What Value Does the Public Put on Managing and Protecting an Endangered Marine Species? The Case of the Finless Porpoise in South Korea
Ju-Hee Kim,
Joseph Kim and
Seung-Hoon Yoo (shyoo@seoultech.ac.kr)
Additional contact information
Ju-Hee Kim: Department of Energy Policy, Graduate School of Energy & Environment, Seoul National University of Science & Technology, 232 Gongreung-Ro, Nowon-Gu, Seoul 01811, Korea
Joseph Kim: Department of Energy Policy, Graduate School of Energy & Environment, Seoul National University of Science & Technology, 232 Gongreung-Ro, Nowon-Gu, Seoul 01811, Korea
Sustainability, 2020, vol. 12, issue 11, 1-16
Abstract:
In South Korea, the finless porpoise (FP) is one of representative endangered marine species. The country is trying to manage and protect FPs through several costly measures and demands information about what value the public puts on the management and protection. This article, therefore, explores the South Korean public perspective on managing and protecting FP using a contingent valuation (CV) technique. More specifically, the data on the public willingness to pay (WTP) for the management and protection were collected from a CV survey of 1000 households across the country, adopting a dichotomous choice question format. The household yearly WTP for the management and protection was estimated, with statistical significance, to be 2730 KRW (2.32 USD). If this value is expanded to all households in South Korea, the national value amounts to 54.19 billion KRW (46.00 million USD) per annum. This can be interpreted as the economic value or benefit of managing and protecting FP.
Keywords: finless porpoise; endangered marine species; management and protection; contingent valuation; economic value; willingness to pay (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:gam:jsusta:v:12:y:2020:i:11:p:4505-:d:366292
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