MEASUREMENT OF THE WILLINGNESS TO PAY BY THE POPULATION OF TEÓFILO OTONI CITY, MINAS GERAIS – MG STATE, BRAZIL, FOR THE PRESERVATION AND IMPROVEMENT OF TIRADENTES SQUARE, USING CONTINGENT VALUATION METHOD (Published)
This study aimed to economically measure the Tiradentes Square of Teófilo Otoni City, in the State of Minas Gerais, Brazil, considering its tangible and intangible aspects. The Contingent Valuation Method (CVM) was chosen to achieve the proposed goal, because it allows determining the monetary value of natural resources based on the user’s preferences. This study showed that respondents are willing to pay for the maintenance and conservation of Tiradentes Square, showing their vow of justified protest mainly by assigning this responsibility to the City Hall for its maintenance and repairs. The results of this study showed that economic value for the Tiradentes Square reached R$ 9.974.537,22 (R=Real, expressed in Brazilian currency). It was concluded that the population realize the importance of that good, but believe to be assigned to the public power the responsibility for its preservation.
Keywords: Contingent Valuation Method, Environmental economic valuation, Willingness to pay