Abstract
In the case of the Pungnap castle restoration project, there are conflicts between cultural heritage preservation and private property preservation of residents. For solving these conflicts, it is essential to analyze the economic value of the Pungnap castle restoration project. This study attempts to assess the economic value of the Pungnap castle restoration project by using contingent valuation method, especially the one and one half bound dichotomous choice spike model. This model has the benefit of higher efficiency in benefit estimates than the single bound dichotomous choice model and it reduced the potential response bias of double bound dichotomous choice model. According to estimating ways, annual mean willingness to pay per household for the Pungnap castle restoration project is 965 Korean won. Consequently, the annual benefit of the Pungnap castle restoration project is about 1.3 billion Korean won. This paper contributes to providing policy-makers with useful methodological framework and quantitative information in the decision-making process related to the policy of cultural heritage restoration project.
| Translated title of the contribution | Measuring the Economic Value of the Pungnap Castle Restoration Project |
|---|---|
| Original language | Korean |
| Pages (from-to) | 63-80 |
| Number of pages | 8 |
| Journal | 지역연구 |
| Volume | 26 |
| Issue number | 3 |
| State | Published - Sep 2010 |