Economic Valuation of Tourist Attractions of Shushtar’s Ancient Waterfalls

Abstract

The purpose of this study is to estimate the recreational value of Shushtar's ancient waterfalls and to measure the willingness to pay to visit these waterfalls using the individual travel costs method. Due to the historic and natural ambiance, the ancient waterfalls of Shushtar are the destination of many domestic and foreign tourists every year. The present study attempted to extract the market value of these waterfalls' tourism performance in 2015. Based on the results of this study, the willingness to pay was equal to 320,570 Rials and the annual social benefits were 1,335 billion Rials. The capital value of these waterfalls, using the real interest rate of the tourism sector, was 11,625 billion Rials. From this perspective, the present research is unique. This great value gained in a situation that a significant budget is not spent on protecting these waterfall and also the entrance fee for these waterfalls is not optimal. Therefore, it is necessary that authorities pay more attention to this natural monument.

Keywords

• final willingness to pay
• annual social benefits
• travel cost method
• capital value