The concept of willingness to pay (WTP) is simply the total price a consumer is prepared to pay for a specific product (Franke and Schreier, 2008). A more traditional theory of economics expects that the more expensive a product is, the fewer the ...
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...demographic factors, thus it’s essential to contemplate the determinants when applying entrance fees for natural attractions (Reynisdottir et al., 2008). This is because the new potential costs involved may cause concerns of equity. There have been a lot of research studies on nature-based tourism activities, and how low-income consumers are more affected by price alterations compared to high-income consumers (More and Stevens, 2000). It is reasonable to accept that visitors WTP may be, to an extent, affected by their ability to pay (Reynisdottir et al., 2008). Furthermore, even if a tourist greatly values the visit to a particular nature-based attraction and are willing to pay for it, they may not have the ability to do so. Consequently, the argument of equity emerges around whether entry fees discriminate against lower-income customers (Reynisdottir et al,. 2008).
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