Economic valuation of cultural ecosystem services: A case of tropical reservoir ecosystem

Aim: This study analyzes the economic value of ecotourism in the Peechi reservoir of Kerala, focusing on cultural ecosystem services (CES) provided by the reservoir. Methodology: Consumer surplus of visitors visiting the reservoir was estimated using travel cost methodology, employing both primary and secondary data collection methods. Results: Peechi reservoir attracts an average of 165,061 visitors annually, generating revenue of (sic)29,03,631.88 and (sic)3,35,434.38 as entry and parking fees, respectively. Applying travel cost methodology, the total economic value of ecotourism at Peechiwas estimated at (sic)32,39,066.25 per year. The estimated potential economic value of the Peechi reservoir was (sic)120,309,765 with a consumer surplus of (sic)757.58. Interpretation: The CES offered by the reservoir ecosystem have not received enough attention. Recognizing the intrinsic value of these under appreciated services can serve as a powerful catalyst for their conservation, fostering a cycle of awareness, informed decision making, and responsible tourism, ultimately paving the path towards sustainable development.