The Economic Valuation of Improved Urban Parks: A Case Study of Warda Park

Abstract

Urban Parks are recognized as major contributors to the physical and aesthetic quality of urban neighborhoods. Hence, there is an increasing demand for improved urban parks. The overall objective of the study is to value the preferences, attitudes and motives of Warda Park visitors for a policy that aims at endowing the park with more amenities. The contingent valuation method is used. A Logit model and a Turnbull lower bound estimator are applied in order to estimate the visitors’ willingness to pay for improved urban park. The results of the study reveal that 78% of respondents are willing to pay an entrance fee that is higher than the current one if the park were endowed with more amenities. Moreover, the mean willingness to pay is FCFA 370.35/person for the Logit model and FCFA 351/person for the Turnbull lower bound estimator. The policy implications for urban park management are discussed.