도시역사문화공원의 사회적 가치: 진주성의 사례 = Economic Value of Cultural and Historical Parks in Urban Areas: The Case of Jinju Castle

다국어 초록 (Multilingual Abstract)

The trade-off between economic development and preservation of cultural amenities in urban areas presents a difficult public choice problem for local governments. A culturally and historically significant site can be very important in improving quality of life in a city, yet it limits the flexibility of land use. This paper evaluates the economic value of a cultural and historical park, Jinju castle in Jinju city, based on travel cost method and hedonic price method. Transportation cost and time cost from 27 places to Jinju castle were measured, and option value around the castle was evaluated based on hedonic price. Total consumer surplus from visiting the park was estimated to be 34 billion won per year, which means the total asset value of the park amounts to as much as 568 billion won. Option value of Jinju castle, estimated by hedonic price, was 3.2 million won per pyung. The market value of the park if sold as real estate in a private market is estimated as 113-228 billion won, which is 1/2 - 1/6 of its social value. Considering non-use values such as property values of houses and buildings around the park, the social value of the park would be much larger than estimated in this paper. This implies a cultural and historical park such as Jinju castle is deserving if its social value and its preservation is economically justified in urban development.