Valuation of an Eco-Friendly Hiking Trail Using the Contingent Valuation Method: An Application of Psychological Ownership Theory

Won Seok Lee, Jihee Kim, Alan R. Graefe, Sang Hyun Chi

Research output: Contribution to journalArticle

11 Citations (Scopus)

Abstract

The purpose of this study is to apply the conceptual framework of psychological ownership (PO) theory to an outdoor recreation context and to estimate hikers' willingness to pay (WTP) for preservation of a hiking resource. In order to calculate visitors' WTP, an adjusted version of the contingent valuation method (CVM) is employed. Since the general CVM method has been critiqued due to exaggeration bias, this study employs a more conservative CVM approach suggested by Johannesson et al. (1998) that helps reduce the hypothetical bias by reaffirming visitors' responses. Results reveal that a sense of PO positively affects WTP and the conservative CVM contributes to obtaining more error-reduced WTP.

Original languageEnglish (US)
Pages (from-to)55-69
Number of pages15
JournalScandinavian Journal of Hospitality and Tourism
Volume13
Issue number1
DOIs
StatePublished - Apr 1 2013

Fingerprint

contingent valuation
valuation
ownership
willingness to pay
outdoor recreation
conceptual framework
hiking trail
method
Contingent valuation method
Psychological ownership
Eco-friendly
Willingness-to-pay
resource

All Science Journal Classification (ASJC) codes

  • Tourism, Leisure and Hospitality Management

Cite this

@article{652866e4d6d74c88afd9b90abd9b4597,
title = "Valuation of an Eco-Friendly Hiking Trail Using the Contingent Valuation Method: An Application of Psychological Ownership Theory",
abstract = "The purpose of this study is to apply the conceptual framework of psychological ownership (PO) theory to an outdoor recreation context and to estimate hikers' willingness to pay (WTP) for preservation of a hiking resource. In order to calculate visitors' WTP, an adjusted version of the contingent valuation method (CVM) is employed. Since the general CVM method has been critiqued due to exaggeration bias, this study employs a more conservative CVM approach suggested by Johannesson et al. (1998) that helps reduce the hypothetical bias by reaffirming visitors' responses. Results reveal that a sense of PO positively affects WTP and the conservative CVM contributes to obtaining more error-reduced WTP.",
author = "Lee, {Won Seok} and Jihee Kim and Graefe, {Alan R.} and Chi, {Sang Hyun}",
year = "2013",
month = "4",
day = "1",
doi = "10.1080/15022250.2013.771902",
language = "English (US)",
volume = "13",
pages = "55--69",
journal = "Scandinavian Journal of Hospitality and Tourism",
issn = "1502-2250",
publisher = "Routledge",
number = "1",

}

Valuation of an Eco-Friendly Hiking Trail Using the Contingent Valuation Method : An Application of Psychological Ownership Theory. / Lee, Won Seok; Kim, Jihee; Graefe, Alan R.; Chi, Sang Hyun.

In: Scandinavian Journal of Hospitality and Tourism, Vol. 13, No. 1, 01.04.2013, p. 55-69.

Research output: Contribution to journalArticle

TY - JOUR

T1 - Valuation of an Eco-Friendly Hiking Trail Using the Contingent Valuation Method

T2 - An Application of Psychological Ownership Theory

AU - Lee, Won Seok

AU - Kim, Jihee

AU - Graefe, Alan R.

AU - Chi, Sang Hyun

PY - 2013/4/1

Y1 - 2013/4/1

N2 - The purpose of this study is to apply the conceptual framework of psychological ownership (PO) theory to an outdoor recreation context and to estimate hikers' willingness to pay (WTP) for preservation of a hiking resource. In order to calculate visitors' WTP, an adjusted version of the contingent valuation method (CVM) is employed. Since the general CVM method has been critiqued due to exaggeration bias, this study employs a more conservative CVM approach suggested by Johannesson et al. (1998) that helps reduce the hypothetical bias by reaffirming visitors' responses. Results reveal that a sense of PO positively affects WTP and the conservative CVM contributes to obtaining more error-reduced WTP.

AB - The purpose of this study is to apply the conceptual framework of psychological ownership (PO) theory to an outdoor recreation context and to estimate hikers' willingness to pay (WTP) for preservation of a hiking resource. In order to calculate visitors' WTP, an adjusted version of the contingent valuation method (CVM) is employed. Since the general CVM method has been critiqued due to exaggeration bias, this study employs a more conservative CVM approach suggested by Johannesson et al. (1998) that helps reduce the hypothetical bias by reaffirming visitors' responses. Results reveal that a sense of PO positively affects WTP and the conservative CVM contributes to obtaining more error-reduced WTP.

UR - http://www.scopus.com/inward/record.url?scp=84876973100&partnerID=8YFLogxK

UR - http://www.scopus.com/inward/citedby.url?scp=84876973100&partnerID=8YFLogxK

U2 - 10.1080/15022250.2013.771902

DO - 10.1080/15022250.2013.771902

M3 - Article

AN - SCOPUS:84876973100

VL - 13

SP - 55

EP - 69

JO - Scandinavian Journal of Hospitality and Tourism

JF - Scandinavian Journal of Hospitality and Tourism

SN - 1502-2250

IS - 1

ER -