The purpose of this study is to estimate an individualâ€™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.
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.
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.
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.
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 studyâ€™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.
The results of this research may help policy makers of Han-River to establish practical decision whether improving and preserving the Han-Riverâ€™s night view lighting business are worth the value.