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Estimating the Stock Value of Woraksan National Park Using Turnbull Distribution-Free Model  

Han, Sang-Yoel (Department of Forestry, Kyungpook National University)
Publication Information
Journal of Korean Society of Forest Science / v.96, no.3, 2007 , pp. 283-289 More about this Journal
Abstract
Benefit-cost analysis is a useful tool for organizing information on the relative value of alternative public investments like national park preservation projects. When the value of all significant benefits and costs can be expressed in monetary terms, the net value (benefits minus costs) of the alternatives under consideration can be computed and used to identify the alternative that yields the greatest increase in public welfare. However, since goods and services of national parks are not commonly bought or sold in the marketplace, it can be difficult to express the outputs of a national park preservation project in monetary terms. In this case the dichotomous choice contingent valuation is employed to elicit the public benefit value. In this paper, a distribution-free approach, Turnbull empirical distribution model, is employed to analysis the benefit value of Woraksan National Park. The result is shown that annual use and preservation values of Woraksan National Park are estimated 6.5 and l37.4 billion won. Also, flow and stock values are estimated 143.9 and 3,021.7 billion won, respectively.
Keywords
dichotomous choice contingent valuation; Turnbull distribution-free model; national park;
Citations & Related Records
Times Cited By KSCI : 2  (Citation Analysis)
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