Abstract
Special attention to investment appraisal has its place in a book dealing with various economic aspects of tourism. A project can be appraised from the micro-point of view or from the macro-point of view. In the first case, only benefits (receipts) and costs for the investor (private or public) come into the picture. In the second case, the benefit and cost items are large in number and of different natures. The total impact of the project for the destination should be taken into account. Application of cost–benefit analysis is the correct method.
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