This study applies multivariate analyses to estimate the benefit of the respondents for recreational
services in ten selected parks in Bangkok Metropolitan Administration (BMA), Thailand. The study focuses on using
travel cost method (TCM) and contingent valuation method (CVM). Based on the TCM approach, it uses ordinary least
squares (OLS) and truncated Poisson model to estimate the trip generation function (TGF), while CVM uses OLS,
Logistic regression (Logit model) and Censored regression (Tobit model) to estimate determinants of the visitor’s WTP
responses for visitation of the parks for recreation. The study is based on a sample of 2,000 respondents that were
randomly interviewed in November-December 2003. Among explanatory variables, age, gender, distance and total
travel cost are found to be statistically significant at 5 percent significance level with number of visits. The study
recommends that authorities adopt a systematic approach in planning the park’s benefit in BMA. This study
demonstrates how such an econometric model may be applied and how the system of benefit-based management can be
established. This innovation should raise revenue for park management and help ensure that park recreation will
continue its contribution to society.
KEYWORDS: Contingent Valuation Method, Travel Cost Method, Multivariate Analysis
This study applies multivariate analyses to estimate the benefit of the respondents for recreational
services in ten selected parks in Bangkok Metropolitan Administration (BMA), Thailand. The study focuses on using
travel cost method (TCM) and contingent valuation method (CVM). Based on the TCM approach, it uses ordinary least
squares (OLS) and truncated Poisson model to estimate the trip generation function (TGF), while CVM uses OLS,
Logistic regression (Logit model) and Censored regression (Tobit model) to estimate determinants of the visitor’s WTP
responses for visitation of the parks for recreation. The study is based on a sample of 2,000 respondents that were
randomly interviewed in November-December 2003. Among explanatory variables, age, gender, distance and total
travel cost are found to be statistically significant at 5 percent significance level with number of visits. The study
recommends that authorities adopt a systematic approach in planning the park’s benefit in BMA. This study
demonstrates how such an econometric model may be applied and how the system of benefit-based management can be
established. This innovation should raise revenue for park management and help ensure that park recreation will
continue its contribution to society.
KEYWORDS: Contingent Valuation Method, Travel Cost Method, Multivariate Analysis
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