Urban park construction can provide environmental benefits, which are improving air quality, reducing urban heat island effect, providing flora and fauna habitats, and preventing noise and global warming. However, the environmental benefit has just be...
Urban park construction can provide environmental benefits, which are improving air quality, reducing urban heat island effect, providing flora and fauna habitats, and preventing noise and global warming. However, the environmental benefit has just been estimated as a part of the economic benefits with surrounding land price rise, job opportunities creation and economic ripple effect.The purpose of this research is to evaluate benefits of the environmental changes. For a real analysis, environmental benefit from the Yongsan Park construction is estimated even though the Yongsan Park is now on construction plan. In this research, firstly, the environmental benefit that Seoul citizens may utilize from Yongsan Park construction is estimated, then Yongsan area and Non Yongsan areas are divided to elicit and compare willingness to pay of Yongsan households and Non Yongsan households for analyzing the value differences.In this research, Contingent Valuation Method(CVM) is used at the quantitative analysis approach for the environmental benefits of non market goods. Also, the double bounded dichotomous choice is used to elicit respondents' Willingness to pay(WTP).According to the result, the environmental value of the Yongsan Park construction is approximately 1,557 won/household per year. Also the environmental value difference between Yongsan and Non-Yongsan is approximately 624 won/household per month, that is about 7,488 won/household per year.