Journal of the Korean Institute of Landscape Architecture (한국조경학회지)

The Korean Institute of Landscape Architecture (한국조경학회)
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Economic Valuation of Yeido Park: Application of Double-Bounded Dichotomous Choice Contingent Valuation Method

여의도공원의 경제적 가치평가: 二段階 二選 假想價値推定法을 적용하여

  • Published : 1998.10.01
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Abstract

The purposes of this study are to estimate the economic value and reasonable entrance fee of the Yeido Park, which is under construction in Seoul, by conduct the face-to-face interview. A total of 645 daults were selected by two stage cluster sampling. The senario was designed to meet the requirements for doubgle-bounded dichotomous choice CVM, and distributed with the photograph to epict and compare the current and suggested conditions. A donation vehicle and entrance fee were utilized to find the possibility of strategic behaviors and protest zero, and to make the data estimatable tfor interval censored survival analysis. Date was calibrated by the survival analysis to eleminate the 'fat-tail problem'. Weibull distribution was assumed as a baseline distrubution. The mean WTP of donation and entrance fee was ￦5,281 and ￦783, respectively. The economic value of this park was determined by aggregating the mean value, giving a total WTP for the population of ￦36,861,645,000. This economic value was composed with the use value and existence value. The calibrationi of the Weibull proportional hazard model showed that nearness to the park, age, intention to isit the park, and educational attainment were significant independent variable to influence an amount of donation.

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