Economic Valuation of Recreational-benefits and Visitation Rate of Selected Lakes in Coimbatore City: An Application of Travel Cost Method

Abstract

Lakes provide direct and indirect use values and benefits; it was support to human well-being. The recreational values and benefits are one of the direct use values of the lake. It includes enjoying nature with family and friends for relaxation,boating rides, parks, and enjoying other facilities available in the lakes. The Periyakulam/Ukkadam Lake and Valankulam Lake in Coimbatore City have been chosen for this study. The convenient sampling method was adopted to confirm the sample size,from Ukkadam Lake 70 sample visitors and from Valankulam Lake 50 sample visitors have been selected for this study. This study explores the recreational value and visitation rate of selected lakesby using the Travel Cost Method with application of multiple regression. The study found out the Ukkadam lake recreational value was Rs. 1062.78/visit and the Valankulam lake recreational value was Rs. 619.94/ visit gained by sample visitors. The regression result show that R2value was 0.377, and the lake visitation rate was determined by the travel cost, monthly income of the visitors, mode of transport, type of visit, recreational benefits,and distance traveled to reach the Lake. The Coimbatore City Municipal Corporation made a good effort in lake restoration process, it was benefits to the visitors. In this study, visitors stated some drawbacks in facilities available in lakes. The Coimbatore City Municipal Corporation should take necessary actions to improve the facilities in the lakes. This will make the path for sustainability of recreational benefits.