Sengkaling Recreation Park: Evaluating Economic Value and Sustainable Management Practices
Economics Department, Universitas Muhammadiyah Malang, Indonesia
Sri Budi Cantika Yuli
Economics Department, Universitas Muhammadiyah Malang, Indonesia
Risky Angga Pramuja
Business Property Department, Universitas Muhammadiyah Malang, Indonesia
Heri Setiawan
Management Department, Universitas Tanjungpura, Indonesia
Muhammad Azizurrohman
Tourism Department, Sekolah Tinggi Pariwisata Mataram, Indonesia Department of Business and Management, Southern Taiwan University of Science and Technology, Taiwan
Abstract
This research evaluates the economic value of Sengkaling Recreation Park using a multidimensional approach. Through methodologies including regression analysis, consumer surplus estimation, and annuity perpetuity modeling, the study assesses both direct consumer spending and broader environmental services provided by the park. Findings reveal significant economic value, indicating potential for revenue optimization through pricing adjustments. The perpetual economic value underscores the park's long-term importance, emphasizing the need for sustainable management practices. While limitations exist in quantifying intangible environmental benefits, this research provides valuable insights for policymakers and park managers to maximize economic and environmental benefits. Sengkaling Recreation Park emerges not only as a recreational hotspot but also as a vital economic asset with opportunities for development and conservation.