Abstract：
This paper studies the optimal timing of the visitor attraction investment by the model of the optimal investment timing of the visitor attraction under the assumption that the number of tourists is following Geometric Brownian Motion. The conclusion is: the greater the uncertainty of tourism demand is,the values of the project and the investing option are. The enterprise should analyze the change of the market and choice the optimal timing by using the uncertainty. In addition,it reveals the reasons for the enterprise asking a long operating rights and receipt tourists without limited,and provides a basis for the government to regulate the investing.
2013 
