Determinants of willingness to pay for urban parks: An empirical analysis in Greece

Abstract

This paper aims to assess the factors influencing the economic value of the visitor experience in two urban parks in Attica, Greece. Contingent Valuation is applied to estimate the willingness of visitors to pay an entry ticket under a hypothetical scenario. Our sample consisted of Niarchos Park visitors, which is located at Stavros Niarchos Foundation Cultural Center (SNFCC), and of Tritsis Park. The research was conducted between July 2018 and March 2019. Logit regression specifications were used and the results indicated that age, level of education, wage and employment affect people's willingness to pay in order to visit the parks. The motivation to visit these parks in order to experience a natural environment, the expenses for the visit and the previous experience of paying an entry ticket for green spaces were also found to be significant determinants for the participants. Visitors are willing to pay on average 3.56 Euros in order to enter urban parks. The results of the study could be taken into account by policy makers regarding individuals' decisions depending on their profile and experiences. © 2022