Willingness to Pay for an Ecological Park Experience

Abstract

The purpose of this study is to estimate an ecological park's use values and to show the statistical relationship between emotional/psychological determinants and visitors' willingness to pay (WTP). The study employs the contingent valuation method (CVM) to elicit the park's economic values. CVM, however, has been criticized due to potential exaggeration bias, so this study attempts to reduce this bias by reaffirming visitors' “yes” responses. Results demonstrate a more conservative WTP, and show that sense of place meanings did not have a significant relationship with respondents' WTP but satisfaction did influence people's willingness to pay for an ecological park experience.

Keywords:

• ecological park
• willingness to pay
• contingent valuation method
• exaggeration bias
• place attachment
• satisfaction