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Evaluation of Cultural Tourism Resources in Rural Areas usinga Contingent Valuation Method

  • Journal of Tourism Sciences
  • Abbr : JTS
  • 2012, 36(5), pp.31-52
  • Publisher : The Tourism Sciences Society Of Korea
  • Research Area : Social Science > Tourism

Jeong, So-yeon 1 Kim Chulwon 1

1경희대학교

Accredited

ABSTRACT

The purpose of this paper is to estimate the economic value of South Korea’s first indoor livestock fairgrounds in Korea set to be built in Pocheon City, Gyeonggi-do, through use of a Contingent Valuation Method. To this end, a survey was conducted to investigate domestic tourists' willingness to pay admission to the Pocheon Indoor Livestock Fairgrounds, using a double bounded dichotomous choice approach. The results derived from the logistic model showed that the economic value of the Pocheon Indoor Livestock Fairgrounds is estimated to be 8,421 Korean won per person, per visit, based on truncated mean welfare measures. Expanding this in consideration with Pocheon’s current annual domestic visitation figures at a per capita value, the total economic value of the Indoor Livestock Fairgrounds is estimated to be approximately 2.3 billion Korean won. Implications based on these calculations and limitations for this study are detailed along with suggestions for future research.

Citation status

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