One of the important prerequisites of economic progress is participation of people in provision of public and quasi-public goods. One of the areas of public participation in the provision of goods and services is "Waqf". Waqf methods have changed to fit the circumstances of time and place. Issuing Waqf securities is a new way that enables different people with different income levels to participate.
The main objective of this study is to determine the factors affecting the willingness to pay of individuals to establish a waqf institution for financing education. So, we have used the two stage Heckman model to determine the factors affecting willingness to pay for waqf securities. In this model, as the first stage, the willingness and unwillingness to purchase waqf securities are examined, and then as the second stage, the factors affecting the degree of willingness to pay among those who are willing to do so are evaluated.
The results show that, with a 95% confidence level, the head of household’s monthly income, paying fee to school, gender, education level and age are the factors affecting willingness to pay for waqf securities, and job, type of school (public, exemplary-public or private) are factors affecting the degree of willingness to pay for these securities for financing education.