Abstract
Hwangnyongsa Temple (HT) in South Korea belongs to the Gyeongju Historic Areas, designated as a UNESCO World Heritage Site in 2000. The temple was destroyed by fire in AD 1238 and today there are few traces left, however the government is seeking to restore HT. This paper aims to evaluate the economic benefits of the restoration using contingent valuation (CV), and to then perform a cost-benefit analysis of the restoration. For this purpose, people's willingness to pay (WTP) for the restoration is elicited from a survey of 1000 households. The average household's WTP is estimated as KRW 2341 (USD 2.07) per annum. The current values of the benefits and costs of the restoration computed for the relevant period and population are KRW 415.3 billion (USD 366.9 million) and KRW232.2 billion (USD 205.1 million), respectively. As the former is more than the latter, the restoration is socially profitable.
| Original language | English |
|---|---|
| Article number | 369 |
| Journal | Sustainability (Switzerland) |
| Volume | 10 |
| Issue number | 2 |
| DOIs | |
| State | Published - 31 Jan 2018 |
UN SDGs
This output contributes to the following UN Sustainable Development Goals (SDGs)
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SDG 11 Sustainable Cities and Communities -
SDG 15 Life on Land
Keywords
- Contingent valuation
- Cost-benefit analysis
- Hwangnyongsa Temple
- Willingness to pay
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