Economic valuation of the tourist spots in Bangladesh

Abstract

This study attempts to value the recreational services provided by four tourist spots: Shat gumbuj mosque, Mozaffar garden, Niribili tourist point and Chandramahal eco-park of the south-west region of Bangladesh. We use travel cost method (TCM) to estimate recreational values and then, contingent valuation method (CVM) for valuing willingness to pay (WTP) for developing these sites. The results show that these spots generate consumer surplus worth 1.24-3.64US$ per tourist per annum and thus, yield gross recreational value worth 0.06–0.84 million US$ per year to tourist population of this region. Moreover, each tourist is willing to pay 0.06–0.10US$ on an average to develop the quality of recreational services of these spots which accumulate 0.002–0.029 million US$ annually. Hence, improvement of the quality of the recreational services could be appeared as a profitable business investment to concerned authorities. This study, furthermore, shows that Mozaffar Garden tops in providing recreational services to tourist and expectedly, receives the highest WTP while Shat Gumbuj Mosque with great archaeological value receives less tourists' attention due to weak recreational facilities.