A Study on Non-market Benefit Assessment of the Urban Regeneration R&D

Gicheol Jeong; SeogWon Hwang; Min-Kyu Lee

doi:10.15793/kspr.2009.62..008

The economic benefits of the urban regeneration R&D can be provided to consumers and producers, and the benefits of consumers imply the non-market benefits which city-dwellers will obtain from the R&D. This study implements conjoint analysis on the assumption that non-market benefits derived from the R&D should be measured as the amount of money which consumers will pay to have effects of the R&D. Non-market benefits of the R&D consist of health effects, social configuration, the incidence of crime, the proportion of resettlement, the system for inhabitant participation, and the control system of microclimate. This study estimates the utility function by applying mixed logit model to consumers' stated preference data obtained from Korean seven large city dwellers, and calculates marginal willingness to pay non-market benefits. According to analysis results, yearly non-market economic benefits of seven large city households are measured from 133.7 billion won to 1,366.3 billion won by scenarios. Given delphi survey results, yearly non-market economic benefits of the R&D are calculated to 431.3 billion won. Especially, this study can be used as appraisal of the R&D and decision of project procedures, and the analysis method can be applied to non-market benefit assessment of other R&Ds.

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