• Journal of the Korean Society of Fisheries and Ocean Technology
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• v.46 no.3
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• pp.265-275
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• 2010

The main purpose of this study is to estimate willingness to pay (WTP) by the general publics, assuming that they pay tax or charge for protecting marine living resources and environment through developing and supplying biodegradable fishing nets. This study employed a contingent valuation method (CVM) which is an econometric method. The survey was conducted by using both double-bounded dichotomous choice and open-ended survey. Tobit model was used for the analysis. The variables included concerns about marine environment and fishing net discarded, sex, age profile, number of family members, educational level and personal disposable income. Annual average WTP per family for the biodegradable fishing net development and supply was estimated at 5,294 won and national WTP amounted to some 84.2 billion won. This includes both of use and non-use value of biodegradable fishing nets.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.9
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• pp.229-239
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• 2022

The primary objective of the current study is to ascertain the effect of transparency and disclosure (T&D) on the value of banks operating in the Indian banking sector. It also includes finding the moderating impact of financial distress (FD) and environmental, social, and governance (ESG) on the association between T&D and the valuation of banks. The study employs Panel data analysis (PDA) to analyze data and produce novel results thereafter. The authors of the study have considered using data of secondary nature which is sourced from banks operating in the Indian banking industry. Data in the current study has been considered for ten financial years, i.e., 2010 to 2019. The results reveal that T&D positively impacts a firm's valuation. We have also found evidence that financial distress and ESG (Environmental, Social, and Governance) significantly impact the value of firms under the influence of T&D. As far as we are aware, no study of this kind has been done yet in any developing nation to determine the effect that T&D, FD, and ESG have on the value of Indian banks. This paper can help future researchers in their respective studies that will involve the study variables (FD, T&D, and ESG).

• Journal of Biosystems Engineering
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• v.26 no.4
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• pp.363-370
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• 2001

This study intended to estimate the willingness-to-pay amount by farmers for the automatic guidance technology of Combine. Contingent Valuation Method was employed for this estimation using survey data from 65 Combine using farmers. Based on the dichotomous choice model, farmers’willingness-to-pay for the automatic guidance technology was ranged from ￦4,772,000(median) to ￦5,268,000(mean). The estimated willingness-to-pay by the for the new technology was approximately one quarter of the average value based on the willingness-to-pay for the new technology was approximately one quarter of the average value of Combine in sample farms. This implies that there is an economic rationals for developing the new technology as long as it will be available with the cost less than the amount of estimated willingness-to-pay.

• IE interfaces
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• v.18 no.2
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• pp.184-192
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• 2005

In recent research there has been intense interest in understanding how real option valuation (ROV) approaches might usefully complement conventional discounted cash flow (DCF) techniques. However, investment decision makers in a real world have been worried about adopting the ROV approaches mainly because of difficulty in technically understanding the theory of the ROV approaches as indicated by many researchers. With this difficulty in mind, we propose the opportunity cost model as another discrete-time model to value a deferral option. The main advantage of observing a real options value in terms of the opportunity cost concept is to provide a technique for practitioners to estimate a wide range of real options values without sticking to a financial option modelling. The fundamental ground for developing the opportunity cost model proposed in this paper lies in the work of dissecting the structure of the real options value into three categories: capital gain, expected opportunity loss, and expected opportunity gain. At the end of the paper, we will present a short illustrative example to demonstrate the applicability of the model.

• Journal of Korean Society of Forest Science
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• v.97 no.3
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• pp.274-284
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• 2008

For forest valuation, various input data were generally required: for example, slope, timber stocks, logging costs, hauling costs, market values of timber, afforestation costs, thinning costs, and so on. To enhance the efficiency of forest valuation process, it would be helpful to guide how and where to acquire such data sets. Moreover, to make an appraisal of timber assets through the Forestry Household Economy Survey, it would be inevitable to use standardized input data by region or tree species. Therefore, this research intended to develop a methodology of standardizing each input data, and to present its available data sources. Also, a guidance was presented to explain how to control input data within the appraisal process. Then, the appraisal process were analyzed and summarized in four types of information such as system flowchart, process flowcharts, detail flowcharts, and skimmer data, which are essential elements in developing an appraisal software, named EnVAST (Engine of Valuation System for Timber Assets). The software was designed to generate 'the standard forest valuation table' by species and province as the final output that is applicable for the forest valuation through the Forestry Household Economy Survey in Korea.

• Journal of Korea Technology Innovation Society
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• v.16 no.1
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• pp.20-40
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• 2013

A project of developing marine environmental risk assesment and management technology was proposed to improve the level of marine environmental management research. This paper attempts to measure the non-market benefits of the project. To this end, the dichotomous choice contingent valuation method is used. In particular, recently proposed one and one-half bounded model is applied. The model can reduce the potential for response bias comparing to the double bounded model while maintaining much of its efficiency. Moreover, in order to deal with zero WTP observations, a spike model is adjusted for our data. A survey of randomly selected 600 households was implemented and the respondents were asked in person-to-person interviews about how they would be willing to pay for implementing the project. Respondents overall accepted the contingent market and were willing to contribute a significant amount (2,663 won), on average, per household per year. The aggregate value of the project in the nation amounts to approximately 46.3 billion won per year. The figure 2.16 of cost-benefit ratio shows that economic validity of this technical development.

• Journal of Korea Water Resources Association
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• v.43 no.9
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• pp.835-842
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• 2010

This paper attempts to examine households' willingness to pay (WTP) for ground water pollution improvement which can be used in cost-benefit analysis on the project for developing the soil pollution control technique. We applied a contingent valuation (CV) method to obtain at least a preliminary evaluation of the WTP. The CV survey was rigorously designed to comply with the guidelines for best-practiced CV studies. We surveyed a randomly selected sample of 500 households in Seoul metropolitan area and asked respondents questions in person-to-person interviews about how they would be willing to pay for the program. Respondents overall accepted the contingent market and were willing to contribute a significant amount (1,195 to 1,552 won), on average, per household per year. The aggregate value of the project for developing the soil pollution control technique amounts to approximately 20.3 billion won per year. The household values can be the benefits that ensue from the project and compared with the costs of the program to determine whether the project is economically desirable.

• Journal of Korean Society of Rural Planning
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• v.20 no.3
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• pp.101-110
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• 2014

As a rise in national income has resulted in the growth in tourism demand, many studies on developing and managing tourism resources were publicized. In this context, this study was conducted to analyze the demand and willingness to pay(WTP) using contingent valuation method for agricultural experience of Daegu Urban Agriculture Park and to suggest a proper participation fee. The survey targeting Daegu citizens was performed, and we obtained 346 valid samples. We carried out the logistic analysis and figured out that sex, age, education and alienation area for urban agriculture affected to probability of agricultural experience participation. As the result of estimating willingness to pay(WTP), the measured range with this samples was from 6,052 to 16,436won. Finally, we also attained 25,000won as the proper participation fee which enables maximum revenue by conducting the scenario analysis. These findings are important in setting up the construction plan and pricing the appropriate participation fee for Daegu Urban Agriculture Park.

• Health Policy and Management
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• v.26 no.4
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• pp.352-358
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• 2016

Summary measures of population health (SMPHs) have been used to estimate the burden of diseases. Among various type of SMPHs, disability adjusted life year (DALY) and healthy life expectancy (HALE) have been calculated in the global and national burden of disease studies. In order to calculate DALY and HALE, disability weight is an essential element. Disability weights quantify the level of disability for health states or diseases and have values between 0 (full health) to 1 (being dead). In this study, we reviewed the main disability weights studies and determined their meaning and limitations. Furthermore, we provided the whole process of typical disability weight study and reviewed key issues as follows: health state or disease description development, panel composition, valuation method, validation of disability weight, cross-cultural variability in health state or disease, and so on. The results from this study will be helpful to conduct future disability weight studies for adapting disability weights and developing new methodologies.

• Journal of Korea Technology Innovation Society
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• v.7 no.3
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• pp.657-679
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• 2004

The purpose of this paper is to measure economic impact of marine environment conservation research development project. Benefit-Cost(B/C) analysis and Contingent Valuation Methods(CVM) are used to valuate the benefits from the research development projects. A period of three years for research development fund is considered as a part of the costs and adjusted to the net present value (NPV) of the 2002 ending period. The environmental charges for marine environment improvement are considered for the benefit measurement. The benefits are estimated by using monthly average willingness to pay, which is 2,289 Korean won. The contribution of the developing a management model for environmental pollution in the Gwangyang Bay is evaluated utilizing survey data and information. Based on the assessment by expert groups, the contribution of the model was 37.5％. The research results showed that B/C ratio is 20.61, NPV is 89,200 million Korean won, and social rate of return is 185.7％. When the level of contribution is over 1.83％ at the assessment of potential influence, it is recognized to be economically feasible. This research presents a quantitative framework for Research and Development projects for marine environment conservation, and it can be applied to decision making for the investment size of R&D projects.