Estimating the economic value of urban forest parks: Focusing on restorative experiences and environmental concerns

Abstract

This study aims to evaluate the economic value of urban forests that are used as daily leisure spaces in cities, focusing on the healing value for tourists associated with their public health and environmental functions. To this end, an onsite survey of residents was conducted in Seoul, Korea. In real-world scenarios, willingness-to-pay (WTP) is associated with building a preservation fund and in this case is US$27 per capita per year, and the total fund value obtained is US$530 million, depending on whether the calculation is made using mean WTP or truncated WTP. The findings of this study suggest that urban residents determine the preservation value of urban forests according to how they feel about them. This is in terms of their restorative effect, their ability to absorb particulate matter, and the recreational satisfaction that they bring. The findings also imply that the healing functions of urban forests used mainly as leisure spaces for health promotion reasons are directly reflected in their preservation value. On the other hand, the fact that policies related to the new environmental paradigm (NEP) were found to be insignificant in all three scenarios suggests that it is necessary to educate urban residents about the environmental function of urban forests.