Economic Valuation of Ayutthaya Historical Park, Thailand

Tourists visiting Ayutthaya Historical Park, Thailand, derive significant economic value from the site, with an annual valuation of approximately 1.99 billion Baht (around $60 million USD). The study, which analyzed data from 400 tourists using the Individual Travel Cost Method (ITCM), found that visitors primarily travel to experience arts and culture, drawn by the park's ancient ruins and serene environment. Key factors influencing visitation decisions included travel cost and distance. On average, visitors make 2.61 trips per year, with each visit generating a consumer surplus of 1,508.40 Baht (around $45 USD). This economic valuation underscores the park's importance as both a cultural and recreational destination.

KHAMRUANG, A., & NONTHAPOT, S. (2022). Economic Valuation of Ayutthaya Historical Park, Thailand. Journal of Environmental Management and Tourism, 13(1), 153. https://doi.org/10.14505/jemt.v13.1(57).14