Public's willingness to pay for a marina port in Korea: A contingent valuation study. (January 2016)

• Record Type: Journal Article
• Authors: Lee, Min-Kyu; Yoo, Seung-Hoon
• Is Part Of: Ocean & coastal management. Volume 119(2016)
• Page Start: 119
• Page End: 127
• Publication Date: 2016-01
• Subjects: Marina port -- Public value -- Contingent valuation -- Willingness to pay -- Spike model; Marine resources -- Management -- Periodicals; Coastal zone management -- Periodicals; Coastal ecology -- Periodicals; Ressources marines -- Périodiques; Littoral -- Aménagement -- Périodiques; Écologie littorale -- Périodiques; Coastal ecology; Coastal zone management; Marine resources -- Management; Periodicals; Electronic journals; 551.46
• DOI: 10.1016/j.ocecoaman.2015.10.006
• Languages: English
• ISSNs: 0964-5691

Abstract

Abstract: With there being increasing demand for marine leisure activities, the Korean government is looking to carry out marina port development projects. Specifically, the Gogunsan marina port is under consideration for construction in Korea, owing to its development feasibility. This study attempts to estimate the public value of the marina port development project by using the contingent valuation (CV) method. To this end, a CV survey by person-to-person interview was administered to 1000 randomly selected households to elicit their willingness to pay (WTP) for the project. Overall, the respondents accepted the contingent market, and on average, the mean WTP for the project was estimated to be approximately KRW 1840 (USD 1.6) per year per household. The results can be used in policy-makers' decision-making regarding the economic feasibility of constructing the marina port. Highlights: We estimate the economic value of a marina port in Korea. To this end, contingent valuation survey was conducted to 1000 households. Willingness to pay (WTP) is elicited by single bound model. A spike model is applied to deal with the zero WTP responses. The annual mean WTP per household is estimated as KRW 1840 (USD 1.6).