• Korea Science and Art Forum
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• v.35
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• pp.461-471
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• 2018

This study aims to determine the value of the willingness to pay(WTP) admission fees through surveying the level at which visitors to national science museums in Korea are willing to pay for admission fees. The determination helps objectively identify ways to substantially increase admission-based revenues, thereby enhancing managerial efficiency of national science museums. Using the contingent valuation method(CVM), we analyzed the WTP for admission fees of 250 visitors to Gwacheon National Science Museum. The statistical analysis revealed that the average amount of WTP was far higher than the current admission fees(4,000 won for adults and 2,000 won for children and adolescents). WTP of questionnaire respondents was normally distributed at the mean of 8,447 won for adult admission and 6,535 won for non-adult admission to Gwacheon National Science Museum. This result can be used as basic evidence to redetermine admission fees of national science museums and ultimately improve financial vitality.

• KDI Journal of Economic Policy
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• v.34 no.1
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• pp.135-168
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• 2012

This study analyzes ways to detect protest responses (hereafter, PR zero-bid) in the contingent valuation method (CVM). In order to distinguish PR zero-bids from true zero-bids (non-PR zero bids), this study adopts the concept of the implicit willingness to pay employing the Hicksian compensating surplus and the Taylor's 1st order approximation. When a respondent proposes a zero-bid (i.e., WTP=0) and chooses a PR filtering item to indicate that her implicit WTP is not necessary zero, her response is identified as a PR zero bid. PR filtering items falling into the PR zero bids category include the uncertainty of information, distrust in the government and project achievement, disagreement to project plans, discontent with the fairness of public works and their payment method and animosity against the CVM itself. The empirical analysis shows that PR zero bids take place systematically in particular respondent groups: respondents who have never used similar facilities before nor plans to use the facility provided by the public project, the employed, and low income groups. In conclusion, the study suggests that a CVM questionnaire needs to be designed carefully to minimize problems associated with PR zero bids and the potential risks of having sample selection bias should be concerned.

• Journal of the Korean Society of Radiology
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• v.17 no.1
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• pp.79-90
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• 2023

The study is to estimate the social costs of premature deaths due to nuclear power plant(NPP) accidents, by resorting to the contingent valuation method(CVM) which is used to estimate the value of a statistical life(VSL). The VSL estimate is about 3.55 billion won, which is multiplied by some 1.8 million premature deaths due to the accidents in world history of NPP, to get a maximum social cost of 1,952 trillion won. This estimate is equivalent to the 2022 real GDP of Korea. The annual average number of premature deaths and the resulting average social cost is 26,000 and 28 trillion won, respectively. The social cost of premature deaths due not only to accidents, but also the air pollutants from fired power plants(FPP) during 1987~2021 is estimated to be 26,919 trillion won. This is equivalent to 2021 US GDP, and is about 3,000 times higher than that for NPP of 9 trillion won. In 2021, the estimated social costs of FPP and NPP are 1,075 trillion won and 292 billion won, respectively. For South Korea, the study suggests to adapt an energy mix of increased share of electricity production for NPP relative to FPP, given that the 2050 carbon neutrality strategy of Korea is expected to lead to an increased share of renewable energy in electricity production. The study emphasizes accumulating the number of CVM-based VSL studies to ensure efficient energy policies.

• Journal of Environmental Impact Assessment
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• v.13 no.2
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• pp.73-86
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• 2004

The objective of this research was to estimate residents' willingness-to-pay using contingent valuation method and to investigate their environmental sensibilities prior to conduct the costbenefit analysis on the watershed management program of integrated sewerage construction and operation in the catchment of Dam Chung-Ju. A set of questionnaire was prepared and asked to 1,200 residents at downstream area as well as upstream area of Dam Chung-Ju. As a result, environmental sensibility of the residents living in the catchment of upstream of Lake Chung-Ju seemed very high. However, the substantial practice in their own life for conserving their environment was inactive, although residents' efforts trying to collect and dispose garbages in separate containers and to minimize the waste discharge load were actually made. The willingness-to-pay on each month for 20 years was estimated as 4,841 wons for the openended question and 3,411 wons for the close-ended question. Factorial analysis was also performed to obtain correlation among the questions asked. Seven groups of the correlated questions were identified and their contribution to the estimated willingness-to-pay was analyzed.

• Journal of Korean Society of Coastal and Ocean Engineers
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• v.24 no.6
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• pp.373-380
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• 2012

The sandy beach along the east coast of Korea offers beautiful scenery with high-quality sand for leisure, and is also famous for the white-sand and pine-tree which is an important scenic resource. Furthermore, the sandy beach helps to maintain natural environment of the costal area and functionates as a disaster prevention system against high waves. There are two major value evaluation methods, Travel Cost Method and Contingent Valuation Method, to assess the value of coastal sandy beach. Contingent Valuation Method is considered to be more appropriate for simultaneous evaluation on the usefulness and the uselessness of the beach. But in order to apply Contingent Valuation Method to coastal sandy beach evaluation, close examination and investigation on the potential bias, such as on questionnaires, surveys and replies, are required. In this study, the characteristic of primary amenity of sandy beach users is investigated, in prior to evaluating the usefulness and the uselessness of the beach measured by contingent valuation method. The characteristic of amenity on major sandy beaches on the east coast of Korea is studied and compared by diverse value evaluation methods.

• Journal of Korean Library and Information Science Society
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• v.45 no.3
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• pp.489-511
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• 2014

The purpose of this basic study is to examine the economic feasibility analysis of Busan Central Library, which was included the construction feasibility analysis conducted as one part of the Busan Central Library Construction Master Plan. To achieve the purpose of this study, it was accomplished to do Benefit-Cost analysis, Net Present Value, Internal Rate of Return. CVM(Contingent Valuation Method) was used for calculating the benefit; we investigated two CVMs for Busan Central Library, which are for central construction site and for outer construction site. The results show that the construction of Busan Central Library in the central site would be feasible from the economic point of view. On the contrary, the construction in the outer site would not be feasible economically.

• Ocean and Polar Research
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• v.38 no.3
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• pp.235-245
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• 2016

The purpose of this study is to estimate the Willingness To Payment (WTP) of sea-anglers regarding the increase in the abundance of fish resources resulting from the Korean vessel buy-back program using the contingent valuation method. Data was collected through sample surveys of 352 sea-anglers across the nation in 2015. If a 20% increase in the abundance of fish resources resulted from the vessel buy-back program, WTP estimates of sea-anglers per recreational fishing trip were 9,570 won on truncated mean, 16,528 won on mean, and 35,830 won on median, respectively. Additionally, when the number of annual total recreational fishing trips in Korea were estimated as 22,700 thousand trips, the annual increase in national welfare through recreational fishing was estimated to be 217.2 billion won on the truncated mean, 375.2 billion won on the mean, and 813.3 billion won on the median, respectively.

• Journal of Soil and Groundwater Environment
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• v.21 no.6
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• pp.156-168
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• 2016

The Korean government is planning to invest a lot of funds for conservation of the soil. Accordingly, it needs quantitative information on the soil. This paper attempts to analyze the total value of soil quantitatively: the total economic value of soil can be divided into use value and non-use value. To this end, we apply a replacement cost method (RCM) and contingent valuation method (CVM). Especially, CVM is most widely used to measure the non-use value such as environment goods. We employed the one-and-one-half-bounded dichotomous choice (OOHBDC) for willingness to pay (WTP) elicitation and a spike model. The monthly mean WTP was estimated to be KRW 3,949 per household for the next 10 years, which is statistically significant at the 1% level. Expanding the value to the relevant population gives us KRW 897.9 billion per year and as of the end of 2015, the non-use value of soil was assessed to be KRW 838.6 billion. Meanwhile, use value is subdivided into direct use value and indirect use value. This value was calculated KRW 3,277 trillion and KRW 51.8 trillion, respectively. As a result, total economic value of soil is estimated to be KRW 3,330 trillion in Korea.

• Journal of Information Technology Services
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• v.17 no.2
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• pp.69-81
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• 2018

This study performed an economic analysis and tested the viability of a public computerization project to create a comprehensive information system for public e-procurement for small and medium-sized businesses (SMBs). The study found that the estimated costs of the project included 4.3 billion won to build the system and 710 million won per year to maintain the system once it is built. The project's estimated total benefits amounted to 6.66 billion won per year, including 5.871 billion won per year in increased convenience for SMBs that use the system, 406 million won per year in benefits for public institutions, and 383 million won per year in benefits for the institution "A" to adopt the system. We used the contingent valuation method (CVM) to estimate the benefits to SMBs, which would be the main participants of the project. The survey found that the SMBs were willing to pay an average fee of 170,136 won. we conducted an economic analysis by applying a 5.5% social discount rate over an analysis period of 10 years and found a benefit-cost ratio of 5.02 and a net present value of 40.201 billion won, which indicated a very high economic viability of the project. The results of this study can be an important reference when deciding whether to pursue computerization projects in the public sector.

• Journal of Environmental Science International
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• v.22 no.10
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• pp.1279-1285
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• 2013

The contingent valuation method (CVM) was used along with a questionnaire survey and field research methods to analyze the factors affecting willingness to pay (WTP) for urban parks in Tai'an. The results indicated that roughly 50% of the residents visited the urban parks weekly. Doing physical exercises and viewing topped the list of activities. Residents of different characteristics had different WTPs for the service functions of urban parks. From the two surveys, 60.1% and 61.4% of residents would be willing to pay. The average individual WTPs were 42.2 $yuan{\cdot}a^{-1}$ and 43.1 $yuan{\cdot}a^{-1}$ in the two surveys, and the medianin dividual WTP was 20.0 $yuan{\cdot}a^{-1}$. WTP was mainly affected by satisfaction, and WTP value was mainly affected by education level and income. Other factors had some correlation, but none were significant. Finally, some useful suggestions and references were given to the government in order to enhance the urban park services proposal.