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Valuation of Multifunctionality of Agriculture

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  • Kim, Soosuk

Abstract

The aim of this study is to estimate economic value of the multifunctionality of agriculture. A monetary valuation of the multifunctionality was conducted using a contingent valuation method. The study sets up three scenarios depending on the level of agricultural protection. The monetary values per year estimated are 6,503.8 billion won, 4,335.8 billion won and 2,168 billion won for scenarios 1, 2, and 3, respectively. Women generally revealed high willingness to pay (WTP) to compare with men, and those who travels frequently to rural area showed higher preference to the multifunctionality.

Suggested Citation

  • Kim, Soosuk, 2003. "Valuation of Multifunctionality of Agriculture," Journal of Rural Development/Nongchon-Gyeongje, Korea Rural Economic Institute, vol. 26(2), July.
    • Handle: RePEc:ags:jordng:288179
    DOI: 10.22004/ag.econ.288179
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    Keywords

    Agricultural Finance;

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