Journal of Tourism Sciences 2023 KCI Impact Factor : 2.7
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pISSN : 1226-0533 / eISSN : 2713-6388
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Valuation of the Jidong Mural Art Alley Using the Contingent Valuation Method: An Application of Nostalgia
- Journal of Tourism Sciences
- Abbr : JTS
- 2017, 41(6), pp.45-62
- DOI : 10.17086/JTS.2017.41.6.45.62
- Publisher : The Tourism Sciences Society Of Korea
- Research Area : Social Science > Tourism
박세영 1, Lee, Won Seok 1
1경기대학교
Excellent Accredited
ABSTRACT
The purpose of this study is to apply the nostalgia concept in order to estimate the willingness of visitors to pay (WTP) to preserve the Jiong mural art alley. In order to calculate visitors' WTP, the study employs the contingent valuation method (CVM) to elicit the economic value of the mural art alley. To reduce exaggeration bias when applying the CVM, this study reaffirmed the responses of visitors and employed a dichotomous choice for answers of only "yes" or "no". Results reveal that visitors who felt more of a sense of nostalgia demonstrate higher WTP for preservation. In addition, the Jidong mural art alley's economical value is estimated at 18,966won. Suggestions and implications are discussed based on the study results.
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This paper was written with support from the National Research Foundation of Korea.