Journal of Soil and Groundwater Environment (한국지하수토양환경학회지:지하수토양환경)

Korean Society of Soil and Groundwater Environment (한국지하수토양환경학회)
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Recent Trend for the Application of Total Economic Value (TEV) Estimation to Groundwater Resources

지하수자원의 경제적 가치 평가 적용과 관련한 최근동향

  • Song, Sung-Ho (Rural Research Institute, Korea Rural Community Corporation) ;
  • White, Paul (Institute of Geological and Nuclear Sciences, New Zealand) ;
  • Zemansky, Gil (Institute of Geological and Nuclear Sciences, New Zealand)
  • 송성호 (한국농어촌공사 농어촌연구원) ;
  • ;
  • Received : 2012.03.27
  • Accepted : 2012.04.13
  • Published : 2012.04.30
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Abstract

Total Economic Value (TEV) provides a framework to estimate the economic value of water resources including groundwater with multiple applications to natural resource economics and environmental economics. Crucial to the application of economic analysis to natural resources are techniques to value the resources as an economic value that is expressed in monetary terms. On the other hand, the aim of TEV estimation is to determine the economic value of water resources including 'use' with production and recreation and 'non-use' such as existence values. TEV is used to assess the economic value of water resources for the multiple goods, and environmental 'services' that are provided by a water resource and also used to assess options for water use, for example balancing production values provided by water resource use against the cost of resource degradation by that use. The value of TEV can be assessed over time where pollution or unsustainable use may reduce the economic value of an environmental asset. Therefore, values are used to assess options of resource use, sometimes leading to policies on resource conservation or allocation. In conclusion, the application of TEV would be well adjusted over Jeju Island where groundwater resources account for more than 98% water resources and the budget of water demand/supply shows disparity over the Island.

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References

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