Estimating the Preservation Value of Taehwa River in Ulsan Using CVM

김지현; Lee Choong-Ki

doi:10.17086/JTS.2018.42.1.197.214

This study estimated the preservation value of Taehwa River in Ulasn, South Korea, using a Contingent Valuation Method (CVM). Specifically, this study designed two staged scenarios (hypothetical and real settings) to reduce hypothetical bias and conducted an onsite survey (n=400) of Ulsan citizens. The results of the logit model indicated that the preservation value of Taehwa River per household per year based on willingness-to-pay (WTP) mean was estimated to be 52,816 Korean Won (KRW) per household using the hypothetical scenario and 39,599 KRW using the real setting scenario, respectively. Results also showed that the preservation value of Taehwa river per household per year based on the WTP truncated mean was estimated to be 51,094 KRW using the hypothetical scenario and 36,857 KRW using the real setting scenario, respectively. These findings imply that the real setting scenario is more desirable for extracting true value since it minimizes hypothetical bias when estimating the preservation value. Furthermore, the WTP truncated mean is appropriate for reducing overestimation of the preservation value. Aggregate preservation value per year was estimated at approximately 16 billion KRW when considering the total households of Ulsan. Results also reveal that donation, support, and household income were all significant explanatory variables determining the willingness to pay for the preservation value of Taehwa River in the city of Ulsan.

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REFERENCES (53)
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