Understanding the Willingness to Pay for Ecotourism Services in Natural Waterfall Areas

Abstract

This study aims to determine visitors’ willingness to pay (WTP) for ecotourism services in the La Algarroba waterfall in Monterrey, Casanare, Colombia. We chose this location because it is part of a green corridor with a high potential for ecotourism. We estimated the willingness-to-pay (WTP) using the double-bounded dichotomous choice contingent valuation method. Our findings reveal that visitors participate more in ecotourism when they understand the flow of ecosystem benefits, when more income is generated for local communities, and when they have a higher opinion of public safety in the area. The latter is significant after the Colombian peace treaty.