Willingness to Pay for Visiting Chet Sao Noi Forest Park (in Thai)
The willingness to pay (WTP) of visitors to Chet Sao Noi Forest Park was studied using the contingent valuation method (CVM). A total of 600 Thai visitors were surveyed. The analysis applied both non-parametric and binary logistic models. The mean WTP from the non-parametric model was 34.70 Baht/person/trip (1.06 USD/person/trip). The overall value was 21,370,966.60 Baht/year (654,948.41 USD/year). The values did not vary much from those obtained with the binary logistic model, which were 36.42 Baht/person/trip (1.12 USD/person/trip) or 22,430,276.76 Baht/year (687,412.711 USD/year) in total. The result showed a significant economic value of the Park perceived by the users. The result can be the basis for setting the entrance fee.
Keywords: willingness to pay, economic valuation, entrance fee, Chet Sao Noi Forest Park
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