Valuation of environmental resources plays an important role in environmental economics in recent years. This research will assess the preservation value of Vashi Strait and Savashi waterfall in Firouzkooh and estimate individual willingness to pay (WTP) for prese More
Valuation of environmental resources plays an important role in environmental economics in recent years. This research will assess the preservation value of Vashi Strait and Savashi waterfall in Firouzkooh and estimate individual willingness to pay (WTP) for preserving the benefits obtained based on contingent valuation method (CVM) and double-bounded dichotomous choice (DDC). Vashi Strait and Savashi waterfall are one of the most important recreation areas in Tehran province and Firouzkooh city. To achieve the goal and estimate the willingness to pay, Logit and Probit models will be used based on maximum likelihood method. The data are collected via 275 questionnaires. The results represent that 78.5% of individuals have the willing to pay for preservation of Vashi Strait and Savashi waterfall. The average of WTP when visiting the site is about 12578.23 RLs per household yearly and also, the annual preservation value is calculated about 14339182200 RLs. Also, it is found that the variable of income has the most effectiveness on the acceptation of bid prices and provides enough justification for policy makers to maintain the quality of Vashi Strait and Savashi waterfall.
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