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http://dx.doi.org/10.4217/OPR.2011.33.1.077

The Study on the Value of Restoration Technology for the Marine Environmental Damage Caused by Oil Spill Using CVM  

Hong, Sung-Pyo (Department of Economics, College of Economics and Management Chungnam National University)
Cho, Sang-Sup (Division of Digital Business Hoseo University)
Kwon, Suk-Jae (Department of Ocean Policy Research, KORDI)
Baek, Min-Hee (Department of Economics, College of Economics and Management Chungnam National University)
Publication Information
Ocean and Polar Research / v.33, no.1, 2011 , pp. 77-83 More about this Journal
Abstract
In this study we examined the economic value of restoration technology for oil spill using contingent value methods. One and one half approach to questionnaires can be taken when analyzing tax payer situations as well as single bound approach. The results of the empirical analysis suggest three conclusions. First, the economic value of the restoration technology considered are estimated to be between 8,439 won to 11,867 won per month. Second, the WTP is estimated differently depending on the approaches, OOHB and SB, and the degrees of difference are very sensitive to the model specifications. This empirical result supports the argument for using interval for the economic value when using CVM. Third, the empirical results may provide useful input to policy authorities attempting to estimate the economic justification of the R&D investment for developing an ocean environmental restoration technology.
Keywords
Hebei Spirit oil spill; economic value of environmental restoration technology; CVM; Single bound approach; one and one half bound approach; efficient estimator;
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Times Cited By KSCI : 2  (Citation Analysis)
Times Cited By SCOPUS : 0
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