRW 22,818 million (US$17.85 million), respectively.

Suggested Citation

  • Youngjoon Choi & Won Seok Lee & Choong-Ki Lee & John Dattilo, 2015. "Valuation of Mudflats in Nature-Based Tourism: Inclusion of Perceived Value of Festival Experiences," Tourism Economics, , vol. 21(4), pages 833-851, August.
    • Handle: RePEc:sae:toueco:v:21:y:2015:i:4:p:833-851
    DOI: 10.5367/te.2014.0370
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    References listed on IDEAS

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    Cited by:

    1. Meilan Jin & Yuxian Juan & Youngjoon Choi & Choong-Ki Lee, 2019. "Estimating the Preservation Value of World Heritage Site Using Contingent Valuation Method: The Case of the Li River, China," Sustainability, MDPI, vol. 11(4), pages 1-14, February.
    2. Jamie M. Chen & Junzhou Zhang & Peter Nijkamp, 2016. "A regional analysis of willingness-to-pay in Asian cruise markets," Tourism Economics, , vol. 22(4), pages 809-824, August.
    3. Won Seok Lee, 2020. "A Study on the Value of Preserving a Parasitic Volcanic Sieve as a Tourism Good for Sustainable Management: Using the Contingent Valuation Method," Sustainability, MDPI, vol. 12(7), pages 1-12, April.
    4. Chang-Young Jeon & Hee-Won Yang, 2021. "The Impact of the COVID-19 Pandemic on Tourists’ WTP: Using the Contingent Valuation Method," IJERPH, MDPI, vol. 18(16), pages 1-14, August.
    5. Sunwoo Park & Namho Chung & Won Seok Lee, 2020. "Preserving the Culture of Jeju Haenyeo (Women Divers) as a Sustainable Tourism Resource," Sustainability, MDPI, vol. 12(24), pages 1-11, December.

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