Korean Journal of Environment and Ecology (한국환경생태학회지)

Korean Society of Environment and Ecology (한국환경생태학회)
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Measuring the Economic Value of Restoring Hampyeong Stream Space

  • Lee, Hee-Chan (College of Hospitality and Tourism, Sejong Univ.) ;
  • Leem, Joo-Whan (College of Hospitality and Tourism, Sejong Univ.) ;
  • Kim, Kyu-Ho (Korea Institute of Civil Engineering and Building Technology)
  • Received : 2015.02.05
  • Accepted : 2015.04.08
  • Published : 2015.04.30
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Abstract

The objective of this study is to evaluate the spatial restoration of Hampyeong Stream and to analyze the determinants of demand for the multi-functionalities of the stream. A Contingent Valuation Method (CVM) was used to estimate the multi-functional public benefits of restored stream area, and major determinants were scrutinized by establishing a demand model. The research data was collected by conducting a survey intended for Hampyeong's local residents, resulting in 284 valid samples. In terms of determinants that affect willingness to pay (WTP), 'physical factor of waterfront area' and 'experience factor of stream space' showed a significantly positive influence on WTP. As a result of applying a double-bounded CVM, the willingness to pay for the restored Hampyeong Stream area indicated a potential contribution of 22,523 won (17,362~27,459 won, 95% confidence interval). When multiplying the number of households in Hampyeong-gun, the total annual value of Hampyeong Stream spatial restoration is approximately 302million won.

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References

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