An economic valuation of the Bunso Eco-Park, Ghana: an application of travel cost method
AbstractThis research aims at [1] identifying the factors that influence visits to Bunso Eco-Park; [2] estimating the recreational demand function for the park; and [3] estimating visitors’ net benefit (consumer surplus) for embarking on an eco-park recreational trip to Bunso using a sample size of...
| Main Authors: | , , , , |
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| Format: | Article |
| Language: | English |
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Taylor & Francis Group
2024-12-01
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| Series: | Cogent Social Sciences |
| Subjects: | |
| Online Access: | https://www.tandfonline.com/doi/10.1080/23311886.2024.2341481 |
| _version_ | 1797197682110889984 |
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| author | Kwaku Adu Eric Ankomah Damoah Kwame B. Bour Benard Oppong-Kusi Frank Gyimah Sackey |
| author_facet | Kwaku Adu Eric Ankomah Damoah Kwame B. Bour Benard Oppong-Kusi Frank Gyimah Sackey |
| author_sort | Kwaku Adu |
| collection | DOAJ |
| description | AbstractThis research aims at [1] identifying the factors that influence visits to Bunso Eco-Park; [2] estimating the recreational demand function for the park; and [3] estimating visitors’ net benefit (consumer surplus) for embarking on an eco-park recreational trip to Bunso using a sample size of 440. Estimates indicate that the annual person value of the site is Gh¢ 191.06 ($ 22.29) translating into an annual economic value of Gh¢ 9,170,880 (US$ 1,070,114.35). There is an inverse relationship between the rate of visits and the travel cost. The positive intercept of the demand function indicates a normal demand curve for the Bunso Eco-Park. The variables of visitors’ family size, marital status, and years visitors have known the eco-park were not significant. Educational level, age, gender, and knowledge of alternative sites were found to be factors influencing the visitation to the Bunso Eco-Park. Further valuation of the non-recreational value of Bunso Eco-Park would be useful to policymakers to place suitable management plans in sustaining and improving the quality of eco-park service. |
| first_indexed | 2024-04-24T06:47:50Z |
| format | Article |
| id | doaj.art-85435762ea3046b3a9342a99ed19567f |
| institution | Directory Open Access Journal |
| issn | 2331-1886 |
| language | English |
| last_indexed | 2024-04-24T06:47:50Z |
| publishDate | 2024-12-01 |
| publisher | Taylor & Francis Group |
| record_format | Article |
| series | Cogent Social Sciences |
| spelling | doaj.art-85435762ea3046b3a9342a99ed19567f2024-04-22T15:34:44ZengTaylor & Francis GroupCogent Social Sciences2331-18862024-12-0110110.1080/23311886.2024.2341481An economic valuation of the Bunso Eco-Park, Ghana: an application of travel cost methodKwaku Adu0Eric Ankomah Damoah1Kwame B. Bour2Benard Oppong-Kusi3Frank Gyimah Sackey4Department of Applied Economics, University of Environment and Sustainable Development, Somanya, GhanaCatholic Diocese of Koforidua, GhanaDepartment of Built Environment, University of Environment and Sustainable Development, Somanya, GhanaDepartment of Environmental Science, University College of Agriculture and Environmental Studies, Bunso, GhanaDepartment of Economics, Ghana Communication Technology University, Accra, GhanaAbstractThis research aims at [1] identifying the factors that influence visits to Bunso Eco-Park; [2] estimating the recreational demand function for the park; and [3] estimating visitors’ net benefit (consumer surplus) for embarking on an eco-park recreational trip to Bunso using a sample size of 440. Estimates indicate that the annual person value of the site is Gh¢ 191.06 ($ 22.29) translating into an annual economic value of Gh¢ 9,170,880 (US$ 1,070,114.35). There is an inverse relationship between the rate of visits and the travel cost. The positive intercept of the demand function indicates a normal demand curve for the Bunso Eco-Park. The variables of visitors’ family size, marital status, and years visitors have known the eco-park were not significant. Educational level, age, gender, and knowledge of alternative sites were found to be factors influencing the visitation to the Bunso Eco-Park. Further valuation of the non-recreational value of Bunso Eco-Park would be useful to policymakers to place suitable management plans in sustaining and improving the quality of eco-park service.https://www.tandfonline.com/doi/10.1080/23311886.2024.2341481Revealed preference methodconsumer surplusnon-market valueecological parkrecreational demandEnvironmental Economics |
| spellingShingle | Kwaku Adu Eric Ankomah Damoah Kwame B. Bour Benard Oppong-Kusi Frank Gyimah Sackey An economic valuation of the Bunso Eco-Park, Ghana: an application of travel cost method Cogent Social Sciences Revealed preference method consumer surplus non-market value ecological park recreational demand Environmental Economics |
| title | An economic valuation of the Bunso Eco-Park, Ghana: an application of travel cost method |
| title_full | An economic valuation of the Bunso Eco-Park, Ghana: an application of travel cost method |
| title_fullStr | An economic valuation of the Bunso Eco-Park, Ghana: an application of travel cost method |
| title_full_unstemmed | An economic valuation of the Bunso Eco-Park, Ghana: an application of travel cost method |
| title_short | An economic valuation of the Bunso Eco-Park, Ghana: an application of travel cost method |
| title_sort | economic valuation of the bunso eco park ghana an application of travel cost method |
| topic | Revealed preference method consumer surplus non-market value ecological park recreational demand Environmental Economics |
| url | https://www.tandfonline.com/doi/10.1080/23311886.2024.2341481 |
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