• Title/Summary/Keyword: Resource Valuation

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Economic Valuation Methods of Biodiversity

  • Cho, Woo-Young;Bae, Doo-Hyun;Kim, Hong-Sok
    • Environmental Engineering Research
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    • v.13 no.1
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    • pp.41-48
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    • 2008
  • The valuation of biodiversity is a fundamental step in conservation. The useful framework for analysing the economic value of biological resources is that of total economic value (TEV) and TEV comprises both use and non-use values, the former related to an actual use made of the resource, the latter to a willingness to pay for the resource independently of any use made of it. There are several valuation approacher in environmental economics literature. However, stated preference approach should be introduced for valuation of biodiversity because it can estimate non-use value as well as use value. Contingent Valuation and Conjoint Analysis are representative methods in stated preference and Conjoint Analysis can be more useful for valuation of biodiversity. Futhermore, the combination of ecology and economics to assess biodiversity leads to an integrated framework. Thus, interdisciplinary work is required, involving both economists and ecologists transferring elements or even theories and models from one discipline to another and transforming them for their specific, mutually consistent purpose.

Evaluation of Resource Value on Urban Park - Using Contingent Valuation Method - (가상적 가치추정법(CVM)을 이용한 관광위락자원의 편익가치 분석)

  • Park, Chang-Kyu
    • Journal of the Economic Geographical Society of Korea
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    • v.9 no.2
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    • pp.211-224
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    • 2006
  • With the increasing concern about natural resources that is being devastated and lost its reproductivity, Non-use value of resources for future use is considered more important than the present use value in the resource valuation. This study aims to measure Total Non-use value in Namsan Park, Kwanak and Paldal Mountain with CVM(Contingent Valuation Method). CVM is the method which can evaluate Non-use value of tourism resource to find the future value of the given resource. This study is carried on the assumption that respondents give answers not to real situation but to imaginary circumstances. After analysing benefit value by estimating conservation value and separate use value, we can conclude that conservation value of tourism resource is given much weight.

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The Least Absolute Deviations Estimation of the Contingent Valuation Model (조건부가치측정모형의 최소절대편차추정)

  • Kim, Dongil
    • Environmental and Resource Economics Review
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    • v.10 no.4
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    • pp.515-545
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    • 2001
  • This paper introduces the least absolute deviations estimation of the contingent valuation model, which corresponds to the semi-parametric estimation of discrete choice models by Manski (1975, 1985) and Lee (1992). The least absolute deviations estimation is more robust to mis-specified distributional assumptions in the estimation of the contingent valuation model, compared to the maximum likelihood estimation. The full identification and strong consistency of the estimation are proved and its application to different formats of contingent valuation survey data is discussed. Simulation studies are designed to evaluate its operational characteristics including computational strategies, small sample properties and the efficiency gain of a follow-up question. The bias and efficiency of least absolute deviations and maximum likelihood estimation are compared in the presence of heteroskedasticity.

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A Semiparametric Estimation of the Contingent Valuation Model (조건부가치평가모형의 준모수 추정)

  • Park, Joo Heon
    • Environmental and Resource Economics Review
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    • v.12 no.4
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    • pp.545-557
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    • 2003
  • A new semiparametric estimator of a dichotomous choice contingent valuation model is proposed by adapting the well-known density weighted average derivative of the regression function. A small sample behavior of the estimator is demonstrated very briefly by a simulation and the estimator is applied to estimate the WTP for preserving the Dong River area in Korea.

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Environmental Economic Studies in Korea (한국의 환경경제학 연구)

  • Kim, Il-Chung;Park, Keun Soo
    • Environmental and Resource Economics Review
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    • v.10 no.3
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    • pp.289-322
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    • 2001
  • This paper introduces the environmental economic studies in Korea, focused especially on the environmental regulation policy and valuation of environmental resources in Korea. It can be seen from this survey that the Korean environmental economists have had most of their interests in socially hot issues such as the evaluation and alternatives of the existing environmental policy instruments, and the impacts of both the environmental regulation and greenhouse gas reduction policies, as well as economic valuation of environmental assets including air, water, and ecosystem. We need more intensive research on issues of the evaluation of individual public investment, enforcement, transaction costs and income distribution and inter-generational equity. More attention should also be paid to the valuation methods and environmental data.

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Human Resource Investment in Internal Control and Valuation Errors

  • Haeyoung Ryu
    • International Journal of Advanced Culture Technology
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    • v.12 no.1
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    • pp.293-298
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    • 2024
  • The purpose of an internal control system is to prevent the occurrence of errors and fraud in the process of producing accounting information, thereby providing investors with reliable information. For the effective operation of an internal control system, it is necessary to secure a sufficient number of personnel and experienced staff. This study focuses on the personnel directly involved in producing accounting information, examining whether companies that invest in their internal control staff experience a mitigation in the phenomenon of valuation errors. The analysis revealed that the size and experience months of the personnel responsible for internal control have a significant negative relationship with valuation errors. This result implies that by securing sufficient personnel for the smooth operation of the internal control system and placing experienced staff within the system, investors can effectively make judgments about the intrinsic value based on quality accounting information, thereby reducing valuation errors.

Economic Valuation of Urban Riverine Restoration and A Test of Social Desirability Bias (도심하천복원 경제가치 추정에서 사회규범편의 검정)

  • Choi, Andy S.;Sung, Chan Yong;Baek, Hyojin
    • Environmental and Resource Economics Review
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    • v.28 no.4
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    • pp.645-673
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    • 2019
  • The hypothetical nature of stated preferences can lead to a hypothetical bias that might work as a normative pressure, influencing survey responses. This paper aims to test the impact of social desirability bias by comparing economic estimates based on both subjective and objective valuation questions. The case study is about an urban riverine restoration project in Deajeon, South Korea. As valuation methods both contingent valuation and choice experiments were comparatively applied. Based on a nationally representative sample of 1,000 respondents, the test results offered contrasting conclusions between two test approaches. Accroding to the estimation results based on the conventional valuation, the marginal willingness to pay estimates are 10,500 KRW from CV; and 18,600 KRW for improving water quality, 2,200 KRW for the inside view, 8,900 KRW for the outside view, and 5,800 KRW for biodiversity from CE. A segmentation-based approach is a conventionally used method, which showed a limited impact of social desirability on willingness to pay estimates. The alternative parameterization-based approach measures a model-wide impact of social desirability, proving a significant bias. Although the study positioned a cheap-talk statement before the valuation section of the survey questionnaires, which might have pre-screened the bias, the overall implications of the results suggest a caution in reducing and observing hypothetical bias. There might remain a significant and substantial hypothetical bias even after cheap-talk, particularly in situations with strong social desirability, so that the potential role of objective valuation questions is guaranteed.

A Study on the Estimation of Conservation Value of Fisheries Resource Protected Area using CVM (수산자원보호구역의 보전 가치 추정에 관한 연구)

  • Kang, Seok-Kyu
    • The Journal of Fisheries Business Administration
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    • v.48 no.2
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    • pp.33-51
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    • 2017
  • The purpose of this study is to estimate conservation value of fisheries resource protected area by the double-bounded dichotomous choice contingent valuation method. The data in this analysis come from a survey of respondents of resident in fisheries resource protected area using a proportional stratified sampling from the population. The questionnaires covered all the 5 fisheries resource protected area and the sample size of every protected area was 120 questionnaires. The survey period was from August to October in 2016. Above all, the average willingness to pay amount(WTP) per person of Namhae-Tongyoung I, Namhae-Tongyoung II, Jindong bay, Hansan bay, Cheonsu bay is estimated \6,215, \13,215, \6,405, \9,785, and \10,390 respectively. And, the total value of Namhae-Tongyoung I, Namhae-Tongyoung II, Jindong bay, Hansan bay, and Cheonsu bay is evaluated \108.8 billion, \357 billion, \118 billion, 210.2 billion, \ 245.8 billion respectively. Moreover, the yearly value of Namhae-Tongyoung I, Namhae-Tongyoung II, Jindong bay, Hansan bay, and Cheonsu bay is evaluated \6 billion, \19.6 billion, \6.5 billion, 11.6 billion, \ 13.5 billion. In conclusion, fisheries resource protected area has the higher conservational value. Consequently, it is essential for now or future generation's use of fisheries resources. In light of the fisheries resource protected area's value and importance, this should be promoted to the public including the local community who utilizes fisheries resource protected area wisely. Also, this suggests that the policy for fishery resource's creation and management is needed in fisheries resource protected area.