Willingness-to-pay (WTP)

Maximum price that an individual is willing to pay to secure certain benefits from environmental assets or to avoid their loss or damage. It represents, in monetary terms, the individual well-being derived from such services and from their management strategies. It can be obtained from observed behaviour (e.g., how much people spend on travelling to a recreation site or how much higher is the price of houses next to a natural area) or from stated preferences (thus, directly asking the maximum price in dedicated survey and/or field experiments).