• Korean Journal of Organic Agriculture
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• v.26 no.1
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• pp.19-31
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• 2018

In general, an increase in consumer income increases interest in safe foods and increases consumption of environmental friendly foods. Meanwhile, even in Malawi, interest in safe food and environmentally friendly food has been increasing due to increase in per capita income, but research related to this has not been done yet. The purpose of this study is to estimate the value of environmentally friendly foods in Malawi consumers. For this purpose, we surveyed the consumption patterns and estimated the value of organic chicken for consumers visiting supermarkets. As a value estimation technique, Contingent Valuation Method (CVM) was used. Probit model analysis showed that price, expenditure on regular chicken, and knowledge of organic food affect the willingness to pay for organic chicken. CVM analysis shows that Malawi supermarket consumers are willing to pay MK2,514 (3.59) dollars per kilo of organic chicken, which is 25.7% higher than the average price of a regular chicken. Thus, Malawi supermarket consumers can deduce that they have a higher value for environmentally friendly food than regular food. These findings can be used in formulating policies on food safety by government officials, organic chicken meat marketing strategies by supermarket mangers, decision making to enhance organic food production by producers, in order to develop organic food industry.

• Environmental and Resource Economics Review
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• v.31 no.4
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• pp.619-644
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• 2022

The purpose of this study is to estimate the economic benefit of improving ground water quality in Jeju Island, where groundwater pollution has recently become a social issue and various water quality improvement projects are being promoted. By applying the contingent valuation method, an online survey was conducted on Jeju Island residents to analyze the response data of 542 respondents and estimate the mean willingness to pay using 16 models. The estimation of the double-bounded dichotomous choice model confirmed that each household was willing to pay 28,008 won per year, with the willingness to pay estimated at a minimum of 17,762 won and a maximum of 37,416 won based on different models. The total annual benefit for Jeju Island's ground water quality improvement was estimated to be about 8.66 billion won , and socioeconomic factors influencing willingness-to-pay were investigated. This study is expected to serve as a foundation for the development of environmental improvement policies by assisting in the understanding of Jeju Island's unique water resource environment.

• Journal of Korea Game Society
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• v.11 no.5
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• pp.31-41
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• 2011

To sustain the competitive edges in the online game industry, many publishers invest online game developers at early stages. However, the fair value of online game developers at early stages cannot be calculated with traditional valuation methods due to the high level of uncertainties in technology and market. Based on the literature reviews, we recommended real options analysis for the proper valuation methods of online game developers at early stages, and compared it with other methods using "Bluehole Studio" investment case. The case study result showed that real options analysis is better in explaining the market value as expected.

• Current Photovoltaic Research
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• v.11 no.4
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• pp.124-133
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• 2023

In order to deploy the large-scale energy storage (ES) service in the various industry, it is very important to develop a business model with high technological and economic feasibility through detailed valuation of cost and expected benefits. In relation to this, this paper established an optimal scheduling plan for electric vehicle charging stations connected with photovoltaic (PV) and ES technologies in Korea using the distributed energy resource valuation tool and analyzed the feasibility of the project. In addition, the impact of incentives such as REC (Renewable Energy Certificate) to be given to electric vehicle charging stations in accordance with the relevant laws to be revised in the future was analyzed. As a results, the methodology presented in this paper are expected to be used in various ways to analyze the feasibility of various business models linked to renewable energy and ES technologies as well as the electric vehicle market.

• Environmental and Resource Economics Review
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• v.16 no.1
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• pp.65-98
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• 2007

Wetland provides various environmental services as well as marketable goods to human society. This paper presents a meta-analysis of the wetland valuation studies conducted in Korea during the past decade. Meta-analysis is a technique of summarizing research results from the separate but related studies using statistical methods. The objectives of the paper is to identify the main factors affecting the wetland values and to examine the applicability of meta-regression analysis for summarizing the information from valuation studies of natural ecosystem. The total of 64 observations from 24 studies are assembled, and we observe significant differences in wetland values depending on the characteristics of the studies. With the statistical significance, our results indicate that the method employed affects the wetland values while the wetland function evaluated affects little. In addition, we found that the size of wetland is negatively associated with the values, implying that wetland values exhibit the decreasing returns to scale. The evidences from our empirical analysis suggest that the meta-analysis has a potential as a tool to synthesize the research results from valuation studies and to provide useful information to policy makers. However, this study acknowledges that more effort should be dedicated toward the construction of DB on valuation studies as well as the research on the model improvement to enhance the validity and reliability of meta-analysis.

• Environmental and Resource Economics Review
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• v.19 no.1
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• pp.101-127
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• 2010

The purpose of the research is to tackle proximity effects (PEs) when nonmarket valuation method CVM is applied to environmental goods such as tidal flats. 1,000 households are surveyed in the ratio of national household for the research. The sample are reclassified into five areas by 30-minute distance. Log-linear are used to analysis PEs in the research. On conclusion log-linear model regarding income effects proves that PEs are apparently represented in NMVMs(${\theta}_1$ >0. ${\theta}_2$ >0 and $dum1{\neq}0$, $dum2{\neq}0$, $dum3{\neq}0$, $dum4{\neq}0$) as a result of a 5 per cent significant level of t -test and F-test, finally rejecting the null hypothesis. In addition, WTP of area I respondents shows 26 per cent more then that of area V respondents, which is from \87,969 to \64,866 in the open-ended format. Finally, the research proves that the PEs in CVM are evidently represented with the econometric model, hence the PEs have to be embedded into the questionnaire of non-market valuation methods with the environmental goods to reduce the underestimation and improve the estimation accuracy.

• Information Systems Review
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• v.4 no.1
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• pp.69-87
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• 2002

As the society of knowledge becomes, the most competitive resource for corporations is knowledge. Furthermore corporations may evaluate and improve latent knowledge of `Intellectual Capital' (IC), which will be directly related with the existence of corporation in the future. Although it has been researched and proposed to evaluate IC value that is ignored relatively to tangible asset, the indexes of evaluating IC have never been examined and have been adopted by many corporations. Furthermore, as there is no systematic model to evaluate IC value, each corporation should re-evaluate IC valuation model. Economic wastes have been created under this situation. Therefore this study intends to develop a synthetic and systematic model for IC valuation. Consequently the model is consisted of 3 dimensions, 10 factors, 22 evaluation criteria, and 82 indexes, which was necessary for IC valuation. This model will be practically applied to IC valuation of corporations.

• Environmental and Resource Economics Review
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• v.5 no.2
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• pp.317-327
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• 1996

소비자예치금제를 도입하는 경우 적정예치금을 설정하기 위해서는 용기재활용에 따른 소비자 불편비용의 산출이 필요하다. 본 논문에서는 폐음료용기에 의한 외부효과를 내재화하는 정책적 수단의 하나인 소비자예치금제 동에서 소비자의 용기반환에 따른 불편비용을 추정하는 방법 및 실험적 분석결과를 제시하였다. 비시장재화의 가치평가에 널리 응용되고 있는 가상적 가치평가법(Contigent Valuation Method)을 이용하여 용기반환시 보상받고자 하는 수취의사액, 즉 불편비용에 상응하는 액수를 추정한 결과 용기반환장소 까지의 거리가 멀어짐에 따라 소비자의 불편비용은 증가하고 용기 하나당 평균 16원의 불편비용이 발생하는 것으로 나타났다.

• Environmental and Resource Economics Review
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• v.12 no.1
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• pp.1-27
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• 2003

Urban forests have various environmental benefits, contributing to the quality of urban life. However, these values have been underestimated or never been reflected in the urban development planning in Korea. As a result, a number of forests in urban areas were either partly or wholly destroyed without their public's values being assessed explicitly. The objective of this paper is to estimate the economic benefits attached to Mt. Kwanggyo in the Capital Region using contingent valuation method, aiming to provide policy-makers with useful information to make an informed public decision in urban development planning. The survey was carefully designed and implemented to meet a number of recommendation rules suggested in the literature. The overall results show that the respondents well accepted the contingent market and would be willing to pay a significant amount for the proposed program of conserving the mountain. Total economic benefits for the population amounted to approximately 3.8 billion Korean won per year. This quantitative information can be used in cost-benefit analysis of urban development plans.

• Environmental and Resource Economics Review
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• v.14 no.4
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• pp.943-964
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• 2005

This study estimated a wide range of stochastic process models using the frameworks of CKLS (1992) and Nowman and Wang (2001). For empirical analysis, the GMM estimation procedure is adopted for the monthly Brent crude oil prices from January 1996 to January 2005. Using the simulated price series, European call option premiums were calculated and compared each other. The empirical results suggest that the crude oil price has a strong dependency of volatility on the price level. Contrary to the results of previous related studies, it shows a weak tendency of mean reversion. In addition, the models provide different implications for pricing derivatives on crude oil.