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 ₹29,03,631.88 and ₹3,35,434.38 as entry and parking fees, respectively. Applying travel cost methodology, the total economic value of ecotourism at Peechiwas estimated at ₹32,39,066.25 per year. The estimated potential economic value of the Peechi reservoir was ₹120,309,765 with a consumer surplus of ₹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. Key words: Cultural ecosystem services, Ecotourism, Monetary valuation, Reservoir, Travel cost method