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A Valuation of the Restoration of Hwangnyongsa Temple in South Korea

Ju-Hee Kim (), Ga-Eun Kim () and Seung-Hoon Yoo ()
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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
Ga-Eun 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, 2018, vol. 10, issue 2, 1-7

Abstract: Hwangnyongsa Temple (HT) in South Korea belongs to the Gyeongju Historic Areas, designated as a UNESCO World Heritage Site in 2000. The temple was destroyed by fire in AD 1238 and today there are few traces left, however the government is seeking to restore HT. This paper aims to evaluate the economic benefits of the restoration using contingent valuation (CV), and to then perform a cost-benefit analysis of the restoration. For this purpose, people’s willingness to pay (WTP) for the restoration is elicited from a survey of 1000 households. The average household’s WTP is estimated as KRW 2341 (USD 2.07) per annum. The current values of the benefits and costs of the restoration computed for the relevant period and population are KRW 415.3 billion (USD 366.9 million) and KRW 232.2 billion (USD 205.1 million), respectively. As the former is more than the latter, the restoration is socially profitable.

Keywords: Hwangnyongsa Temple; contingent valuation; willingness to pay; cost-benefit analysis (search for similar items in EconPapers)
JEL-codes: Q Q0 Q2 Q3 Q5 Q56 O13 (search for similar items in EconPapers)
Date: 2018
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