• Journal of the Korean Society of Marine Environment & Safety
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• v.24 no.5
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• pp.569-575
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• 2018

The need for ice-breaking research ships is growing as interest in the Arctic grows. In Korea the 7,500 ton ship Araon, launched in 2009, is the only icebreaker, and difficulty remains when conducting research at the North and South Pole. Thus, the Ministry of Maritime Affairs and Fisheries is pushing for the construction of a second icebreaker, and an economic valuation of a second icebreaker is needed. Such a study will help reduce controversy about the construction of a second icebreaker and help ensure reasonable decisions. The economic benefits of a second icebreaker were calculated using a contingent valuation method. In this study, a Bayesian Approach was applied, in contrast to previous methodology utilizing the maximum likelihood estimation method. According to this analysis, the average WTP per household was estimated at 1,999 won per year, and the total benefit from the construction of a second icebreaker was estimated at 373.9 billion won per year.

• Proceedings of KOSOMES biannual meeting
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• 2017.04a
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• pp.113-113
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• 2017