Abstract
The municipal water is directly related to the people's quality of life. To examine and implement reasonable water policies including management of the water demand and economically sound investment decisions, it is essential to estimate the conceptually correct and empirically valid economic value of water. This study attempts to estimate the consumer surplus and economic value of municipal water which is supplied to 16 cities in Korea using demand curve approach. The results indicate that the consumer surplus and economic value of municipal water in 2009 are estimated as KRW 1,180.7 per $m^3$ and KRW 1,812.8 per $m^3$, respectively. The economic values of municipal water in 16 cities range from KRW 1,082.7 per $m^3$ to KRW 3,268.6 per $m^3$. Moreover, the economic value of non-residential water is higher than that of residential water in all cities, and the economic value of water is higher than the present price of water. This study is expected to provide policy-makers with useful information to assess a policy and to evaluate the price of water.
| Translated title of the contribution | Economic Valuation of the Municipal Water: Residential and Non-residential Uses |
|---|---|
| Original language | Korean |
| Pages (from-to) | 957-965 |
| Number of pages | 9 |
| Journal | 한국수자원학회 논문집 |
| Volume | 43 |
| Issue number | 11 |
| DOIs | |
| State | Published - Nov 2010 |