| |
Abstract |
Purpose
The purpose of this study is to estimate an individual’s probability of preservation the night view of Han-River Bridge at tax using the CVM; and to present the effects of 4Es on experience economy theory.
Design/methodology/approach
The on-site survey was conducted in the 11 district Han-river parks; Gwangnaru, Jamsil, Ttukseom, Jamwon, Banpo, Yeechon, Yeouido, Mangwon, Nanji, Ganseo and Yanghwa district including 24 bridge ssuch as Banpo, Olympic Bridge during the 8-9pm around the lighting and 9-10pm peak time of lighting.
Findings
Truncated mean WTP indicates that the economic value of the night view of Han-River Bridge is 49,575 won (about U.S. $50) per household, which implies the significance of the preservation value of the night view.
Research limitations/implications
This study sets a hypothetical market and there are limitations on hypothetical bias of the DC CVM. For the future study, a survey with a specific real payment vehicle in an attempt to reduce hypothetical bias can be a tool for the prevention of the overestimation.
Practical implications
Through the study, Seoul city has to invest aggressively on the night view landscape business of Han River bridge, which can become a landmark and lots of attraction effect of tourists. Since this study’s core aim was to justify the economic value of the night-view of the Han-River bridges, the estimated amount strongly supports the lighting business of the Han-River bridge.
Originality/value
The results of this research may help policy makers of Han-River to establish practical decision whether improving and preserving the Han-River’s night view lighting business are worth the value. |
|
