Traditional stated preference valuation methods are eliciting WTP(willingness-to-pay) based on one-time static survey. However, they fail to notice that environmental benefits from WTP of residents about some ecological or environmental restoration pr...
Traditional stated preference valuation methods are eliciting WTP(willingness-to-pay) based on one-time static survey. However, they fail to notice that environmental benefits from WTP of residents about some ecological or environmental restoration projects can be changed over time. Therefore, this paper suggests that we should estimate the changing WTP for overcoming the weak point of conventional stated preference valuation methods. In practice, this paper is eliciting the changing WTP of environmental benefits from Cheeonggyecheon restoration. We estimate the WTP changed after completing restoration project based on sample of survey before starting project. The survey questionnaire turn out to be within respondent' ability to reveal their preference and the WTP estimates are statistically significant. On the top of that, the WTP is definitely different from the WTP estimated in previous study. This study allows policy-makers to provide useful reasons for ecological or environmental restoration projects.