Abstract
As the abnormal climate became a severe problem due to the climate change and global warming, the weather forecasting is directly linked to human survival, thus it is considered more important across the economic and social community. Therefore, this paper estimated the economic value of the weather forecasting by using the contingent valuation method (CVM), combining one and one-half bounded model and spike model. People who are using the weather forecast service were willing to pay 20,421 KRW per household annually. The total economic value of weather forecast system was 358.9 billion KRW under the mean WTP estimation which can be applied in precise economic analysis.
| Translated title of the contribution | The Economic Value of the Weather Forecasts in Korea |
|---|---|
| Original language | Korean |
| Pages (from-to) | 65-90 |
| Number of pages | 26 |
| Journal | 재정정책논집 |
| Volume | 17 |
| Issue number | 1 |
| State | Published - Mar 2015 |