Abstract
Seoul metropolitan government has constructed the Kwanghawmun square. As it is needed huge amount of investment, it is essential to examine the cost-benefit analysis. This paper applies the contingent valuation methode to measuring the benefit of the Kwanghwamun square and practices the cost-benefit analysis. According to estimating results, annually WTP per household of Seoul is 2,067 Korean Won. Consequently, the annual benefit of the Kwanghwamun square construction is about 7.2 billion Korean won and the total benefit is 1.68 times bigger than the cost. This paper contributes to complementing the existing valuation methods by estimating the economic benefits of the cultural facilities such as the Kwanghwamun square and providing policy-makers with useful methodological framework and quantitative information in the decision-making process related to the policy of cultural project.
| Translated title of the contribution | Economic Value Analysis of the Kwanghwamun Square Construction |
|---|---|
| Original language | Korean |
| Pages (from-to) | 281-294 |
| Number of pages | 14 |
| Journal | 국토연구 |
| Volume | 62 |
| Issue number | 0 |
| DOIs | |
| State | Published - Sep 2009 |