Rating of immersive virtual reality used in the contingent valuation method for valuing an urban park featuring ponds

Among diverse methods for estimating economic values of natural environments, CVM (Contingent Valuation Method) is used in various research projects, including valuations of urban parks. Traditionally, photographs are used in valuations via CVM for explaining valuation targets to participants, followed by questions about WTP (Willingness-to-Pay) values. The number of studies using VR (virtual reality) is increasing, while previous research has not evaluated effects of explanation methods (VR vs. photographs) on WTP values through control experiments. In this study, we evaluated effects of explanation methods (VR vs. photographs) on WTP values of an urban park, while collecting customer loyalty scores (revisit intentions, word-of-mouth intentions), mood measurements (BMC-J), semantic differential method scores, and eye-tracking data. We also evaluated effects of view angles (front views vs. all-round views) on the WTP values and eye-tracking data. We found no difference between explanation methods in WTP values, customer loyalty scores, mood measurements, or eye-tracking data. However, WTP values after showing all-round views were higher than WTP values after showing front views. These findings suggest that, in valuations of urban parks using CVM, there is little advantage of using VR, which is more expensive and harder to use than photographs. Also, it can be important to control view angles. Further research is needed to evaluate effects of VR technology and view angles on WTP values, using CVM for a broad range of urban landscape design and participants with diverse demographic backgrounds.