Abstract:
This study examines the value of Gregory Lake, a prominent recreational site in
Nuwara Eliya, Sri Lanka, through the lens of visitor willingness to pay (WTP) using
the Travel Cost Method. The research explores the relationship between WTP and
key independent variables, such as monthly income, mode of transportation, home
distance, per-head travel cost, visit frequency, and purpose of the visit. Data was
collected via structured questionnaires during field visits, and regression analysis
was employed to test the hypotheses. The findings reveal that per-head travel cost
and visit frequency significantly influence visitors’ WTP, while variables like monthly
income and mode of transportation exhibit a weaker relationship. These results
emphasize the economic significance of Gregory Lake as a recreational site and
highlight the factors driving visitor engagement.
The research yields new opportunities to identify real-world elements that may be
used as pathways to add value to the park in both environmental and economic
contexts. It is evident there are a small number of improvements that will need to take
place, including the addition of visitor-ready infrastructure and the importance of
facilitating efforts in sustainable methods of transportation. The results provide key
opportunities for policymakers and stakeholders with respect to improved resource
allocation, visitor satisfaction and sustainable management of Gregory Lake in the
long term.
