Visitors’ Perceived Place Value and the Willingness to Pay in an Urban Lake Park

Chanyul Park and Hwasung Song
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Chanyul Park: Department of Economics, Hankuk University of Foreign Studies, Seoul 02540, Korea
Hwasung Song: Department of Finance and Economy, Suwon Research Institute, Suwon 16429, Korea

IJERPH, 2018, vol. 15, issue 11, 1-15

Abstract: As highly developed nature, an urban lake park will be a place required to integrate various functions such as health promotion, recreation, and cultural exchange by focusing on ecological aspects. We applied latent profile analysis (LPA) to identify latent classes based on visitors’ perceived place value, and to estimate the willingness to pay (WTP) by these classifications. Park visitors were classified according to place value into three groups: Local Seekers (LS), Ecology Seekers (ES), and Recreation Seekers (RS). To compare the WTP of the three groups and examine differences in attributes between the groups, we used a choice experiment (CE). The results from the CE revealed that the WTP for attributes was ranked in the order of basic infrastructure, advanced services, and ecological activities. These differences in the WTP of visitors in an urban lake park may be useful for park management, such as providing strategies for zoning and ecotourism, which is specialized by visitor type.

Keywords: place value; economic evaluation; choice experiment; latent profile analysis; urban lake park (search for similar items in EconPapers)
JEL-codes: I I1 I3 Q Q5 (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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