Measuring the public’s willingness to pay for the rejuvenation of Raffles Place Park in Singapore : a contingent valuation approach

With the recent announcement of the Master Plan 2019, there has been a pique in interest regarding the development of the public spaces in Singapore. Raffles Place Park has been briefly mentioned in the Master Plan 2019 but upon further examination, we found no concrete plans for the rejuvenation an...

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Main Authors: Lim, Bryan, Ho, Ming Wei, Soh, Hao Sean
Other Authors: Chia Wai Mun
Format: Final Year Project
Language:English
Published: Nanyang Technological University 2020
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Online Access:https://hdl.handle.net/10356/138520
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spelling sg-ntu-dr.10356-1385202020-05-07T12:39:12Z Measuring the public’s willingness to pay for the rejuvenation of Raffles Place Park in Singapore : a contingent valuation approach Lim, Bryan Ho, Ming Wei Soh, Hao Sean Chia Wai Mun School of Social Sciences aswmchia@ntu.edu.sg Social sciences::Economic theory Social sciences::Statistics With the recent announcement of the Master Plan 2019, there has been a pique in interest regarding the development of the public spaces in Singapore. Raffles Place Park has been briefly mentioned in the Master Plan 2019 but upon further examination, we found no concrete plans for the rejuvenation and development of the park. Given this backdrop and to fill the gap in the literature, this paper aims to elicit Singaporeans’ willingness to pay for three unique design concepts: namely, Greenery, Events and Arts and Culture. These concepts were carefully constructed based on relevant literature and successful case studies. Using the widely adopted Contingent Valuation Method (CVM) and a sample size of 400, this empirical study estimated Singapore residents’ willingness-to-pay for each of the design concepts. Subsequently, this paper identified Greenery as the most valued design concept at $8.26 followed by Arts and Culture at $4.07 and lastly Events at $3.56. In addition, determinants for WTP were identified for each design concept. The results of this study would be meaningful in assisting the URA and relevant authorities in maximizing social benefits for the costs spent in rejuvenating Raffles Place Park. Bachelor of Arts in Economics 2020-05-07T12:39:12Z 2020-05-07T12:39:12Z 2020 Final Year Project (FYP) https://hdl.handle.net/10356/138520 en HE_1AY1920_19 application/pdf Nanyang Technological University
institution Nanyang Technological University
building NTU Library
country Singapore
collection DR-NTU
language English
topic Social sciences::Economic theory
Social sciences::Statistics
spellingShingle Social sciences::Economic theory
Social sciences::Statistics
Lim, Bryan
Ho, Ming Wei
Soh, Hao Sean
Measuring the public’s willingness to pay for the rejuvenation of Raffles Place Park in Singapore : a contingent valuation approach
description With the recent announcement of the Master Plan 2019, there has been a pique in interest regarding the development of the public spaces in Singapore. Raffles Place Park has been briefly mentioned in the Master Plan 2019 but upon further examination, we found no concrete plans for the rejuvenation and development of the park. Given this backdrop and to fill the gap in the literature, this paper aims to elicit Singaporeans’ willingness to pay for three unique design concepts: namely, Greenery, Events and Arts and Culture. These concepts were carefully constructed based on relevant literature and successful case studies. Using the widely adopted Contingent Valuation Method (CVM) and a sample size of 400, this empirical study estimated Singapore residents’ willingness-to-pay for each of the design concepts. Subsequently, this paper identified Greenery as the most valued design concept at $8.26 followed by Arts and Culture at $4.07 and lastly Events at $3.56. In addition, determinants for WTP were identified for each design concept. The results of this study would be meaningful in assisting the URA and relevant authorities in maximizing social benefits for the costs spent in rejuvenating Raffles Place Park.
author2 Chia Wai Mun
author_facet Chia Wai Mun
Lim, Bryan
Ho, Ming Wei
Soh, Hao Sean
format Final Year Project
author Lim, Bryan
Ho, Ming Wei
Soh, Hao Sean
author_sort Lim, Bryan
title Measuring the public’s willingness to pay for the rejuvenation of Raffles Place Park in Singapore : a contingent valuation approach
title_short Measuring the public’s willingness to pay for the rejuvenation of Raffles Place Park in Singapore : a contingent valuation approach
title_full Measuring the public’s willingness to pay for the rejuvenation of Raffles Place Park in Singapore : a contingent valuation approach
title_fullStr Measuring the public’s willingness to pay for the rejuvenation of Raffles Place Park in Singapore : a contingent valuation approach
title_full_unstemmed Measuring the public’s willingness to pay for the rejuvenation of Raffles Place Park in Singapore : a contingent valuation approach
title_sort measuring the public’s willingness to pay for the rejuvenation of raffles place park in singapore : a contingent valuation approach
publisher Nanyang Technological University
publishDate 2020
url https://hdl.handle.net/10356/138520
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