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

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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)

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.

Suggested Citation

  • Chanyul Park & Hwasung Song, 2018. "Visitors’ Perceived Place Value and the Willingness to Pay in an Urban Lake Park," IJERPH, MDPI, vol. 15(11), pages 1-15, November.
    • Handle: RePEc:gam:jijerp:v:15:y:2018:i:11:p:2518-:d:181799
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    Cited by:

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    3. Hwasung Song & Chanyul Park & Miseong Kim, 2020. "Tourism Destination Management Strategy for Young Children: Willingness to Pay for Child-Friendly Tourism Facilities and Services at a Heritage Site," IJERPH, MDPI, vol. 17(19), pages 1-13, September.

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