• Journal of Korean Society of Environmental Engineers
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• v.30 no.12
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• pp.1245-1254
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• 2008

Proposing a method for the estimation of the social cost for global warming impact (external cost) is the aim of this paper. Both the endpoint approach and conjoint analysis were applied to estimating the social cost for global warming. The endpoint approach was used to assess the damage on the safeguard subjects by global warming due to the emission of greenhouse gases into the atmosphere. The conjoint analysis was used to estimate the economic values for safeguard subjects which measure the social preferences and willingness to pay (WTP) on safeguard subjects. The economic values of human health and social asset were estimated at 62,261,700 Won / DALY (yr) and 10,000 Won / 10,000 Won, respectively. Moreover, cost factors of GHGs were calculated by multiplying the damage factor which is quantified the unit damage on safeguard subject and the economic value. In the case of CO$_2$, the cost factor was calculated at 13.52 Won / kg (13,520 Won / ton). External cost of products or services can be calculated by multiplying the GHG inventory result of products or services by the cost factor of each GHG. inventory.

• Journal of agriculture & life science
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• v.52 no.6
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• pp.139-153
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• 2018

This study analyzes the economic effect of rehabilitation and upgrading of reservoirs as a prevented method against natural disasters under recent abnormal weather conditions and dam-break. For the analysis, we divide the purpose of rehabilitation and upgrading of reservoirs into the stable supply of rural water under uncertain weather conditions and the prevention of collapse due to the aging of the reservoir. We measure the economic effect of rehabilitation and upgrading of reservoirs by estimating the resident's willingness-to-pay for the project through Contingent Valuation Method(CVM). The result shows that distributions of willingness-to-pay to prevent natural disasters and dam-break are similar to each other. About 66% of the residents in sample regions are willing to pay for the project. The resident's willingness-to-pay to protect natural disasters and dam-break are 32,250 to 46,147 won and 28,427 to 47,308 won respectively on average for all sample regions. The comparison of willingness-to-pay by type of regions shows that paddy field areas are the highest followed by facility cultivation areas and urban areas. In addition, total expected value of the projects calculated based on the resident's willingness-to-pay for paddy field areas and facility cultivation areas are much larger than actual project costs. This implies that rural residents are fully aware of the importance of the project to prevent natural disasters and dam-break and are willing to pay for additional costs if needed.

• Environmental and Resource Economics Review
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• v.27 no.2
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• pp.233-260
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• 2018

The West Coast is known as one of the world's three largest intertidal mudflats but the mudflat ecosystems have been constantly destroyed by various reclamation projects and industrial complexes. This study intends to estimate the economic values of major ecosystem services provided by the Seocheon intertidal flats using a choice modeling method. The benefits of the intertidal flats are categorized as four different attributes: number of migratory birds (related to biodiversity and cultural services), production of fish and shellfish (regulating services and habitats), tourism activities (cultural services), and number of fishing households in local communities (cultural services). Study results show that the general public enjoys the economic benefits of 1.777 trillion won (900 million won/hectare) as of 2015 in order to preserve 1,200ha of Seocheon mudflat. Assuming that future generations continue to enjoy these economic benefits of mudflat conservation, the annual value converted is about 64.7 billion won/year, corresponding to 53.9 million won/hectare per year. Individuals are willing to pay are expected to maintain their entire life in the 1,000 households living in the Seocheon tidal-flat fishing village, with an average of 11,000 won per person and an additional 50,000 tourist activities per year. It was estimated to have the amount of payment of 9,000 won. An individual's marginal willingness to pay was estimated to be about 11,000 won per year for supporting a total of 1,000 fishing households, 6,000 won to provide tourism activities of 50,000 visitors, and 9,000 won to provide the habitats of 90,000 migratory birds. For segmentation analysis, residents of Seocheon did not place significant values for the attributes besides migratory bird conservation. However, those of Gunsan showed relatively low margtinal willingness to pay for conservation of migratory birds and fishing villages but showed similar preferences for the maintenance of tourism activities compared to the general public. The results imply that the introduction of economic incentive system is needed to effectively manage and conserve ecosystem services of specific intertidal flats.

• Journal of the Korea Organic Resources Recycling Association
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• v.28 no.1
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• pp.73-82
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• 2020

This study was conducted to investigate the differences in carbon storage capacity of soil between the conventional and the organic agricultural cultivation followed by the assessment of their economic values. An analysis of 107 samples in the organic and the conventional rice cultivation soils in six regions across South Korea showed that the five regions, Buyeo-II, Gimhae, Sancheong-I, II and Suncheon, had higher organic soil carbon contents than those of values observed on the conventional soils with the exception of the Buyeo-I areas. Based on the results from soil carbon contents, the carbon storage were estimated to be 36.1 megagram carbon (MgC) per ha in the organic paddy soils, while its conventional paddy soils were 29.4 MgC per ha. It showed that the organic paddy soils were 23 % greater than that of its conventional paddy soils. It was estimated that the carbon trading price for economic assessment was ￦758,100 per ha in the organic paddy soil and ￦617,400 per ha in the conventional paddy soil.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.8
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• pp.127-132
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• 2016

This study evaluated the economic value of the development of a new variety of Citrus unshiu using the income approach, Net Present Value (NPV), Internal Rate of Return (IRR), and Benefit/Cost (B/C) ratio. The new variety of Citrus unshiu was developed by the national institute of horticultural and herbal science in Korea, rural development administration. The technological evaluation of the development of a new variety of Citrus unshiu can be used to improve the efficiency and practicality of the development of a new variety of citrus. From the research results, the technological value of development of a new variety of Citrus unshui was evaluated at 109,455(discount rate=8%, minimum), 195,040(discount rate=4%, maximum), and 145,375(discount rate=6%, average) million won. The IRR was 51.4%, which was greater than the discount rate(4~8%). The NPV was evaluated at 145.3 billion won(discount rate=6%, average), 195.0 billion won(discount rate=4%, maximum) and 109.4 billion won(discount rate=8%, minimum), all of which were greater than 0. The B/C ratio was evaluated at 60.9(discount rate=6%, average), 81.3(discount rate=4%, maximum) and 46.1(discount rate=8%, minimum), all of which were greater than 1. Therefore, the economic validity of the development of a new variety of Citrus unshiu was identified by this technological evaluation.

• Journal of Korea Water Resources Association
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• v.44 no.8
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• pp.629-637
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• 2011

This study tried to estimate the environmental value of Youngsan river estuary as there are conflicts on the management policy about Youngsan river estuary. For estimating the detailed functional values of Youngsan river estuary, this study used the contingent valuation method with multi attribute utility theory for. In addition, the survey was separately practiced to on-site and off-site. According to estimating results, the annual value of Youngsan river estuary is about 27.4 billion Korean won. The results of this study are expected to contribute to determine the appropriate level of investment and management policies with regard to the estuary and to provide methodological guidelines for follow-up study.

• Korean Journal of Construction Engineering and Management
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• v.24 no.6
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• pp.45-52
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• 2023

Recently, as climate change caused by greenhouse gases is intensifying, the international community has committed to reduce greenhouse gas emissions. The purpose of this study is to present the methodology and major considerations for investment judgment. Two actual cases of overseas projects were selected as study subjects. As an analysis method, the major risk factors were defined as a probability distribution, and the NPV was stochastically estimated using the Monte Carlo simulation method. In addition, assuming a policy change, the range of NPV change was analyzed. As a result, the average NPV of project A was lowered by 19%, and the probability of showing a negative NPV was 12.2%. The average value of project B was lowered by 12.5%. Considering the policy change, project A can obtain economic benefits only when it obtains 72.9% or more of the total amount of carbon credits generated, and project B is economically feasible when it acquires 49.5% or more. As a result, the average value of project A is lower than the net present value under basic assumptions, so caution is needed in investment decisions depending on changes in major risk factors. Additionally, considering policy changes, the carbon credit distribution ratio should be differentially applied depending on the project size, and this was presented as a specific figure.

• Journal of the Korean Society of Marine Environment & Safety
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• v.29 no.7
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• pp.794-801
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• 2023

The high seas, covering the majority of the world's oceans, hold invaluable marine resources crucial for the growth of the marine bio-industry. The High seas bioresources program of South Korea is at the forefront of these global efforts. This study aims to gauge public awareness and quantify the project benefits, offering insights for future policy decisions. The results revealed that the estimated annual average willingness to pay (WTP) was 3,778.8 KRW, equating to approximately 81.54 billion KRW when extrapolated to the entire national population. The implications of the study are twofold: The project benefits, based on WTP, are substantial, amounting to approximately 81.5 billion KRW annually. This provides critical reference material for future policy formulation, given the considerable WTP in comparison to the current investment. Although interest in international sea marine biological resources is growing, public awareness remains relatively low. However, the project plays a crucial role in building essential databases for the marine bio-industry and securing international sea marine biological resources. Public interest and sustained support are pivotal, not only for this project but also for future policy implementation. Strategies to enhance public awareness are essential, and the study results offer valuable input for future policy decisions.

• The Journal of the Korea Contents Association
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• v.16 no.11
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• pp.421-433
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• 2016

Recently, although the interest in transfer and transactions of intangible assets increases, there is no valuation model to objectively assess market value of knowledge and information contents such as electronic databases and the necessity of researches associated is brought up. Therefore, the present study proposes valuation models so as to utilize as objective reference information in the contents market of intangible assets, by assessing the market value of science and technology information contents including patents, academic papers and reports. First, we look into application methods of calculating cash flows by content types out of key variables which has been applied to the present technology valuation, and in case of patents we propose valuation methods based on concepts which are applied in the present technology valuation. Next, in case of both papers and reports, in order to reflect the characteristics of these contents we newly propose qualitative valuation methods which are adjustable based on both technology innovation and market demands indices while estimating the economic life cycle of the technology, and also present the input cost-based calculation method as the calculation method of cash flows. Throughout the study, we could establish frameworks by technology fields and business models applicable such as copyright licensing, transactions of individual science and technology information contents, and expect that more objective and reasonable assessment of content values is accessible.

• Journal of Korea Port Economic Association
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• v.24 no.2
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• pp.265-287
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• 2008

This paper studies the economic effects of port-liquid freight by focusing on Ulsan port and its regional economic effects. The direct industrial effects of port-liquid freight are analysed to be an increase in about 1billion dollars' worth of production of the regional port-logistic industry, an increase in about 0.22billion dollars' worth of value-added of the industry, and the creation of about 2,600 employment in the industry. Including the indirect effects, the total effects on Ulsan regional economy are estimated to be an increase in about 1.9billion dollars worth of production, an increase in about 0.51billion dollars' worth of value-added and an increase in about 6,442 employment.