Open AccessEstimating Willingness to Pay for Recreational Services of Public Parks
Author(s) -
Khem Raj Subedi,
Nathuram Chaudhary,
Min Bahadur Shahi
Publication year - 2022
Publication title -
american journal of economics and business innovation
Language(s) - English
Resource type - Journals
eISSN - 2832-4862
pISSN - 2831-5588
DOI - 10.54536/ajebi.v1i1.143
Subject(s) - willingness to pay , respondent , recreation , residence , poisson regression , regression analysis , contingent valuation , service (business) , national park , business , socioeconomics , geography , economics , agricultural economics , marketing , demographic economics , environmental health , statistics , political science , medicine , population , mathematics , archaeology , law , microeconomics
The study aimed to estimate the benefits derived from the park to whole society and identify the socio-economic determinants of willingness to pay (WTP) of public park visitors. The estimated Poisson regression analysis result showed that the visit rate of the visitors was significantly predicted by their round-trip. Likewise, as per the regression analysis output result proved that various variables like income level, age, years of schooling and dummy variables perceived park quality, place of residence, sex and employment status of visitors and average stay hours in the park significantly predicted the WTP of the respondent visitors. Similarly, based on stated willingness to pay for the park entry fee, the existing fee is far below than their WTP. This evidence indicates that Tikapur Banglow Park (TBP) bestows huge benefits to the whole society. There should be comprehensive reform project to avail timely adequate park service so as to raise utility from the park.