Factors influencing willingness to pay for wetland ecosystems conservation: a contingent valuation study of lake Victoria Ecosystem in Kenya

Abstract

Wetland ecosystems provide us with various valuable services which are fast degrading due to the lack of effective incentive mechanisms and conservation models for stakeholders involved in managing these ecosystems. This study examines the elements affecting residents' Willingness to Pay (WTP) for the Lake Victoria biodiversity conservation initiative based on a survey of 394 households. Chi-Square test of independence was used to determine the existence of an association between various independent factors and WTP. Logistic regression was further used to determine the influence of these factors on WTP. The results showed that access to grazing land, fishing status, land ownership, business ownership, level of education, county of origin and household monthly income had a statistically significant association with WTP. From this study, it can be concluded that socio-demographic and socio-economic characteristics were constant drivers of WTP for Lake Victoria Conservation Program. This study serves as a valuable input for the identification of the market segment among the residents, which will eventually help in creating more proceeds for the preservation of biodiversity in Lake Victoria Basin. Finally, the study promotes the use of WTP in creating market-based conservation techniques in developing nations to stop the increasing loss of biodiversity and save the ecosystem.