Accessing the Economic Value of Natural Snows in Ski Resort Using Contingent Valuation Method

2021 ◽  
Vol 12 (3) ◽  
pp. 775
Author(s):  
Jaewan HEO ◽  
Seungmin NAM
Keyword(s):  
Climate Change ◽  
Willingness To Pay ◽  
Contingent Valuation ◽  
Contingent Valuation Method ◽  
Economic Value ◽  
Experience Economy ◽  
Policy Makers ◽  
Ski Resort ◽  
Ski Resorts ◽  
Valuation Method

The purposes of this study are to estimate an individual’s probability of willingness to pay tax for preservation of the snows ski resorts in South Korea by using the CVM; and to present the effects of 4Es of the Experience economy theory in the experience economy theory. Truncated mean WTP indicates that the economic value of the natural snows of ski resort in Korea is 172 won (about 17 U.S cents) per household, which is a preservation value. Hence, in the practical perspective, policy makers are able to determine whether they should consistently develop and invest on the preparing for the climate change in the ski resort or not.

Accessing the economic value of night view of bridge using contingent valuation method: the case of South Korea’s Han-River bridge

2015 ◽  
Vol 9 (3) ◽  
pp. 360-370 ◽  
Author(s):  
Seungmin Nam ◽  
Sae-eun Park ◽  
Hong-Chul Shin
Keyword(s):  
Contingent Valuation ◽  
Contingent Valuation Method ◽  
Economic Value ◽  
Hypothetical Bias ◽  
Peak Time ◽  
Experience Economy ◽  
Policy Makers ◽  
Content Type ◽  
Han River ◽  
Valuation Method

Purpose – The purpose of this paper is to estimate an individual’s probability of preservation of the night view of Han-River bridge tax using the contingent valuation method (CVM) and to present the effects of 4Es on experience economy theory. Design/methodology/approach – The on-site survey was conducted in the 11 district Han-River parks: Gwangnaru, Jamsil, Ttukseom, Jamwon, Banpo, Yeechon, Yeouido, Mangwon, Nanji, Ganseo and Yanghwa district, including 24 bridges such as Banpo, Olympic bridge during 8-9 pm around the lighting and 9-10 pm peak time of lighting. Findings – Truncated mean willingness-to-pay indicates that the economic value of the night view of Han-River bridge is 49,575 won (about USA $50) per household, which implies the significance of the preservation value of the night view. Research limitations/implications – This study sets a hypothetical market, and there are limitations on hypothetical bias of the dichotomous choice CVM. For the future study, a survey with a specific real payment vehicle in an attempt to reduce hypothetical bias can be a tool for the prevention of the overestimation. Practical implications – Through the study, Seoul city has to invest aggressively on the night view landscape business of Han-River bridge, which can become a landmark and has lots of attraction for tourists. As this study’s core aim was to justify the economic value of the night view of the Han-River bridges, the estimated amount strongly supports the lighting business of the Han-River bridge. Originality/value – The results of this research may help policy-makers of Han-River to establish practical decisions as to whether improving and preserving the Han-River’s night view lighting business are worth the value.

scholarly journals A Study on the Value of Preserving a Parasitic Volcanic Sieve as a Tourism Good for Sustainable Management: Using the Contingent Valuation Method

2020 ◽  
Vol 12 (7) ◽  
pp. 2825
Author(s):  
Won Seok Lee
Keyword(s):  
Willingness To Pay ◽  
Contingent Valuation ◽  
Causal Relationship ◽  
Sustainable Management ◽  
Contingent Valuation Method ◽  
Economic Value ◽  
Dichotomous Choice ◽  
Valuation Method ◽  
Good For

The purpose of this study is to estimate the economic value of Geomun Oreum (GO), a parasitic volcanic sieve, for sustainable management by using the dichotomous choice contingent valuation method. To address the exaggeration tendency of willingness to pay (WTP), the contingent valuation method’s (CVM’s) traditional threshold, respondents’ WTP answers were reconfirmed to screen only true responses for our analysis. In addition to estimating the economic value, the causal relationship between the tour guide’s quality of explanation and the respondents’ payment intention is examined in the study. The results reveal that the estimated preservation value of GO is 35,881 KRW (33.28 USD), and the quality of the tour guide’s narrative is statistically related to the respondents’ payment intention.

La valutazione economica delle risorse culturali. Un'applicazione della Contingent Valuation

2009 ◽  
pp. 107-122
Author(s):  
Francesca Mazza
Keyword(s):  
Willingness To Pay ◽  
Contingent Valuation ◽  
Contingent Valuation Method ◽  
Economic Value ◽  
Cultural Resources ◽  
Existence Value ◽  
Valuation Method ◽  
Total Economic Value ◽  
Key Words Evaluation

-The case study examines the economic aspects of cultural heritage conservation and deals the valuation of economic value in monetary terms, using the application of the contingent valuation method to the castle of Nicastro (Catanzaro, Italy). For the construction of the hypothetical market and the selection criteria and approach to subjects of the statistic sample, the proposed solutions work with operative adjustments, dictated by the characteristics of the resource in question and in general for all cultural resources. The study has produced reliable answers to questions of willingness to pay, expressing the measure of the different components of the value (use value and existence value) contribute to the composition of the total economic value. The study allowed to verify the possibility of using the contingent valuation as a political tool. The particular question format, which combines ‘double bounded dichotomous choice' and ‘open ended' techniques has allowed us to take a sensitivity analysis, defining the measure of willingness to pay.Key words: evaluation cultural resource, contingent valuation method, willingness to payParole chiave: valutazione, beni culturali, metodo di valutazione contingente, disponibilitŕ a pagare

Stated Willingness to Pay for Public Goods: A Psychological Perspective

1993 ◽  
Vol 4 (5) ◽  
pp. 310-315 ◽  
Author(s):  
Daniel Kahneman ◽  
Ilana Ritov ◽  
Karen E. Jacowitz ◽  
Paul Grant
Keyword(s):  
Public Health ◽  
Willingness To Pay ◽  
Public Goods ◽  
Contingent Valuation ◽  
Contingent Valuation Method ◽  
Economic Value ◽  
Psychological Perspective ◽  
Valuation Method ◽  
Highly Correlated

In the contingent valuation method for the valuation of public goods, survey respondents are asked to indicate the amount they are willing to pay (WTP) for the provision of a good. We contrast economic and psychological analyses of WTP and describe a study in which respondents indicated their WTP to prevent or to remedy threats to public health or to the environment, attributed either to human or to natural causes. WTP was significantly higher when the cause of a harm was human, though the effect was not large. The means of WTP for 16 issues were highly correlated with the means of other measures of attitude, including a simple rating of the importance of the threat. The responses are better described as expressions of attitudes than as indications of economic value, contrary to the assumptions of the contingent valuation method.

scholarly journals ECONOMIC ANALYSIS OF HERITAGE TOURISM AT OLD TOWN AREA SURABAYA

2019 ◽  
Vol 4 (1) ◽  
pp. 8
Author(s):  
Muryani Muryani
Keyword(s):  
Willingness To Pay ◽  
Cultural Heritage ◽  
Contingent Valuation ◽  
Contingent Valuation Method ◽  
Multinomial Logistic Regression ◽  
Heritage Tourism ◽  
Economic Value ◽  
Valuation Method ◽  
Town Area

AbstractThis study is an application of cultural heritage valuation using non-market methods. Contingent Valuation Method used to measure the amount of economic value by estimating willingness to pay from Surabaya residents. The economic value of the Old Town Area of Surabaya if there were improvementanddevelopment of heritage tourism is Rp. 1.471.764 billion.This value is greater than before improvement and development that is only Rp. 3.914.892.240. Multinomial logit regression was used to identify factors that affect the interest to visit and willingness to pay for the respondent. Results indicates that age, education, income, and knowledge significantly influence the interest to visit and willingness to pay. Therefore, it is necessary to encourage the development of heritage tourism, having regard to the determination of stakeholder and policy priorities.The method used in the determination of stakeholder and policy priorities is the Analytic Hierarchy Process.Overall, the use of three methods provide complete results so it can be a reference in the field of cultural heritage research and advice in the development of heritage tourism, especially in the old city area of Surabaya.Keywords: economic valuation, multinomial logistic regression, contingent valuation method, analythical hierarchy process.

scholarly journals Determinantion of visitors’ willingness to pay to enter Karagol Natural Park of Ankara, Turkey

2018 ◽  
Vol 48 (7) ◽  
Author(s):  
Coskun Serefoglu
Keyword(s):  
Willingness To Pay ◽  
Contingent Valuation ◽  
Contingent Valuation Method ◽  
Economic Value ◽  
Probit Model ◽  
Valuation Method ◽  
Natural Park ◽  
Working Status

ABSTRACT: The objectives of this study were to assess visitors’ attitudes, if visitors would be willing to pay to enter Lake Karagol, and what factors affect their decision to pay. The contingent valuation method was used to estimate the economic value of the lake by assessing willingness to pay (WTP). Double dichotomous questions were used in the survey. Respondents were first asked whether or not they would be willing to pay the starting bid. They could either answer in the affirmative (that is, accepted bid) or in the negative (that is, reject the starting bid). The average WTP for an entrance fee was found to be about USD 0.22 for all observations when zero bids were included, and about USD 4.40 when zero bids were excluded. Result of the probit model showed that respondents with a higher income, respondents who were young, and the working status of the respondents had significant impacts on the probability of the WTP.

Social benefits valuation of hosting non-mega sporting events

2020 ◽  
Vol 11 (3) ◽  
pp. 289-310
Author(s):  
Krystian Zawadzki
Keyword(s):  
Willingness To Pay ◽  
Contingent Valuation ◽  
Contingent Valuation Method ◽  
Social Benefits ◽  
Sporting Events ◽  
Policy Makers ◽  
Content Type ◽  
Mean Values ◽  
Valuation Method ◽  
Two Cities

PurposeIn the study, an attempt was made to estimate the social benefits resulting from three non-mega sporting events organized in Ergo Arena located on the border of two cities in Poland. By attributing a value to intangible social benefits, the intangible effect was determined and compared to the expenditure incurred in the construction of Ergo Arena Hall.Design/methodology/approachIn order to value social intangible effects of three non-mega sporting events the Contingent Valuation Method was applied. Each time, the Contingent Valuation Method study covered the area of the two cities: Gdańsk and Sopot and was conducted on a sample of 500 people – 250 per city. The mean values of Willingness-to-Pay were used in order to obtain aggregate values of intangible benefits. Finally, the aggregate results were compared to expenditure incurred in connection with the construction of Ergo Arena Hall.FindingsIt appeared that intangible effects were eagerly valued by the residents of Gdańsk and Sopot. The aggregated value of all three sporting events was estimated at PLN 8.8 million. The obtained results question the equal share of both cities in financing but confirm that under certain circumstances, hosting non-mega sporting events may justify the use of public funds. In the case of the two cities, the reasonable reason for the employment of public means is the size of Gdańsk compared to Sopot.Originality/valueThe paper fulfils the research gap which arises regarding Willingness-to-Pay in estimating the intangible social effects of non-mega sporting events and considering these effects in the net effect valuation. The findings have implications for policy makers since they show to what extent it may be justified to use public means in order to host non-mega sporting events.

scholarly journals Economic Valuation of Santolo Beach Tourism in Garut Regency West Java

2020 ◽  
pp. 1-12
Author(s):  
Viani Puji Lestari ◽  
Zuzy Anna ◽  
. Iskandar ◽  
Iwang Gumilar
Keyword(s):  
Willingness To Pay ◽  
Contingent Valuation ◽  
Linear Model ◽  
Contingent Valuation Method ◽  
Economic Value ◽  
Travel Cost ◽  
Travel Cost Method ◽  
Valuation Method ◽  
Beach Tourism ◽  
Number Of Visits

This study aimed to estimate the economic value of Santolo Beach tourism area. This research conducted from December 2019 until January 2020. The method used in this research is survey method with accidental sampling as the data collecting technique. Travel Cost Method and Contingent Valuation Method applied to estimate Santolo Beach's economic value. The factors influenced the number of visits and Willingness to Pay value identified by multiple linear regression. The results of the research showed that the economic value of Santolo Beach with the Travel Cost Method is IDR 114.26 Billion per year for the linear model and IDR 177.79 Billion per year for the semi-log model while the result from the Contingent Valuation Method is IDR 3.65 Billion per year. The factors that influence the number of visits in the linear model are travel costs, income, education, and distance while in the semi-log model is distance. The variables that influence the value of visitors' Willingness to Pay are income and education for both the linear model and the semi-log model.

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