Natural environments represent background settings for most outdoor recreation activities, which are important non-consumptive benefits that people obtain from nature. Recreation has been traditionally considered a non-market service because it is practiced free of charge in public spaces and therefore of secondary relevance for the economy. Although outdoor recreation in natural parks became relevant during the 19th century, the increased popularity of recreation after the Second World War required tools for the assessment of recreational benefits, which were not considered in the evaluation of investments in recreational facilities, and increasing spending for recreational equipment captured the attention of outdoor recreation as an economic sector. In the 1990s, it was observed that many recreational activities were commercialized and started being considered equally important to tourism as a means to boost the economy of local communities. The expansion of outdoor recreation is reflected in a growing interest in the economic aspects, including cost–benefit calculations of the investments in recreational facilities and research on appropriate methods to evaluate the non-market benefits of recreation. The first economic technique used for valuing recreation was the travel cost method that consisted in the assessment of a demand curve, where the demanded quantity is the number of trips to a specific site and the cost is the unit cost of travel to the destination. After this first intuition, the number of contributions on recreation valuation exponentially grew, and new methods were proposed, including methods based on stated preferences for recreation that can be used when travel cost data that reveal consumers’ behavior are not available. A regular assessment of recreational benefits has several advantages for public policy, including the evaluation of investments and information on visitor profile and preferences, income, and price elasticity, which are essential to understand the market of outdoor recreation and propose effective strategies and recreation-oriented management. The increasing environmental pressure associated with participation in outdoor recreation required effective conservation activities, which in turn posed limitations to economic activities of local communities who live in contact with natural resources. Therefore, a balance between environmental, social, and economic interests is essential for recreational destination to avail of benefits without conflicts among stakeholders.
Continuously Increasing Price in an Inventory Cycle: An Optimal
Strategy for E-Tailers
