This analysis showedthat the results were satisfactory.
The coefficient for price (bid) is negativeas expected, at the value of -0.21001. It implies that the higher the bidoffered, the less the number of respondents who are willing to pay the bid. Furthermore, income was significant at 10% confidencelevel, and positive coefficient sign. It implied that respondents with higherincome are more likely to pay the bid offered than the lower incomerespondents. The income level of respondents is an important factor thatwill affect to their WTP for the fee which was charged to them. Generally, moreincome indicates that they would be willing to pay more for the entrance fee.Previous studies by Hanim (1999), and Syakya (2004) have identified that incomeaffect visitors’ WTP.
Theresult indicated that the mean WTP as entrance fee to PIW by the visitors wasRM 7.12. The expected benefits of conserving PIW resources can be estimated bymultiplying the mean WTP value with total visitors to PIW. As expected, totalbenefits increases as long as the visitors’ number increases. The expectedbenefits can be captured by the PIW management between 2008 and 2012 aspresented in Table 2. Finally, the aggregate expected benefit of ecotourism resourcesin PIW was estimated approximately RM 1,431,533during the last five years. 5. ConclusionsThis paper estimatedthe economic value of conservation and recreation at Paya Indah Wetlands, usingDCCVM.
With the increasing number of visitors yearly, the PIW managementrequires a higher amount to protect and maintain the quality of wetlandsenvironment every year. The fact is that the expenses of PIW conservation andmanagement are supported by government with limited funds. The result of thisstudy indicated that visitors are willing to pay RM 7.12 as entrance fee perperson. Bid price and income were significant variables influencing theWillingness to pay. The finding of study can assist the PIW management toimpose entrance fee on visitors in order to obtain an extra conservationfunding and reduce the currently faced financial constraint.
At the same time,the number of visitors could be control through the entrance fee, which wouldhelp in reducing over-crowding and excessive exploitation of the wetlandresources use.