Willingness to Pay and Area Zoning Plan for the Conservation and Development of Bangkok Railway Station (Hua Lamphong) Project using Discrete Choice Model
Keywords:
landscapes development, discrete choice model, random utility, willingness to pay, Bangkok railway stationAbstract
This study empirically investigates the willingness to pay for the area development and conservation of the Bangkok Railway Station (Hua Lamphong). It focuses on the marginal benefits of the area development. The Discrete Choice Model is used to define choices and create the random utility model of the surveyed 1,200 individuals who reside nearby or typically travel to the Bangkok Railway Station. The estimated marginal benefits from conditional logit (CL) and Random Parameter Logit (RPL) models show that first, the most popular development scheme includes the green area (31%), city activity (12%), creative activity (7%), commercial (32%), conservation space (18%), and commercial zone along the canal (15% of the length of the west side of the station). Second, the average willingness to pay for the development and conservation of the station is 23.12 – 28.42 Baht per month. Next, the marginal benefits for a one percent increase in the green area, creative activity, and commercial zone along the canal are 250.05 – 259.23, 321.93 – 332.92, and 7.33 – 41.45 Baht per month, respectively. Whilst a one percent increase in city activity and commercial spaces decreases marginal benefits by 294.92 – 326.58 and 116.12 - 149.28 Baht per month, respectively.
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