• The Journal of The Korea Institute of Intelligent Transport Systems
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• v.14 no.1
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• pp.103-111
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• 2015

The purpose of this study is to estimate the appropriate Demand Responsive Transport (DRT) fare for bus users upon introduction of the system, which is to improve ridership on economically non-profitable routes and to conform to the mobility right of those living in presently non-serviced rural areas. For this, a stated preference (SP) survey was adopted to assess respondents' preferences regarding DRT introduction, while the contingent valuation method (CVM) was used to calculate their willingness to pay (WTP) for DRT services. The analysis results show that, compared to the existing bus services with a 1,000 won bus fare, the value of DRT is considered to be 38.85%, 31.03% and 30.12% higher in terms of overall assessment, usability and convenience, respectively. The results of this study are expected to facilitate the decision making aimed at setting the appropriate DRT fare and implementing a DRT system that meets sustainability requirements.

• Journal of agriculture & life science
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• v.44 no.3
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• pp.89-97
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• 2010

In the contingent valuation method (CVM) survey, we employed double-bounded discrete choice (DBDC) question to investigate the willingness to pay (WTP). The estimation results for the bivariate logit model show that respondents are willing to pay 329,256 won per year. The model with covariate variables suggests that the covariate effects help describe behavioral or preference tendencies. Double-bounded models increase efficiency over single dichotomous choice models, because the answers yes-no or no-yes yield clear bounds on WTP.

• Journal of the Architectural Institute of Korea Planning & Design
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• v.36 no.3
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• pp.13-20
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• 2020

The purpose of this study is to analyze the fuzzy pattern that is reflected on the inside of the value evaluator in measuring the economic value of architectural aesthetic using the fuzzy-contingent valuation method. The main results of analyzing the relationship between architectural aesthetic and fuzzy patterns by typing 307 fuzzy patterns collected from visitors at Dongdaemun Design Plaza are as follows: First, low levels of architectural aesthetic can be a primary cause of extreme refusal of payment. However, it was confirmed that the extreme refusal of payment could partially involve mentality of free-ride on public goods or mentality that would not give value to past events that are not future. Second, if the architectural aesthetic score is 77.5, the most perfect form of fuzzy pattern is formed. It is confirmed that the fuzzy form, which is the standard in the relationship between architectural aesthetic and money value, is made at 77.5 points. This means that it is most efficient to have 77.5 points of architectural aesthetic to secure balanced data by membership in the study of architectural aesthetic value measurement through fuzzy pattern. Third, according to the architectural aesthetic score, respondents can be interpreted as follows: no monetary willingness arises before or after 52.4, starts to respond to the amount before and after 65.6, severe conflict over payments around 70.6~71.7, stronger willingness to pay around 77.6, want to pay for sure around 80.0.

• Journal of Korea Port Economic Association
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• v.39 no.1
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• pp.35-46
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• 2023

This study was conducted to evaluating the willingness to pay for marine leisure ships through a contingent valuation method that can estimate the value of non-market economy. The questionnaire adopted a double-bound dichotomous choice Model and the variables for evaluating the amount of willingness to pay consisted of demographic variables and respondent behavior variables, and related information verified through previous studies. As a result of collecting and analyzing a total of 309 questionnaires, the amount of willingness to pay for marine leisure ships was estimated to be 25,510 won. In addition, significant variables affecting the amount of willingness to pay were the experience of visiting the island, satisfaction with the introduction of new maritime transportation, and intention to revisit the island. Through this study, it can be used as a basis for evaluating the economic value of new maritime transportation by estimating the willingness to pay for marine leisure ships using the contingent valuation method.

• 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.

• Korea Science and Art Forum
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• v.35
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• pp.461-471
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• 2018

This study aims to determine the value of the willingness to pay(WTP) admission fees through surveying the level at which visitors to national science museums in Korea are willing to pay for admission fees. The determination helps objectively identify ways to substantially increase admission-based revenues, thereby enhancing managerial efficiency of national science museums. Using the contingent valuation method(CVM), we analyzed the WTP for admission fees of 250 visitors to Gwacheon National Science Museum. The statistical analysis revealed that the average amount of WTP was far higher than the current admission fees(4,000 won for adults and 2,000 won for children and adolescents). WTP of questionnaire respondents was normally distributed at the mean of 8,447 won for adult admission and 6,535 won for non-adult admission to Gwacheon National Science Museum. This result can be used as basic evidence to redetermine admission fees of national science museums and ultimately improve financial vitality.

• Journal of Korean Institute of Industrial Engineers
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• v.41 no.2
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• pp.150-161
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• 2015

This paper proposes a new approach to technology valuation, the market-replacement cost approach which integrates the cost-based approach and market-based approach. The proposed approach estimates the market-replacement cost of a target technology using R&D costs of similar R&D projects previously conducted. Similar R&D projects are extracted from project database based on document similarity between project proposals and technology description of the target technology. R&D costs of similar R&D projects are adjusted by mirroring the rate of technological obsolescence and inflation. Market-replacement cost of the technology is then derived by calculating the weighted average of adjusted costs and similarity values of similar R&D projects. A case of "Prevention method and system for the diffusion of mobile malicious code" is presented to illustrate the proposed approach.

• Journal of the Korean Society for information Management
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• v.17 no.2
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• pp.7-18
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• 2000

In this paper, we have tried to evaluate the economic value of technological information. Toward this aim, we have adopted the newly emerging method of contingent valuation which capitalizes on the direct survey through users. The estimated result indicates the strong support for the public activities to provide and diffuse technological information. We also tried to shed light on the implications of the research finding for government technology policy.

• The Journal of Asian Finance, Economics and Business
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• v.6 no.4
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• pp.83-90
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• 2019

The purpose of this study is to test the effect of business strategy on valuation error. Business strategy includes managerial decision making and managerial tendency. In previous research, there is a negative relationship between business strategy and accounting quality. In this study, we try to confirm whether strategy tendencies affected valuation errors. In order to confirm empirically between business strategy and overvaluation, we use 8,117 firms that between 2006 and 2017 and listed in KSE and KOSDAQ. We calculated business strategy which is introduced by Bentley, Omer, and Sharp (2013). We also used the overvaluation method introduced in Rhodes-Kropf, Robinson, and Viswanathan (2005). The results show that the more the leading business strategy is, the greater the value error becomes. In the case of dividing into leading and defensive companies, the lead firms showed a significant positive correlation with the valuation errors, while the defensive firms showed the negative relationship with overvaluation. This study examined the business strategy and the overvaluation. we confirmed whether the management strategy deepens the evaluation error caused by the firm characteristics. The results are meaningful that we extended the study on the quality of financial reporting of leading strategic firms.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.1
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• pp.29-36
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• 2020

Stock price multiple is one of the most well-known equity valuation technique used to forecast equity price. It measures by multiplying "the ratio of stock price to a value driver" by a value driver. The value driver can be earning per share (EPS), sales or other financial measurements. The objective of price multiple technique is to evaluate the value of assets and compare how similar assets are priced in the market. Although stock price multiple technique is common in financial filed, studies on the application of the technique in Thailand is still limited. The present study is conducted to serve three major objectives. The first objective is to apply the technique to measure value of firms in banking sector in the Stock Exchange of Thailand. The second objective is to develop composite price multiple index to forecast equity prices. The third objective is to compare valuation accuracy of different value drivers of price multiple (i.e. EPS, Earnings Growth, Earnings Before Interest Taxes Depreciation and Amortization, Sales, Book Value and Composite Index) in forecasting equity prices. Results indicated that EPS is the most accurate value drivers of price multiple used to forecast equity price of firms in baking sector.