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The economic value of the national Meteorological service in the Korean household sector : A contingent valuation study

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  • The economic value of the national Meteorological service in the Korean household sector
  • Park, So-Yeon; Lim, Seul-Ye; Yoo, Seung-Hoon
  • Multidisciplinary Digital Publishing Institute


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Title The economic value of the national Meteorological service in the Korean household sector
Similar Titles
Sub Title

A contingent valuation study

Material Type Articles
Author(English)

Park, So-Yeon; Lim, Seul-Ye; Yoo, Seung-Hoon

Publisher

[Basel, Switzerland]:Multidisciplinary Digital Publishing Institute

Date 2016-08
Journal Title; Vol./Issue Sustainability:vol. 8(no. 9)
Pages 13
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Conditions
Social Development < Population
Holding MDPI

Abstract

The meteorological service (MS) in Korea is provided by the Korea Meteorological Administration (KMA), a governmental organization. This study attempts to measure the economic value of the national MS in the Korean household sector. Economic theory indicates that the economic value of a service is the area under the demand curve, which is the sum of the actual expenditure and the additional willingness to pay (WTP) for the service. The actual expenditure is well known, but the additional WTP is not. Thus, we assess the additional WTP for the national MS, conducting a contingent valuation survey of 1000 randomly selected households in Korea in 2014. We use a one-and-one-half-bound dichotomous choice question to derive the WTP responses and apply a spike model to deal with WTP responses of zero. (The rest omitted)