• Environmental and Resource Economics Review
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• v.16 no.4
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• pp.873-900
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• 2007

Non-market valuation studies tend to assume that individual households have homogeneous preferences for a non-market good to value. However, since the preferences for non-market goods, especially environmental goods are more likely to be heterogeneous by nature, it may be more appropriate to assume heterogeneous preferences for non-market goods, which may in turn may lead to reduced biases in the WTP estimation. This study investigate the extent to which individual households have heterogeneous preferences for reduced concentrations of radon, a radioactive indoor air pollutant, for road safety, and for nuclear power safety. We also analyze the effect of heterogeneity assumption on the results of model and WTP estimation. Using the choice experiments and mixed logit models, we found that allowing for heterogeneous preferences improved model fitness and that there existed heterogeneous preferences for both reduced radon concentration and road safety, albeit not for nuclear power safety. The mean WTP for reduced radon concentrations and road safety increased by factors of 2.44 and l.74 respectively with the models allowing for heterogeneous preferences.

• The Journal of Fisheries Business Administration
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• v.47 no.4
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• pp.45-55
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• 2016

The purpose of this study is to estimate the utility value of boat fishing experience marine tourism activity in Jeju Island's Chagwido. The utility value is estimated by single bounded and double-bounded dichotomous choice contingent valuation method. The contingent valuation method is used to estimate economic values for all kinds of coastal ecosystem services. The method involves directly asking people, in a survey, how much they would be willing to pay for specific environmental services. So, the method has great flexibility, allowing valuation of a wider variety of non-market goods and services than is possible with any other non-market valuation technique. This study collects the effective 504 questionnaires from boat fishing experience tourists in Jeju Island's Chagwido. The results show that the average willingness to pay amount(WTP) is estimated to be about 17,000 Korea won by single bounded and double-bounded dichotomous choice contingent valuation method. This indicates that the utility value of boat fishing experience marine tourism activity is estimated to be about 17,000 Korea won in Jeju Island's Chagwido.

• Ocean and Polar Research
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• v.34 no.2
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• pp.175-183
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• 2012

A project to build a large oceanographic research ship was proposed to improve the level of ocean 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, the recently proposed one and one-half bounded model is applied. The model can reduce the potential for response bias compared 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 500 randomly selected households was implemented in the Metropolitan area. The respondents were asked in person-to-person interviews about how they would be willing to pay for implementing the project. Overall, respondents accepted the contingent market, and were willing to contribute a significant amount (3,244 won), on average, per household per year. The aggregate value of the project nationwide would amount to approximately 40.1 billion won per year.

• Ocean and Polar Research
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• v.33 no.3
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• pp.223-233
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• 2011

The Korean government has acknowledged the importance of Dokdo Island and has consequently taken various measures for the effective management of it. There has, however, been little quantitative information about the value of Dokdo Island and this study, therefore, attempts to assess the Islands non-market value. To this end, this study estimated the non-market value by MAUT/CVM. The non-market value estimated by MAUT/CVM includes historic value, military value, ecological value, and geological value. According to the results, the values calculated by the price in market is about 10.37 trillion won and the values estimated by MAUT/CVM is about 1.72 trillion won annually.

• Korean Management Science Review
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• v.17 no.3
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• pp.61-71
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• 2000

Due to the potential growing capability that reflects future value, the market value of internet business companies (IB) are still evaluated high although major players like Amazon continuously suffer losses. Then, how do investors valuate the potential growing capabilities given that traditional financial/accounting based valuation approaches seem to be inappropriate for IB. This study attempts to provide an answer to this issue. We, therefore, analyzed the predictability of various accounting and non-accounting variables for IB value. These include book value, net income, unique visitors, page view, reach rate, public float and institutional holdings. Because of being in infant stage and difficulties in obtaining necessary web traffic data, sample of 20 pure IB were selected from Korea Stock Exchange Market, KOSDAQ, and informal market. The results of this study showed that web traffic date had the strongest relationship with IB value. In particular, unique visitors and reach rate were found to be best predictors for IB value while page view was reasonable indicator. Interestingly, net income was not found to related to IB value. This calls for an attention to the typical characteristics of IB that my hinder the usage of traditional valuation approaches for IB. Another results revealed that none of both public float and institutional holdings was significantly associated with IB value, indicating market’s supply-demand factors were less important than traffic information.

• Proceedings of the CALSEC Conference
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• 2005.03a
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• pp.293-298
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• 2005

This paper is a study on the model that measures economic values for the non-market properties of e-Business. For development of this model, first of all, we reviewed the properties of e-Business service, and looked around the relation between customer satisfaction and/or payment value and e-Business properties. In addition, we checked the method to measure economic values of these properties. This measurement method is the contingent valuation method which is a method of measuring the value of the environmental product. We modified it to adapt to the e-Business. Finally, in this paper, we proposed an economic value model which measures the value of willingness to pay(WTP) to our objectives. However, there could be some restrictions at the time when surveying empirically. Therefore, the succeeding study should be done in order to improve these restrictions some day.

• Asia pacific journal of information systems
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• v.15 no.4
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• pp.165-192
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• 2005

This study introduces how to estimate the monetary value of intellectual capital of a public research institute by incorporating a non-market valuation technique, the choice experiments(CE). CE is a survey-based environmental valuation technique that has increasingly been popular over the last decade. The members of institute E, a typical type of public research institutes in Korea, were surveyed, before the data were fit to the conditional logit and mixed logit models. The total value of the institute's intellectual capital was estimated at approximately W3,377 billion for the year 2003. The institute's human, structural and relational capitals that comprise the intellectual capital were estimated at W18.7 billion, W10.7 billion and W4.4 billion respectively, for each of the components' index values improving by 1%. The human capital was placed a higher value than the other two. The study also shows that CE is a flexible technique that enables the researcher to estimate the monetary value of the intellectual capital whatever the index values of the component capitals and to interpret model estimation results more in depth by incorporating the mixed logit, a state-of-the-art discrete choice model, than the conventional conditional logic.

• Journal of Venture Innovation
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• v.2 no.2
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• pp.127-140
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• 2019

A stock valuation on the tax law is based on the valuation by market price. But, unlike the listed stocks, the unlisted stocks mostly have the unclear market price. Accordingly, it is necessary to calculate the fair value which corresponds to the market price. The purpose of this paper is to examine the appropriateness of the complementary valuation method in the Inheritance Tax and Gift Tax Act and to provide suggestions for improvement. This study is intended to provide the problems and solutions relating to the valuation of unlisted stocks through analysis of foreign legal systems and actual disputes. When the actual profit/loss data are used to calculate the net profit/loss value on the present regulations, it has the different weight on the latest 3 years' net profits and losses uniformly. Therefore, to extend the range of unlisted stocks valuation and to show the independent and high professionalism of appraisal council not the subsidy appraisal agency of the National Tax Service, it is necessary to change the current rule that the commissioner of the National Tax Service unilaterally appoints the private members into the method of public offering.

• Environmental and Resource Economics Review
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• v.17 no.2
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• pp.349-379
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• 2008

Otters which are the nearly extinct feral animal as well as indicator species of ecological balance of river have a wide variety of public value. The objective of this paper is to estimate non-market value of preservation of otters' habitats in Cheongju Si and Cheong won Gun. In this research, the one-and-one-half bound dichotomize choice method as a contingent valuation methods is used to derive willingness to pay for the preservation of otters' habitats. 311 residents were surveyed to determine their recognition and willingness to pay for preservation of otters' habitats. The results show that the value of preservation of otters' habitats is 5,904 won per house and month.

• Journal of Industrial Convergence
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• v.15 no.2
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• pp.17-26
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• 2017

In light of the fact that the effect of intellectual property rights like patent on enterprise competitiveness is growing, rational valuation of patent rights, which are own by enterprises, is required because accurate patent valuation can bring about the activation of the technology exchange market and enhancing the values of enterprises as well as the security of funds through technology security. However, in reality, interest in the value of patent rights is not great due to many variables, affecting patent rights, and diverse attributes, and non-generalized methods of valuation. Therefore, studies on patent valuation for patent management of Small and Medium Enterprises is required. This thesis examined patent valuation for the patent management of Small and Medium Enterprises based on literature studies, and attempted to find factors, affecting patent valuation by finding patent valuation factors through experts, organizing, and analyzing these factors. 10 essential factors, which are demonstrated in this research, are the commercialization possibilities of technology, market competitiveness, the possibility of technology commercialization, market size, the originality of acquired technology, the stability of the right(the possibility of invalidating), the level of technology, technology competitiveness, the ripple effect of technology, and the characteristics of technology(original technology/application technology).