PJB-2022-538
ASSESSING THE RECREATIONAL VALUE OF JALLO FOREST AND WILDLIFE PARK, LAHORE-PAKISTAN
Laila Shahzad
Abstract
Ecosystem services are imperative and should be valued especially the no-market value like cultural services. This study aims in valuing the urban park Jallo situated in Lahore. It estimates the recreational value of this park through travel cost method and values the park with respect to housing price through hedonic pricing valuation method. This study creates an inventory for all the species of trees, birds and animals present in the park. The willingness of individuals is also found by using contingent valuation method. A general survey was conducted and a questionnaire was design to collect the data from the visitors of the park. The questionnaire used in this study was open-ended and closed-ended. Logistic regression model were used to estimate the recreational value, value of the park and the willingness to pay of individuals. The recreational value in monetary terms is estimated 25840105.2 PKR (245511.7 USD). And the willingness to pay is estimated 20019.2 PKR (190.20 USD). The hedonic pricing calculated the housing price 4.3925112 PKR (0.0418 USD) and this valued showed that the relation between the park and the housing price was negative. The park has no value with respect to the housing price. Ecosystem is important and more researched must be held to have economic value of it. It is necessary to value ecosystem services.
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