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http://dx.doi.org/10.38121/kpea.2021.03.37.1.1

Assessing an Economic Feasibility of Coastal Marine Ranching Project in Uluengdo  

Pyo, Heedong (부경대학교 해양수산경영학과)
Publication Information
Journal of Korea Port Economic Association / v.37, no.1, 2021 , pp. 1-18 More about this Journal
Abstract
A coastal marine ranching project in Uleungdo had been conducted for 5 years from 2013 to 2017 with investment costs of 5 billion won, for the special purpose of the deployment of artificial reefs, the release of young fishes. The paper focuses on an ex-post analysis of the economic feasibility for the project after completing the project, which is apart from a preliminary viability. For economic analysis, the economic benefits are derived from direct benefits including increasing effects of fisheries income and saving effects of harvesting costs, and indirect benefits including increasing effects of recreational fishing and preservation effects of coastal marine ecosystems while economic costs include releasing and purchasing costs of artificial reef and juvenile fish, R&D costs, maintenance costs and harvesting costs. The result shows that the project should not be accepted according to NPV=-0.125 billion won, IRR=4.5% and B/C ratio=0.98 under Scenario 1 which considers direct benefits and indirect benefits excluding the preservation values, while the project should be accepted under Scenario 2 indicating NPV=30.9 billion won, IRR=11.3% and B/C ratio=1.49 which considers the direct benefits as well as the indirect ones including the preservation values, based on 4.5% of the social rate of discount.
Keywords
coastal marine ranching project; economic feasibility; economic benefits; economic costs;
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