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All Journal Al-Kharaj: Journal of Islamic Economic and Business
I Putu Restu Yachesta Kamala Dharma
Universitas Mataram
Economics, Econometrics & Finance

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Contingent Valuation Method (CVM) Analysis for Estimating the Economic Value of Pagutan Green Open Space I Putu Restu Yachesta Kamala Dharma; Mansur Afifi
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 4 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M UIN Palopo

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Abstract

Urban green open spaces provide ecological, social, and economic benefits, yet their preservation is often underfunded because many of these benefits are not reflected in market prices. This study estimates the total economic value (TEV) of Pagutan Green Open Space (Ruang Terbuka Hijau, RTH) in Mataram City, Indonesia, and examines the determinants of visitors' willingness to pay (WTP) for its preservation. Using the contingent valuation method (CVM) with a bidding game format and an annual voluntary donation scenario, data were collected from 100 visitors selected through accidental sampling and analyzed using ordinary least squares (OLS) regression. The direct use value was derived from parking and Aula Bencingah rental revenues, while the existence value was obtained by aggregating WTP over annual visits. The mean WTP was Rp17,750 per individual per year, yielding a direct use value of Rp196,536,000, an existence value of Rp2,157,264,000, and a TEV of Rp2,353,800,000 per year. Income had a significant positive effect on WTP, gender had a positive effect that was significant at the 10% level, and the number of dependents had a significant negative effect, whereas education, organizational participation, and visit frequency were not significant. These results suggest that the preservation value of the park does not depend primarily on direct use. The findings provide an empirical basis for equitable green space financing policies. The article includes three tables, eight figures, and 19 references.
Co-Authors Mansur Afifi