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The economic value of Malecón 2000 in Guayaquil, Ecuador: An application of the travel cost method

Abstract:

Malecón 2000 is one of the most important urban parks in Ecuador. It is a recreational and ecological park that combines history, trade, culture, and entertainment. It is the most iconic and active hub for economic and touristic activities in the city of Guayaquil. Thus, it is essential to know the characteristics of visitors and the value they attribute to the site and its amenities to promote conservation and improvement policies. Even more, Malecón 2000 is a public good that does not have an explicit market and thus is not incorporated in consumers' decisions. This paper shows an application of the Individual Travel Cost Method to estimate the economic value of recreational use of Malecón 2000, which is estimated at US$ 15.72 per-person-per-visit. These results represent a useful contribution to the conservation and improvement of the site.