• Ocean and Polar Research
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• v.26 no.1
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• pp.77-86
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• 2004

The paper is to estimate the economic value of ecotourism in Anmyeondo tidal wetlands using a double-bounded dichotomous choice (DBDC) model of the Contingent Valuation Method (CVM). For the reliability and the validity of CVM a survey was conducted for 511 visitors by personal interview method in Anmyeondo during August 2000, and respondents were asked for maximum Willingness-To-Pay (WTP) to buy a ticket fer the tidal flat's ecotourism. Overall, respondents answered that they would be willing to pay 55,879 won for a ticket under the study. All equations and results estimated are statistically significant at the 1% or 5% level. For the aggregation of WTP estimates, the sample values are extended to the total annual number of visitors in Anmyeondo area during 1998. A conservative estimate, which considers the calibration factor (0.5) recommended by NOAA (1994) and a positive response rate (83.17%), is 73 billion won.

• Korean Journal of Agricultural Science
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• v.43 no.2
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• pp.275-287
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• 2016

This study attempts to estimate the benefits of using water ensuing from the Chilgap multipurpose reservoir for environmental improvement. The contingent valuation method (CVM) was used to elicit the willingness to pay (WTP) for providing environmental improvement water from the Chilgap reservoir to Daechi-stream and Ji-stream. The DCDB (double-bound dichotomous choice) survey method was used to collect data for the analysis. Due to the usually high cost of increasing the sample size, the use of follow-up questions was implemented as an inexpensive method of improving the efficiency of the estimation. A spike model was used in this study because a number of respondents showed zero WTP. The spike model can be estimated as easily as the conventional model. Results show that the average annual household's WTP is 4,516 won using the conventional model and 8,644 won using the spike model. Applying the estimated average annual household's WTP to the Chungnam and Daejeon regional levels, the benefits of environmental improvement water from the Chilgap reservoir is estimated at 11.9 billion won per year. The temporal benefits of providing water for environmental improvement, for a 50-year period at a 6.0% discount rate, is estimated at about 190 billion won in the Chungnam and Daejeon areas. These results could be useful especially when the government tries to determine an appropriate level of investment and to make a policy related to providing environmental improvement water.

• Asian Journal of Innovation and Policy
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• v.5 no.2
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• pp.208-224
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• 2016

The Korean government considers expanding the WtE share of total energy from 1% to 5% by 2020 through research and development (R&D) in waste-to-energy (WtE) technologies. This study attempts to measure the external benefits of investing in R&D in these technologies. To this end, a contingent valuation (CV) is employed. More specifically, a 2016 national survey of randomly selected 1,000 households was carried out across the nation to gauge the willingness to pay (WTP) for the investment. One-and-one-half-bounded dichotomous choice question was used in the CV survey, and the spike model was applied to dealing with zero WTP responses. The mean yearly WTP is estimated to be KRW 4,175 (USD 3.57) per household, which is statistically significant at the 1% level. Expanding the value to the entire nation translates into an investment of about KRW 79.1 billion (USD 67.6 million), which can be interpreted as the annual external benefit of the R&D investment in WtE technology.

• Journal of Korean Society of Rural Planning
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• v.13 no.4
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• pp.23-30
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• 2007

The purpose of this paper is to estimate economic value of multi-functionality roles including landscape and so on, which grassland in Jeju possesses, using Dichotomous Choice Contingent Valuation Method (DC-CVM). Grassland is life cultural heritance of regional residents in Jeju. It has functions like development of favorable landscapes, maintenance of cultural heritage, and recreation/relaxation. Expectation from regional visitors shows that the existence and inheritance value of grassland is higher than we expected. According to the research that we had done from the people that had agreed to contribute grassland. moreover the public commercial value of grassland was not only $397{\sim}419$ billion won but also it will increase an economic gain in every year in Jeju. Therefore, preserving grassland that has multi-functional roles and values can lead to huge economic value in the future in Jeju. Moreover, farm households which are located in the grassland conservation area would be supported $15{\sim}31$ billion won in every year for grassland conservation but it is only $4{\sim}8%$ of the economic value of grassland i.e. $3,971{\sim}4190$ billion won. Thus, grassland preservation policy and plan can raise green-tour commercial value of Jeju area as a long-term inside measurement. Those will have to be propelled continuously.

• Journal of Information Technology Services
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• v.17 no.4
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• pp.151-162
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• 2018

Blockchain can be highly secured by design and efficient for huge data so that many researchers and practitioners have been interested in blockchain in nature. The principles and applications of blockchain have been investigated by numerous studies and projects, however little is coincident regarding estimating about security investors' additional willingness to pay (WTP) and analyzing relationship with socio-economic characteristics of the investor for blockchain in the securities industry. This study surveyed on 1,000 heads of the household or homemakers that represents population well and estimated additional WTP using one-and-one-half-bounded (OOHB) dichotomous choice (DC) contingent valuation (CV) method. About 63% of respondents had additional WTP for blockchain. The mean WTP was KRW 48,206.92 and the median WTP was KRW 30,967.76. In addition to, the people who are high-income, highly-educated and having more financial asset were more likely to pay extra for their utility from using blockchain. The aggregated additional WTP was about 13% of the 2017 fiscal net income of the security industry. Consequently using blockchain, the strategic developing of securities targeting high-income, highly educated investors having more financial assets can increase commission income, which in turn can increase the company's revenues.

• Journal of Korean Society for Quality Management
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• v.49 no.2
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• pp.161-170
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• 2021

Purpose: The purpose of this study was to evaluate the economic value of installing public Energy storage system (ESS) facilities using a logit regression analysis and Contingent Valuation Method (CVM). We focused mainly on the environmental benefits of ESS and analyzed how the users' attitude toward environmental protection and knowledge of renewable energy affect their Willingness to pay (WTP) Methods: A single-bounded dichotomous choice (SBDC) survey was used to collect the data. We asked participants whether they are willing to pay a randomly presented cost (KRW 100, 500, 1000, 1500, 2000, 2500, 5000, 10000) along with their attitude to toward environmental protection, knowledge of renewable energy, and perceived cost of electric bill. 417 valid samples were collected and used for the analysis. Results: The results of the logit regression show that the initial bid, attitude toward environmental protection, knowledge of renewable energy, and perceived cost of electric bill significantly affect the user's WTP of public ESS facilities. The CVM results show that users are willing to pay KRW 5,049.1/month to install ESS facilities. Conclusion: : According to results, we conclude that the users agree with the need to install ESSs and that environmental benefits of ESSs are important factors for ESS adoption. Therefore, policy makers need to emphasize environmental aspects to install the ESS facilities.

• Journal of Distribution Science
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• v.20 no.10
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• pp.19-29
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• 2022

Purpose: This study was conducted to gauge the economic evaluation and sample distribution of conserving the Belum Royal State Park (BRSP) in Perak, Malaysia and to identify factors influencing its use by the community. This study aims to examine community perception on the conservation of the Belum Royal State Park (BRSP) and maximum community's willingness to pay for park entry permits fees. Research design, data and methodology: A questionnaire survey was conducted involving a total of 280 respondents. The study adopted the Dichotomous Choice Contingent Valuation Approach (DC-CVM) and the Logistic Model, to estimate the maximum community's willingness to pay for park entry permits fees. Results: The results established that the factors of respondent's occupation, income, ecotourism influence on the BRSP and maximum entry price, significantly influenced visitors' decision on community's willingness to pay. The average community's willingness to pay was RM9.68 per person. Conclusions: In conclusion, surveillance and patrols in protected areas should be expanded. The extra expense for ensuring safety can be offset through income from ecotourism that should also benefit the local community on economic evaluation and equal distribution on the BRSP.

• The Journal of The Korea Institute of Intelligent Transport Systems
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• v.11 no.5
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• pp.46-55
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• 2012

This study proposes an estimate method of willingness to pay(WTP) for real-time route guidance systems using contingent valuation method(CVM) under double bounded dichotomous choice question(DBDCQ) and analysis for impact factors of WTP estimation. This study assumed that provided real-time traffic information service is optimal route concepts dealing with traffic conditions on origin-destination. Analysis targets were classified into two groups as short distance path and middle distance path for estimating WTP for realtime route guidance system in a year using the survival analysis method and the regression model with personal information, actual condition and satisfaction of information usage and users' awareness and usage of facilities. As a result, mean WTP of realtime route guidance system is 4,034won/year in short distance path, and 4,884won/year in middle distance path. Therefore real-time route guidance system for longer distance path is recognized as more valuable than shorter distance path. Moreover, the necessity of information was required on a higher income group and higher WTP was estimated on owners of vehicle group and lower awareness of a route group.

• Journal of Korean Society of Transportation
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• v.29 no.3
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• pp.61-72
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• 2011

In the benefits of ITS, there are intangible gains from real-time traffic information as well as classical gains such as travel time saving. These intangible gains are difficult to be estimated by existing transportation investment appraisal commonly used in SOC investment. The major reason is not because of the absence of methodology but because of the absence of generalized values of particular benefits from real time traffic information. This research explores the value of real-time traffic information on VMS that is the most representative of ITS services, by using CVM with Double Bounded Dichotomous Choice Question. Willingness-To-Pay (WTP) functions of drivers are built with survival functions using various types of probability distribution functions such as Exponential, Log-logistic, and Weibull functions. The results reveal that Log-logistic distribution is the most appropriate distribution model to estimate WTP, and the estimated coefficients are stable through LR (Likelihood Ratio) test. For the further study, it is recommended to perform statistical tests of temporal and spatial transferability that is not examined in this research due to the lack of data.

• Journal of the Korean Society of Marine Environment & Safety
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• v.20 no.2
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• pp.130-142
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• 2014

The Korean government is considering implementation of the marine ecosystem restoration technology program (MERTP) to analyze the current status of the marine ecosystems and causes for the ecosystem deterioration as well as to eventually establish a master strategic plan for restoring ecosystem functions and preventing ecosystem functional loss. In order to determine likelihood of successful implementation, it is essential to perform an analysis of the economic feasibility of the program. The present study assessed economic feasibility of the MERTP. To this end, the dichotomous choice contingent valuation (CV) method is used. In particular, dichotomous choice (DC) format is employed as a method of eliciting willingness-to-pay (WTP) response to incentive-compatible mechanisms. The study also employed the spike model to deal with zero WTP responses from the DC CV survey. This survey of 1,000 randomly selected households in accordance with the guidelines provided by the National Oceanic and Atmospheric Administration (USA) was carried out nationwide in 2013. And, the respondents were asked in person-to-person interviews about their WTP for implementing the MERTP. The results showed that the annual mean WTP was estimated to be 5,414 won per household. Consequently, the annual benefit from the MERTP would be about 98.6 billion won for the next five years. Economic feasibility assessment utilizing the MERTP investment cost and expansion cost of the value provided that net present value, benefit/cost ratio, and internal rate of return are 337.8 billion won, 5.20, and 65.9 %, respectively, which are bigger than 0, 1.0, and 5.5 %, and that the MERTP passes the cost-benefit analysis.