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Economic Valuation of an Urban Lake Recreational Park: Case of Taman Tasik Cempaka in Bandar Baru Bangi, Malaysia

1
Faculty of Economics and Management, Universiti Kebangsaan Malaysia, UKM Bangi Selangor 43600, Malaysia
2
Institute for Food and Resource Economics, University of Bonn, Nußallee, 2153115 Bonn, Germany
*
Author to whom correspondence should be addressed.
Sustainability 2019, 11(11), 3023; https://doi.org/10.3390/su11113023
Received: 11 February 2019 / Revised: 10 April 2019 / Accepted: 11 April 2019 / Published: 28 May 2019
(This article belongs to the Section Sustainable Urban and Rural Development)
There is growing public support for an outdoor, nature-based urban park, which offers the local population a wide range of recreational services for an improved quality of life. This study estimates the economic value of recreational benefits for the case of a lake-based urban park known as Taman Tasik Cempaka (TTC) in Bandar Baru Bangi in Selangor, Malaysia. The Travel Cost Method (TCM) was used to generate the demand function for park visitation and the recreational benefits were estimated using the Poisson and Negative Binomial (NB) models. The net benefits of recreation per visitor were evaluated at MYR 6.2 per trip while the price elasticity of demand was highly inelastic at −0.48. The result provides support for the imposition of an entrance fee and the subsequent revenue collection may be used for park upkeep and conservation. View Full-Text
Keywords: urban parks; Malaysia; urban planning; environmental valuation; travel cost method urban parks; Malaysia; urban planning; environmental valuation; travel cost method
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Othman, J.; Jafari, Y. Economic Valuation of an Urban Lake Recreational Park: Case of Taman Tasik Cempaka in Bandar Baru Bangi, Malaysia. Sustainability 2019, 11, 3023.

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