A valuation of the restoration of Hwangnyongsa Temple in South Korea

Ju Hee Kim; Ga Eun Kim; Seung Hoon Yoo

doi:10.3390/su10020369

A valuation of the restoration of Hwangnyongsa Temple in South Korea

Ju Hee Kim, Ga Eun Kim, Seung Hoon Yoo

Dept. of Future Energy Convergence

Seoul National University of Science and Technology (SNUST)

Research output: Contribution to journal › Article › peer-review

18 Scopus citations

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	https://doi.org/10.3390/su10020369
State	Published - 31 Jan 2018

Keywords

Contingent valuation
Cost-benefit analysis
Hwangnyongsa Temple
Willingness to pay

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

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10.3390/su10020369

Cite this

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title = "A valuation of the restoration of Hwangnyongsa Temple in South Korea",

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.",

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AU - Kim, Ga Eun

AU - Yoo, Seung Hoon

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N2 - 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.

AB - 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.

KW - Contingent valuation

KW - Cost-benefit analysis

KW - Hwangnyongsa Temple

KW - Willingness to pay

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ER -

A valuation of the restoration of Hwangnyongsa Temple in South Korea

Abstract

Keywords

UN SDGs

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