|M.Sc Student||Nurit Zakai|
|Subject||Estimating the Socio-Economic Benefits of the Yarkon Park|
|Department||Department of Architecture and Town Planning||Supervisor||Professor Emeritus Shefer Daniel|
The aim of this study is to contribute to the knowledge connected with valuing open spaces through a case study of the Yarkon Park in the city of Tel-Aviv. Two Estimating methods were used in the analysis: the Hedonic Price Method (HPM) and the Contingent Valuation Method (CVM). The values presented in this study are only partial measures.
The HPM showed that if we compare an apartment located at a distance of up to 100 meters from the Yarkon Park with an apartment located at a distance of 100-1500 meters from the Park, the former has a $136 per square meter higher value than the latter. The added total value from proximity to the Yarkon Park in the study area alone is worth some $37 million.
The CVM showed that an average household's Willingness To Pay (WTP) a one time payment for the preservation of the park is NIS 514. Expanded to the entire population visiting the park (about 220,000 households a year) gives a value of NIS 113 millions (or about $30 millions).