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Assessing the economic value of a public birdwatching interpretative service using a contingent valuation method
Author(s) -
Lee ChoongKi,
Lee JinHyung,
Mjelde James W.,
Scott David,
Kim TaeKyun
Publication year - 2009
Publication title -
international journal of tourism research
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.155
H-Index - 58
eISSN - 1522-1970
pISSN - 1099-2340
DOI - 10.1002/jtr.730
Subject(s) - contingent valuation , willingness to pay , valuation (finance) , value (mathematics) , public value , actuarial science , public service , economics , mixed logit , public economics , business , logistic regression , political science , microeconomics , statistics , accounting , public administration , mathematics
Although resource interpretative services are an essential conservation management tool that can add value to ecotourism experiences, there has been little empirical investigation on the ‘true’ economic value of such services. As such, this study's objective is to estimate the economic value of public interpretative services at a publicly supported Korean birdwatching festival, using a dichotomous choice contingent valuation method. Logit estimation results indicate that bid, age, income and birdwatching experience are important factors in explaining willingness‐to‐pay for interpretative services. The mean value of the publicly supported interpretative services is estimated to be 4,961 South Korean Won (approximately US$5) per person. Copyright © 2009 John Wiley & Sons, Ltd.