RT Journal Article
T1 Sustainable tourism entrepreneurship in protected areas. A real options  assessment of alternative management options
A1 Piñeiro Chousa, Juan Ramón
A1 López Cabarcos, María Ángeles
A1 Romero Castro, Noelia María
A1 Vázquez Rodríguez, Paula
K1 Real options
K1 Protected areas
K1 Cost-benefit analysis
K1 Sustainable tourism entrepreneurship
K1 Uncertainty
K1 Flexibility
AB Tourism entrepreneurship has not received sufficient attention in the context of protected areas (PAs). It needs careful management to avoid conflicts with conservation objectives and positively contribute to regional development. Traditional management approaches based on the strict application of the carrying capacity principle are suboptimal. An adaptive management framework has been demanded, but it has been scarcely adopted in practice or explored in previous research. Moreover, appropriate decision-making tools are lacking. This study proposes a combination of cost-benefit analysis (CBA) and real options analysis (ROA) to support the sustainable tourism entrepreneurship development in PAs under an adaptive management framework. Costs are related to the conservation and restoration activities, and benefits to the use and non-use value placed by visitors on it, measured through visitors’ willingness to pay (WTP) for sustainable tourism. The proposed model also explains uncertainty and flexibility, considering visitors’ WTP and tourism demand as the primary sources of uncertainty. The analysis of the sustainable tourism management of Ons Island, part of the Marine-Terrestrial National Park of the Atlantic Islands of Galicia, is conducted as a case study to exemplify the power of a combined CBA-ROA approach. This study has implications for policymakers, PA managers, tourism entrepreneurs, and researchers.
PB Taylor and Francis
YR 2021
FD 2021
LK http://hdl.handle.net/10347/33214
UL http://hdl.handle.net/10347/33214
LA eng
NO Piñeiro-Chousa, J., López-Cabarcos, M.A., Romero-Castro, N. & Vázquez Rodríguez, P. (2021). Sustainable tourism entrepreneurship in protected areas: a real options assessment of alternative management options. Entrepreneurship & Regional Development, 33(3-4), 249-272, 10.1080/08985626.2021.1872937
NO This is an Accepted Manuscript of an article published by Taylor & Francis in Entrepreneurship & Regional Development  on 7 feb 2021, available at: https://doi.org/10.1080/08985626.2021.1872937
DS Minerva
RD 23 abr 2026