Ocean and Polar Research

Korea Institute of Ocean Science & Technology (한국해양과학기술원)
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Assessing the Economic Feasibility of a Marine Ranching Project in Tongyoung

통영바다목장화사업의 경제적 타당성평가

  • Pyo, Hee-Dong (Division of Marine Business and Economics Pukyong National University)
  • 표희동 (부경대학교 해양산업경영학부)
  • Published : 2009.12.30
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Abstract

A marine ranching project in Tongyoung was established in 1998, lasting 9 years to 2006. Project activities included the deployment of artificial reefs, the release of young fishes like jacopever and rockfish, and input/output control for specific marine ranching areas in Tongyoung. This report focuses on the economic feasibility of the project in hindsight. Analysis concentrates on three aspects; (a) direct economic benefits, such as increasing effects of fisheries income and savings in harvesting costs, (b) indirect benefits, including increasing effects of recreational fishing and saving R&D costs, and (c) costs, including releasing and purchasing costs of artificial reef and juvenile fish, R&D costs, maintenance costs and harvesting costs. Results show that NPV=4.7 billion won, IRR=8.55% and B/C ratio=1.286 under Scenario 1, which considers the saving effects of R&D costs, and NPV=0.9 billion won, IRR=6.03% and B/C ratio=1.11 under Scenario 2, which does not consider the saving effects of R&D costs, based on 5.5% of the social rate of discount. According to sensitivity analysis, the economic feasibility is very sensitive to the recapture rate.

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