Keywords: contingent valuation, WTP, willingness to pay, Tong River, Korea, renewable energy, multi-purpose dams, river protection, household survey
Measuring the economic benefits of protecting the Tong River in Korea: a Contingent Valuation study
Whether or not to construct the Tong River Multi-purpose Dam, a large project that will adversely impact local people and the environment, has become quite a controversial issue in Korea. This paper applies a Contingent Valuation (CV) method to obtain a preliminary evaluation of the benefits of protecting the river. A CV survey of Korean households was conducted to estimate their willingness to pay for preserving instream flows in the Tong River and avoiding the dam. Overall, respondents were willing to contribute a significant amount, on average, per household. This willingness varies according to individual characteristics.