Economic Value Analysis of the Kwanghwamun Square Construction (광화문광장 사업의 경제적 가치 분석)

Seung-Hoon Yoo (유승훈); JooSuk Lee (이주석)

doi:10.15793/kspr.2009.62..015

Economic Value Analysis of the Kwanghwamun Square Construction

The Korea Spatial Planning Review
2009, 62(), pp.281-294
DOI : 10.15793/kspr.2009.62..015
Publisher : 국토연구원
Research Area :

Seung-Hoon Yoo ¹, JooSuk Lee ²

¹서울과학기술대학교
²호서대학교

Accredited

ABSTRACT

Seoul metropolitan government has constructed the Kwanghawmun square. As it is needed huge amount of investment, it is essential to examine the cost-benefit analysis. This paper applies the contingent valuation methode to measuring the benefit of the Kwanghwamun square and practices the cost-benefit analysis. According to estimating results, annually WTP per household of Seoul is 2,067 Korean Won. Consequently, the annual benefit of the Kwanghwamun square construction is about 7.2 billion Korean won and the total benefit is 1.68 times bigger than the cost. This paper contributes to complementing the existing valuation methods by estimating the economic benefits of the cultural facilities such as the Kwanghwamun square and providing policy-makers with useful methodological framework and quantitative information in the decision-making process related to the policy of cultural project.

KEYWORDS

Contingent Valuation Method, One and One Half Bound Dichotomous Choice Model, Spike Model, Kwanghwamun, Cost-benefit Analysis

Citation status

* References for papers published after 2023 are currently being built.

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The Korea Spatial Planning Review 2023 KCI Impact Factor : 1.2

Economic Value Analysis of the Kwanghwamun Square Construction

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KEYWORDS

Citation status

* References for papers published after 2023 are currently being built.

The Korea Spatial Planning Review 2023 KCI Impact Factor : 1.2

Economic Value Analysis of the Kwanghwamun Square Construction

ABSTRACT

KEYWORDS

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* References for papers published after 2023 are currently being built.