Estimating the Willingness of Residents in Savannakhet Province to Pay for the National Eld’s Deer Sanctuary Conservative Area: the CVM Approach

Thongsa Tounmanysone; Phouphet  Kyophilavong; Inpaeng  Sayvaya; Candle Sidthisone; Bounphan  Vongkhaseum; Lidsada  Banmanivong; Khuaneta  Laddaphone

doi:10.71026/ajdis.01.02.05

Authors

Thongsa Tounmanysone Faculty of Business Administration, Savannakhet University, Laos Author https://orcid.org/0009-0006-6457-8276
Phouphet Kyophilavong Faculty of Economics and Business management, National University of Laos, Laos Translator
Inpaeng Sayvaya Faculty of Economics and management, Champasack University, Laos Translator
Candle Sidthisone Faculty of Business Administration, Savannakhet University, Laos Translator https://orcid.org/0009-0006-5310-8754
Bounphan Vongkhaseum Faculty of Business Administration, Savannakhet University, Laos Translator
Lidsada Banmanivong Faculty of Business Administration, Savannakhet University, Laos Translator
Khuaneta Laddaphone Faculty of Business Administration, Savannakhet University, Laos Translator

DOI:

https://doi.org/10.71026/ajdis.01.02.05

Keywords:

The National Eld’s Deer Sanctuary Conservative Area (NEDSCA); contingent valuation method (CVM); willingness to pay (WTP)

Abstract

ABSTRACT

This study aims to estimate the Willingness to Pay (WTP) of residents in Savannakhet Province for the National Eld’s Deer Sanctuary Conservative Area (NEDSCA) and find the factors influencing WTP for the NEDSCA. Contingent Valuation Method (CMV) approach estimates the willingness to pay through an open-ended questionnaire conducted in person. The interview is face-to-face. The analysis relies on the model constructed by the Tobit Model (TM). Data used in analysis were obtained from residents at Savannakhet Province and based on 400 samples, with a mean WTP was 15,250 kip per household per month. The factors influencing the WTP were starting occupation, education, household location, period of living, access to NEDSCA, and monthly household income, which have a statistically positive impact on statistically positively impacted WTP. Conversely, the gender, age, status, number of family members, labor in the household, and monthly expenditure have been statistically insignificant. These results offer information to policymakers regarding forestry, wildlife, and biodiversity conservation in NEDSCA and sustainability in the future.