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Estimating the Use Value of Hwaseong Castle: A Contingent Valuation Approach

  • Journal of Tourism Sciences
  • Abbr : JTS
  • 2003, 27(3), pp.157-172
  • Publisher : The Tourism Sciences Society Of Korea
  • Research Area : Social Science > Tourism

Kim, Hakyong 1 Seongseop Kim 2

1혜천대학교
2세종대학교

Accredited

ABSTRACT

Using a Contingent Valuation Method(CVM). authors estimate the economic value of Hwaseong Castle, one of the registered World Heritages located in Suwon City, south of Seoul.The data collected from a dichotomous choice were constructed by the logit model analysis. The willingness-to-pays derived from each model were compared to those obtained by a non-parametric approach to decide which model was suitable in estimating the use value of Hwaseong. The derived WTP was used to estimate the use value of Hwaseong. Use value of Hwaseong was estimated around 7.8 billion Won, an average of about 4,260 won per visitor. On the basis of these heritage calculation, one may consider differential admission fee policy.

Citation status

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