The public value of improving a weather forecasting system in Korea: a choice experiment study

Sun-Young Park and Seung-Hoon Yoo ()

Applied Economics, 2018, vol. 50, issue 14, 1644-1658

Abstract: The Korean government plans to improve the quality of its weather forecasting system in order to increase its public utility. The benefits arising from the implementation of this plan should be measured. To this end, this study applies a choice experiment to four attributes: the update frequency of both short- and medium-range forecasts, and the accuracy of both. A survey of 1000 randomly selected households was undertaken in Korea. In the study results, the marginal willingness-to-pays, respectively, for one more update of the short-range forecast per day, for a 1% increase in the accuracy of the short-range forecast, for changing the update frequency of the medium-range forecast from once a day (reference level) to twice a day, and for a 1% increase in the accuracy of the medium-range forecast as a result of improving the weather forecast service were estimated to be KRW 499.3 (USD 0.45), 108.3 (0.10), 346.5 (0.31), and 80.9 (0.07) per household per month. The findings can provide policy-makers with useful information for both evaluating and planning improvements in the weather forecasting system.

Date: 2018
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DOI: 10.1080/00036846.2017.1368995

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