The public’s value for developing ocean energy technology in the Republic of Korea: A contingent valuation study

So-Yoon Kwak and Seung-Hoon Yoo ()

Renewable and Sustainable Energy Reviews, 2015, vol. 43, issue C, 432-439

Abstract: Ocean energy is a type of renewable energies and is considered as having a potential power of providing a substantial amount of energy. Although some forms of ocean energy are developed, there is a need for further technological advances to better utilize ocean energy. Government should take observable actions to compensate for the costs of developing the technology. This paper attempts to apply a contingent valuation (CV) method to obtaining at least a preliminary evaluation of the benefits that ensue from the development of the technology that commercializes ocean energy in the Republic of Korea. Overall, the CV survey was successfully carried out to elicit the willingness to pay (WTP) for ocean energy. The WTP was statistically significantly estimated from one-and one-half bounded spike model and the monthly mean WTP estimates was KRW 1003 (USD 0.9) per household. The estimates of the annual benefits to relevant residents amounted to KRW 206.4 billion (USD 183.8 million).

Keywords: Contingent valuation; Ocean energy; Public value; Willingness to pay (search for similar items in EconPapers)
Date: 2015
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (14)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S1364032114009678
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:rensus:v:43:y:2015:i:c:p:432-439

Ordering information: This journal article can be ordered from
http://www.elsevier.com/wps/find/journaldescription.cws_home/600126/bibliographic
http://www.elsevier. ... 600126/bibliographic

DOI: 10.1016/j.rser.2014.11.036

Access Statistics for this article

Renewable and Sustainable Energy Reviews is currently edited by L. Kazmerski

More articles in Renewable and Sustainable Energy Reviews from Elsevier
Bibliographic data for series maintained by Catherine Liu ().