The economic valuation of protected areas : a case study of Pulau Payar Marine Park, Kedah, Malaysia
2000
Yeo, B. H.
Protected areas are increasingly recognized as important assets for both natural resource conservation and economic growth, especially in developing countries. The combination of these two functions has given fresh impetus towards the protection and maintenance of natural areas. This scenario is well demonstrated in the case of Pulau Payar Marine Park in Malaysia. Unique in its natural settings and maintaining a sanctuary of diverse fish population within its coral reefs, Pulau Payar received 90,200 tourists in 1997. A pilot study assessing the economic valuation of protected areas in Malaysia was carried out based on a case study of Pulau Payar Marine Park. In order to estimate the economic value of avoiding further degradation, corresponding to sustainable and responsible use of the resource, a contingent valuation study was undertaken using both a face to-face interview technique and self-administrative means. The Willingness to Pay (WTP) was elicited from the respondents. The respondents were asked whether they would still visit the marine park if an entry fee were charged and their WTP would be in terms of an entry fee. The average Willingness to Pay was estimated at RM$16.00 that could potentially contribute RM$1.48 million in aggregate per year if fully captured.
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