Abstract
Although the Design Street Pilot Projects have been actively promoted by various local governments recently, little is known about its economic feasibility. Against this backdrop, this study attempts to apply contingent valuation method (CVM) to estimate economic benefits of the two pilot projects in Ulsan: Samsan and Babo design streets. To avoid the 'protest zero bidder' problem, this study especially uses one and one-half bounded dichotomous choice Spike model as a willingness-to-pay (WTP) estimation method. The results indicate that the average monthly WTPs for the development of the design streets are estimated as 919 and 823 KRW, respectively. On the basis of this result, the net present values of Ulsan city as a whole are estimated 12.9 billion and 12.7 billion KRW, respectively. The B/C ratios are also estimated as much higher than 1 (3.3 and 4.3, respectively). Thus, the Design Street Pilot Projects can be acted as one of the most efficient urban design projects, which improve the quality of life of the people.
| Translated title of the contribution | A Post-Design Evaluation (PDE) and Economic Valuation of Design Street Pilot Projects - Focused on the Samsan and Babo Design Streets in Ulsan - |
|---|---|
| Original language | Korean |
| Pages (from-to) | 93-111 |
| Number of pages | 19 |
| Journal | 국토계획 |
| Volume | 48 |
| Issue number | 1 |
| State | Published - Feb 2013 |