Willingness to Pay Essay Example | Topics and Well Written Essays - 250 words

Willingness to conduct - Essay ExampleOn the other hand, for a lay or a green blank shell to remain in nigh and attractive condition, regular maintenance, and improvements argon mandatory. Costs are incurred in assure for these services to be effectively provided to the public, hence necessary to charge the public a relatively lilliputian sums of money in order to meet the costs. Nevertheless, it is important to consult the public about the amount they are willing to pay for the services, amenity, or a resource hence the term willingness to pay.A good example of willingness to pay scenario is the residents of Boulder Colo in USA. The people of this area were willing to pay up to $234 per kinsfolk in order to keep a five and a half acres of land uphold for public usage (Americantrials, 2014). This land had not been developed for long hence the community decided to be contributing the large sums of money in order for them to be using it as a park. Their closing could however b e termed as highly brilliant since presence of this land as a park made the think of of the surrounding properties to dramatically hike in price. Other recreational emoluments that were accrued from the universe of discourse of the park included travelling costs incurred while visiting the park. Within a period of quaternion years (1995-1999), the property price premiums were summing up to $140.2 million. There was also a net entertaining value of over $7.6 million (Americantrials, 2014).In conclusion, provision of opportunities for physical activities such as establishment of recreational areas like parks or provision of service may have so much economic benefit to the local government, private developers, and the to the residents of that the neighboring areas. Facilities like parks availability of quality water among others raises the value of the properties and homes in the nearby area. Moreover, the cost incurred in maintaining such recreational facilities and resources is by far much lower than