scholarly journals Public Acceptance of the “Renewable Energy 3020 Plan”: Evidence from a Contingent Valuation Study in South Korea

2020 ◽  
Vol 12 (8) ◽  
pp. 3151 ◽  
Author(s):  
Ju-Hee Kim ◽  
Sin-Young Kim ◽  
Seung-Hoon Yoo
Keyword(s):  
Renewable Energy ◽  
South Korea ◽  
Contingent Valuation ◽  
Electricity Consumption ◽  
Public Acceptance ◽  
Contingent Valuation Study ◽  
Electricity Rates ◽  
Spike Model ◽  
Valuation Study ◽  
Residential Electricity

South Korea is promoting the “Renewable Energy 3020 Plan” to expand the proportion of renewable energy (RE) from 2.2% in 2016 to 20% in 2030. Since the plan could lead to an increase in electricity rates, public acceptance of it is an important key to determining its success. This article examines the public acceptance of the plan by employing contingent valuation (CV). A nationwide CV survey of 1000 households was performed to collect the data on the willingness to pay (WTP) for implementing the plan using electricity charges as a payment vehicle during October 2018. More specifically, a dichotomous choice question to ask interviewees whether they have an intention of paying an offered bid and a spike model to treat the zero WTP observations were employed. The estimate for monthly WTP was KRW 3646 (USD 3.27) per household. When 10 years of the payment period presented in the survey and forecasted values of residential RE electricity consumption from 2018 to 2030 were used, the WTP was worth KRW 60.4 (USD 0.05) per kWh in 2018 constant price. The WTP amounts to 56.5% of the price for residential electricity (KRW 106.9 or USD 0.10 per kWh). That is, the RE electricity produced through implementing the plan has a premium of 56.5% over the current electricity. Overall, it is concluded that public acceptance of the plan has been secured.

MEASURING THE ECONOMIC BENEFITS FROM THE CONTAMINATED SOIL REMEDIATION POLICY IN KOREA: A CONTINGENT VALUATION STUDY

2016 ◽  
Vol 78 (5-4) ◽  
Author(s):  
Seul-Ye Lim ◽  
Seung-Hoon Yoo
Keyword(s):  
Willingness To Pay ◽  
Contingent Valuation ◽  
Soil Remediation ◽  
Contaminated Soil ◽  
Economic Benefits ◽  
Negative Effects ◽  
Public Places ◽  
Contingent Valuation Study ◽  
Spike Model ◽  
Valuation Study

Soil contamination caused by economic growth through industrialization and urbanization has been progressed inKorea. Soil polluted with heavy metals and chemicals makes significantly negative effects on human and wildlife health. This paper attempts to measure the economic benefits from the contaminated soil remediation policy using a specific case study ofKorea. To this end, the contingent valuation (CV) method is employed. A CV national survey of randomly selected 500 households was implemented using person-to-person interviewing in May 2105.  To elicit the willingness to pay (WTP), we apply one-and-one-half bound dichotomous choice question format to reduce the potential for response bias and spike model to deal with zero willingness to pay (WTP). The mean WTP for the policy is estimated to be KRW 1,357 (USD 1.2) for next ten years per household per year and statistically significant at the 1% level. Expanding the value to the national population gives us KRW 25.4 billion (USD 22.9 million) per year. We can judge that the Korean public places a significant value and be utilized in assessing the total benefits from the policy.

scholarly journals How Much Are Insurance Consumers Willing to Pay for Blockchain and Smart Contracts? A Contingent Valuation Study

2018 ◽  
Vol 10 (11) ◽  
pp. 4332 ◽  
Author(s):  
Seung Nam
Keyword(s):  
South Korea ◽  
Contingent Valuation ◽  
Insurance Industry ◽  
Fiscal Year ◽  
Smart Contracts ◽  
Net Income ◽  
Contingent Valuation Study ◽  
Insurance Sector ◽  
Huge Data ◽  
Valuation Study

Blockchain is highly secure in design and can hand huge data efficiently. A smart contract, based on a blockchain, can automate the entire process and make the contract self-executing in nature. Since the first introduction of these technologies in the 1990s, they have been at the center interest for academia and industry. Numerous researchers and practitioners have investigated the principles and usage of blockchain and smart contracts. However, little is coincidental regarding estimating the consumer’s additional willingness to pay (WTP) and analyzing the relationship with socio-economic characteristics of the consumer for blockchain and smart contracts in the insurance sector. This study conducted the survey on 1000 heads of the household or homemakers who represent population well in South Korea and estimated additional WTP using one-and-one-half-bounded dichotomous choice contingent valuation (OOHB DC CV) method. About 65% of sample respondents answered they are willing to pay some additional premium for blockchain and smart contracts. The mean WTP has the value of KRW 28,425.43 (USD 25.38) and the median WTP is KRW 16,111.71 (USD 14.39). Those with high incomes, high education and more insurance contracts are more likely to pay extra for insurance policies using blockchain and smart contracts. Considering the total number of households in South Korea, the aggregated additional WTP is about 8 percent of the net income of the insurance industry in fiscal year of 2017. Consequently, strategic development of insurance products using block chains and smart contracts targeting educated consumers with high-income will increase the number of policyholders, which can in turn increase premium revenues.

Untapped demand for heritage: A contingent valuation study of Prinsep Ghat, Calcutta

2007 ◽  
Vol 28 (1) ◽  
pp. 83-95 ◽  
Author(s):  
Mousumi Dutta ◽  
Sarmila Banerjee ◽  
Zakir Husain
Keyword(s):  
Contingent Valuation ◽  
Contingent Valuation Study ◽  
Valuation Study

Willingness to pay for more sustainable e-waste management: a contingent valuation study in greece

2012 ◽  
pp. 19-35
Author(s):  
Charisios Achillas ◽  
Christos Vlachokostas ◽  
Avraam Karagiannidis ◽  
Eftichios Sophocles Sartzetakis ◽  
Nicolas Moussiopoulos
Keyword(s):  
Waste Management ◽  
Willingness To Pay ◽  
Contingent Valuation ◽  
Local Community ◽  
Industrial Ecology ◽  
Contingent Valuation Study ◽  
Adequate Funding ◽  
Weee Recycling ◽  
Valuation Study ◽  
Environmentally Sound

Management of Waste Electric and Electronic Equipment (WEEE also called e-waste) has become an issue of critical importance recently also in the frame of industrial ecology besides waste management per se, mostly due to their content in hazardous materials and the extensive implications of any intervention in a broad industrial spectrum. The effectiveness of any landfill diversion scheme depends on its acceptance by the local community and the industry, as well as adequate funding. This paper presents a contingent valuation approach in order to examine public environmental awareness and to assess the willingness-to-pay (WTP) for the environmentally sound management of WEEE in Greece, based on a suitable, customized and easy-to-comprehend questionnaire. The survey revealed a still relative public ignorance on the subject and a reluctantly limited WTP. The latter is mostly triggered by the fact that respondents believed that associated expenses should be covered either by authorities or manufacturers (protest votes). However, based on the responses of those declaring a positive WTP, the average fee respondents are willing to pay exceeds the current recycling fee. Thus, existing recycling fees could be potentially increased in order to cover additional expenses for the development of infrastructure in areas not currently included in the national WEEE recycling program, as well as to provide the public with a dense network of disposal sites/bins in an effort to boost participation and WEEE recycling rates.

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