South Koreans' willingness to pay for restoration of Gomsoman Tidal Flat. (1st January 2021)

• Record Type: Journal Article
• Authors: Kim, Ju-Hee; Kim, Sin-Young; Yoo, Seung-Hoon
• Is Part Of: Ocean & coastal management. Volume 199(2021)
• Publication Date: 2021-01-01
• Subjects: Gomsoman tidal flat -- Restoration -- Contingent valuation -- Willingness to pay; 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.2020.105388
• Languages: English
• ISSNs: 0964-5691

Abstract

Abstract: Gomsoman Tidal Flat (GTF) in South Korea has been designated as a marine protected area in 2007, a Ramsar wetland in 2010, and a UNESCO Biosphere Reserve in 2013. However, as some area of it had been destroyed the Government plans to restore the destroyed area of the GTF. The objective of this article is, therefore, to investigate the public value of accomplishing the plan applying the contingent valuation (CV), a technique that asks randomly chosen people about their willingness to pay (WTP) for the accomplishment. For this purpose, a CV survey of 1000 households was conducted using a one-and-one-half-bounded dichotomous choice question format for a method of WTP elicitation and yearly household income tax for a payment vehicle. Since a number of interviewees (60.5%) reported zero WTP values, a spike model was adopted to analyze the gathered CV data with zero WTP observations. The mean household WTP was statistically significantly estimated to be KRW 3170 (USD 2.7) per year. The yearly national value is worth KRW 63.3 billion (USD 53.9 million). The benefits ensuing from the accomplishment are much greater than the costs involved in it. Graphical abstract: Image 1 Highlights: South Korean government plans to restore the destroyed area of Gomsoman Tidal Flat. We assess the public value of the restoration using the contingent valuation. 1000 households were asked to state willingness to pay (WTP) for the restoration. Mean WTP was estimated to be KRW 3170 (USD 2.7) per household per annum. The yearly national value is worth KRW 63.3 billion (USD 53.9 million).