This study estimates the non-market value of culture and investigates the determinants of visitors' willingness to pay(WTP) for the cultural heritage.
The purpose of this study is to estimate the total net value of Changdukgung which is the World Her...
This study estimates the non-market value of culture and investigates the determinants of visitors' willingness to pay(WTP) for the cultural heritage.
The purpose of this study is to estimate the total net value of Changdukgung which is the World Heritages located in Seoul City, using a Contingent Valuation Method(CVM). A dichotomous choice and direct question form of a CVM was applied to estimating the use values of Changdukgung.
The benefit estimate derived from the linear logit model and log logit model. While visitors' sociodemographic characteristics was not important determinants of the WTP for a visit, the WTP was found significantly by the contents of Changdukgung.
Total net use value of Changdukgung is estimated 2.68 billion Won averaging about 5,706 Won per visitor by linear logit model and 2.82 billion Won averaging about 6,005 Won per visitor by log logit model. Therefore, total economic value of Changdukgung proved to be 3.51(3.65) billion won.