The social and economic value of waves: An analysis of Costa de Caparica, Portugal

This paper presents the results of a study to analyze the social value of Costa de Caparicaʹs waves for beachgoers and surfers, as well as the economic value, using the Zonal Travel Cost Method. The valuation of the wave through this methodology is a key tool to obtain the minimum economic value unallocated to the market, allowing to understand the true value of the presence of this abiotic resource of high uniqueness. The data collected carried out with 432 surveys made during August and September on the beaches of Costa de Caparica in 2011. One of the findings of the study was the recognition of the waves used directly by surfers, as a resource for the local economy by all users. Many of the users understood that their disappearance would be negative, since Costa de Caparica has an associated mass clients surfing contribution. As for the economic value it is estimated that the waves may be worth between €46 635.12 and €1 022 789.52 from an estimation of 22 000 surfers that attend annually. This paper demonstrates the importance of Costa de Caparicaʹs waves in social and economical analyses and the need to consider them as a potential resource, for which the negative impacts could be damaging both local community and economy.