An Economic Analysis of Coral Reefs in the Andaman Sea of Thailand
The focus of this study is the valuation of coral reefs and how this information can be used to improve planning for coral reef management in Thailand. The site analysed, Phi Phi Islands, is rich in reef systems and is envisioned as an eco-tourism destination by government planners. Phi Phi can generate large economic values through recreation. The consumer surplus estimated by the travel cost method reveals an annual value of 8,216.4 million Baht (US$205.41 million). This study also utilised the contingent valuation method to estimate both the use and non-use values of Phi Phi's coral reefs, representing an annual value of 19,895 million Baht (US$497.38 million).
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