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WTP Estimation of Constructing Horticultural Facilities in Urban Underground Space : In the Case of Metro-Farm

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  • Lee, Wonsuk

Abstract

The underground and subway space, which is one of main public transportations and representative underground area in Seoul, causing interior air pollution and environmental degradation, could threaten citizens' health and aesthetic. The purpose of the research is to estimate willingness to pay for horticultural metro-farm facilities and air quality improvement by using onsite DBCV in metropolitan Seoul. The in-person 539 survey results show that 'aesthetic·emotional stability' gets the highest mark, followed by 'air quality improvement', 'scenery', 'environmental awareness', etc. The WTP estimated is about ￦2,382 per household and the benefit expanded of metro-farm introduction is calculated to be ￦234.1 billion (WTP ￦2,381.5/3years/1st× 4,117,000 households×response rate 79.6%), and then the following net benefit is ￦148.5 billion assuming that total cost is ￦85.7 billion (ten metro-farm facilities for each one of 298 stations in Seoul), and BC ratio is about 2.73. Hence, the result shows that introduction of horticultural metro-farm facilities to improve the underground environment in Seoul will produce a variety of beneficiary effects and their distribution and expansion is expectable.

Suggested Citation

  • Lee, Wonsuk, 2012. "WTP Estimation of Constructing Horticultural Facilities in Urban Underground Space : In the Case of Metro-Farm," Journal of Rural Development/Nongchon-Gyeongje, Korea Rural Economic Institute, vol. 35(4), October.
    • Handle: RePEc:ags:jordng:330571
    DOI: 10.22004/ag.econ.330571
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    Keywords

    Community/Rural/Urban Development;

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