Economic valuation of the giant tortoise conservation in Galapagos Islands

The objective of this article is to economically value the implementation of a conservation plan for giant tortoises in the Galapagos Islands. These tortoises are threatened by rats probably introduced by pirate and buccaneer ships in the late seventeenth century which prey on tortoise eggs and newborns. Using the contingent valuation method we estimate the willingness to pay, on the part of continental Ecuadorian households for preservation of giant Galapagos tortoises. We compare the value obtained by using this method with the cost of implementation of a specific policy; therefore, we contribute to the design and development of a policy instrument targeting the conservation of this species, one which is fundamental to the provision of tourist services which in return represent some of the principal sources of income in Ecuador. Results indicate that mainlander households have a positive willingness to pay (WTP) for conserving this species. They are willing to pay in average $1.95 USD through a monthly fee in the electricity bill, an amount that would total 83 million USD over a three-year period. This estimated value would fully cover the funding needed to eradicate rats in the uninhabited islands in Galapagos, and the possibility of raising it demonstrates that mainlander households support the application of conservation policies in the islands. Therefore, policy makers should consider this potential economic benefit in order to conserve this important National Heritage Site.