Environmental conservation value of an endangered species: the case of Cypripedium Japonicum

The South Korean government is seeking information on the environmental conservation value (ECV) of Cypripedium japonicum, a plant on the first-level priority endangered species list of the Korea Ministry of Environment, as well as on the Red List of the International Union for Conservation of Nature. This research paper aims to assess the ECV by employing contingent valuation (CV) to elicit people’s willingness to pay (WTP) for its conservation. To achieve this aim, in May 2020, a CV survey of 1,000 interviewees in South Korea was carried out employing a closed-ended question. The average household WTP is estimated to be KRW 3,770 (USD 3.07) per annum and secures statistical significance. From a national point of view, using information on the national population, this value comes to KRW 76.72 billion (USD 62.42 million) per year. Although the cost of conserving the species has not yet been accurately estimated, the ECV seems to be larger than the cost of conservation. Thus, it is socially desirable to conserve Cypripedium japonicum, and the conservation should be carried out in a stable and continuous manner.