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http://dx.doi.org/10.4217/OPR.2012.34.2.175

Non-market Benefits of Building the Large Oceanographic Research Ship  

Yoo, Seung-Hoon (Department of Energy Policy, Graduate School of Energy and Environment Seoul University of Science and Technology)
Kwon, Suk-Jae (Ocean Policy Research Division, KIOST)
Publication Information
Ocean and Polar Research / v.34, no.2, 2012 , pp. 175-183 More about this Journal
Abstract
A project to build a large oceanographic research ship was proposed to improve the level of ocean research. This paper attempts to measure the non-market benefits of the project. To this end, the dichotomous choice contingent valuation method is used. In particular, the recently proposed one and one-half bounded model is applied. The model can reduce the potential for response bias compared to the double bounded model, while maintaining much of its efficiency. Moreover, in order to deal with zero WTP observations, a spike model is adjusted for our data. A survey of 500 randomly selected households was implemented in the Metropolitan area. The respondents were asked in person-to-person interviews about how they would be willing to pay for implementing the project. Overall, respondents accepted the contingent market, and were willing to contribute a significant amount (3,244 won), on average, per household per year. The aggregate value of the project nationwide would amount to approximately 40.1 billion won per year.
Keywords
contingent valuation method; non-market benefit; willingness to pay; large oceanographic research ship;
Citations & Related Records
Times Cited By KSCI : 1  (Citation Analysis)
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