IDEAS home Printed from https://ideas.repec.org/a/eee/enepol/v181y2023ics030142152300280x.html
   My bibliography  Save this article

Economic value of the development of nuclear power plant decommissioning technology in South Korea

Author

Listed:
  • Lee, Juyong
  • Cho, Youngsang

Abstract

The nuclear power plants (NPPs) worldwide operating for more than 30 years have reached over 50% of the total and have entered the deterioration stage in earnest. Thus, the requirement and demand for NPP decommissioning technology are expected to continue to increase in the future. The primary purpose of this research is to estimate the national willingness to pay (WTP) for the development of NPP decommissioning technology. To this end, we used the contingent valuation method with survey data from 1,028 Korean respondents. It was found that 812 out of 1,028 respondents were willing to pay for the development of NPP decommissioning technology. The mean WTP was estimated at KRW 14173.86 (USD 10.87), and it was also found that respondents with a higher level of knowledge of NPP decommissioning had higher WTPs. The analysis shows that additional policies and projects to boost public acceptance of NPP decommissioning must be preempted to achieve a suitable level of social consensus to promote the development of NPP decommissioning technology in Korea.

Suggested Citation

  • Lee, Juyong & Cho, Youngsang, 2023. "Economic value of the development of nuclear power plant decommissioning technology in South Korea," Energy Policy, Elsevier, vol. 181(C).
    • Handle: RePEc:eee:enepol:v:181:y:2023:i:c:s030142152300280x
    DOI: 10.1016/j.enpol.2023.113695
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S030142152300280X
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.enpol.2023.113695?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Linda Clarke & Ian Fitzgerald, 2020. "The changing nature of labour regulation: the distinctiveness of the National Agreement for the Engineering Construction Industry," Industrial Relations Journal, Wiley Blackwell, vol. 51(1-2), pages 58-74, March.
    2. Hirose, Rika & McCauley, Darren, 2022. "The risks and impacts of nuclear decommissioning: Stakeholder reflections on the UK nuclear industry," Energy Policy, Elsevier, vol. 164(C).
    3. Elisabetta Strazzera & Riccardo Scarpa & Pinuccia Calia & Guy Garrod & Kenneth Willis, 2003. "Modelling zero values and protest responses in contingent valuation surveys," Applied Economics, Taylor & Francis Journals, vol. 35(2), pages 133-138.
    4. Edward Balistreri & Gary McClelland & Gregory Poe & William Schulze, 2001. "Can Hypothetical Questions Reveal True Values? A Laboratory Comparison of Dichotomous Choice and Open-Ended Contingent Values with Auction Values," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 18(3), pages 275-292, March.
    5. Qi, Wen-Hui & Qi, Ming-Liang & Ji, Ya-Min, 2020. "The effect path of public communication on public acceptance of nuclear energy," Energy Policy, Elsevier, vol. 144(C).
    6. Joseph C. Cooper & Michael Hanemann & Giovanni Signorello, 2002. "One-and-One-Half-Bound Dichotomous Choice Contingent Valuation," The Review of Economics and Statistics, MIT Press, vol. 84(4), pages 742-750, November.
    7. Lucas Davis & Catherine Hausman, 2016. "Market Impacts of a Nuclear Power Plant Closure," American Economic Journal: Applied Economics, American Economic Association, vol. 8(2), pages 92-122, April.
    8. Kim, Younghwan & Kim, Wonjoon & Kim, Minki, 2014. "An international comparative analysis of public acceptance of nuclear energy," Energy Policy, Elsevier, vol. 66(C), pages 475-483.
    9. Ifeoma Q. Anugwa & Elizabeth A. Onwubuya & Jane M. Chah & Chisom C. Abonyi & Eleanya K. Nduka, 2022. "Farmers’ preferences and willingness to pay for climate-smart agricultural technologies on rice production in Nigeria," Climate Policy, Taylor & Francis Journals, vol. 22(1), pages 112-131, January.
    10. Zobeidi, Tahereh & Komendantova, Nadejda & Yazdanpanah, Masoud, 2022. "Social media as a driver of the use of renewable energy: The perceptions of instagram users in Iran," Energy Policy, Elsevier, vol. 161(C).
    11. Invernizzi, Diletta Colette & Locatelli, Giorgio & Velenturf, Anne & Love, Peter ED. & Purnell, Phil & Brookes, Naomi J., 2020. "Developing policies for the end-of-life of energy infrastructure: Coming to terms with the challenges of decommissioning," Energy Policy, Elsevier, vol. 144(C).
    12. Zhu, Weiwei & Wei, Jiuchang & Zhao, Dingtao, 2016. "Anti-nuclear behavioral intentions: The role of perceived knowledge, information processing, and risk perception," Energy Policy, Elsevier, vol. 88(C), pages 168-177.
    13. Kwangheon Park & Seunghyun Son & Jinhyuk Oh & Sunkuk Kim, 2022. "Sustainable Decommissioning Strategies for Nuclear Power Plants: A Systematic Literature Review," Sustainability, MDPI, vol. 14(10), pages 1-21, May.
    14. Xoubi, Ned, 2019. "Economic assessment of nuclear electricity from VVER-1000 reactor deployment in a developing country," Energy, Elsevier, vol. 175(C), pages 14-22.
    15. Hoti, Ferdiana & Perko, Tanja & Thijssen, Peter & Renn, Ortwin, 2021. "Who is willing to participate? Examining public participation intention concerning decommissioning of nuclear power plants in Belgium," Energy Policy, Elsevier, vol. 157(C).
    16. Kim, Younghwan & Kim, Minki & Kim, Wonjoon, 2013. "Effect of the Fukushima nuclear disaster on global public acceptance of nuclear energy," Energy Policy, Elsevier, vol. 61(C), pages 822-828.
    17. W. Michael Hanemann, 1984. "Welfare Evaluations in Contingent Valuation Experiments with Discrete Responses," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 66(3), pages 332-341.
    18. Bishop, Richard C. & Heberlein, Thomas A., 1979. "Measuring Values Of Extramarket Goods: Are Indirect Measures Biased?," 1979 Annual Meeting, July 29-August 1, Pullman, Washington 277818, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    19. Dittmar, Michael, 2012. "Nuclear energy: Status and future limitations," Energy, Elsevier, vol. 37(1), pages 35-40.
    20. Lordan-Perret, Rebecca & Sloan, Robert D. & Rosner, Robert, 2021. "Decommissioning the U.S. nuclear fleet: Financial assurance, corporate structures, and bankruptcy," Energy Policy, Elsevier, vol. 154(C).
    21. Jin, Jianjun & Wan, Xinyu & Lin, Yongsheng & Kuang, Foyuan & Ning, Jing, 2019. "Public willingness to pay for the research and development of solar energy in Beijing, China," Energy Policy, Elsevier, vol. 134(C).
    22. Krinsky, Itzhak & Robb, A Leslie, 1986. "On Approximating the Statistical Properties of Elasticities," The Review of Economics and Statistics, MIT Press, vol. 68(4), pages 715-719, November.
    23. Chauhan, Yogesh & Dey, Dipanjan Kumar, 2020. "Does financial literacy affect the value of financial advice? A contingent valuation approach," Journal of Behavioral and Experimental Finance, Elsevier, vol. 25(C).
    24. Wang, Shanyong & Wang, Jing & Lin, Shoufu & Li, Jun, 2019. "Public perceptions and acceptance of nuclear energy in China: The role of public knowledge, perceived benefit, perceived risk and public engagement," Energy Policy, Elsevier, vol. 126(C), pages 352-360.
    25. Hu, Xiaoli & Zhu, Weiwei & Wei, Jiuchang, 2021. "Effects of information strategies on public acceptance of nuclear energy," Energy, Elsevier, vol. 231(C).
    26. Huang, Gillan Chi-Lun & Chen, Rung-Yi & Park, Byung-Bae, 2021. "Democratic innovations as a party tool: A comparative analysis of nuclear energy public participation in Taiwan and South Korea," Energy Policy, Elsevier, vol. 153(C).
    27. Wang, Yu & Gu, Jibao & Wu, Jianlin, 2020. "Explaining local residents’ acceptance of rebuilding nuclear power plants: The roles of perceived general benefit and perceived local benefit," Energy Policy, Elsevier, vol. 140(C).
    28. Jürgen Meyerhoff & Morten Mørkbak & Søren Olsen, 2014. "A Meta-study Investigating the Sources of Protest Behaviour in Stated Preference Surveys," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 58(1), pages 35-57, May.
    29. Carlson, Deven & Haeder, Simon & Jenkins-Smith, Hank & Ripberger, Joseph & Silva, Carol & Weimer, David, 2019. "Monetizing Bowser: A Contingent Valuation of the Statistical Value of Dog Life," Journal of Benefit-Cost Analysis, Cambridge University Press, vol. 11(1), pages 131-149, November.
    30. Guo, Yue & Ren, Tao, 2017. "When it is unfamiliar to me: Local acceptance of planned nuclear power plants in China in the post-fukushima era," Energy Policy, Elsevier, vol. 100(C), pages 113-125.
    31. Richard C. Bishop & Thomas A. Heberlein, 1979. "Measuring Values of Extramarket Goods: Are Indirect Measures Biased?," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 61(5), pages 926-930.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Wiktor Hebda & Matúš Mišík, 2024. "In Search of Energy Security: Nuclear Energy Development in the Visegrad Group Countries," Energies, MDPI, vol. 17(21), pages 1-21, October.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Lee, Juyong & Cho, Youngsang, 2020. "Estimation of the usage fee for peer-to-peer electricity trading platform: The case of South Korea," Energy Policy, Elsevier, vol. 136(C).
    2. Lee, Juyong & Cho, Youngsang, 2018. "Inconvenience cost of mobile communication failure: The case of South Korea," Telecommunications Policy, Elsevier, vol. 42(3), pages 241-252.
    3. JongRoul Woo & Sesil Lim & Yong-Gil Lee & Sung-Yoon Huh, 2018. "Financial Feasibility and Social Acceptance for Reducing Nuclear Power Plants: A Contingent Valuation Study," Sustainability, MDPI, vol. 10(11), pages 1-16, October.
    4. Dahal, Ram P. & Grala, Robert K. & Gordon, Jason S. & Petrolia, Daniel R. & Munn, Ian A., 2018. "Estimating the willingness to pay to preserve waterfront open spaces using contingent valuation," Land Use Policy, Elsevier, vol. 78(C), pages 614-626.
    5. Lee, Min-Kyu & Nam, Jungho & Kim, Miju, 2023. "Valuing the public preference for offshore wind energy: The case study in South Korea," Energy, Elsevier, vol. 263(PB).
    6. Lee, Gunwoo & Kim, Soo-Yeob & Lee, Min-Kyu, 2015. "Economic evaluation of vessel traffic service (VTS): A contingent valuation study," Marine Policy, Elsevier, vol. 61(C), pages 149-154.
    7. Kim, GwanSeon & Petrolia, Daniel R. & Interis, Matthew G., 2012. "A Method for Improving Welfare Estimates from Multiple-Referendum Surveys," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 37(2), pages 1-12, August.
    8. Miguel Ángel Tobarra-González, 2015. "A new recoding method for treating protest responses in contingent valuation studies using travel cost data," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 58(8), pages 1479-1489, August.
    9. Jin, Taeyoung & Lee, Tae Eui & Kim, Dowon, 2023. "Value of lost load estimation for the South Korea's manufacturing sector—finding the gap between the supply and demand side," Renewable and Sustainable Energy Reviews, Elsevier, vol. 187(C).
    10. Choi, Jihye & Kim, Justine Jihyun & Lee, Jongsu, 2024. "Public willingness to pay for mitigating local conflicts over the construction of renewable energy facilities: A contingent valuation study in South Korea," Energy Policy, Elsevier, vol. 185(C).
    11. Zhou, Lingyi & Dai, Yixin, 2020. "Which is more effective in China? How communication tools influence public acceptance of nuclear power energy," Energy Policy, Elsevier, vol. 147(C).
    12. Jie Yang & Jie Wang & Xiaofeng Zhang & Chunqi Shen & Zhijuan Shao, 2022. "How Social Impressions Affect Public Acceptance of Nuclear Energy: A Case Study in China," Sustainability, MDPI, vol. 14(18), pages 1-23, September.
    13. Cho, Seong-Hoon & Yen, Steven T. & Bowker, J.M. & Newman, David H., 2008. "Modeling Willingness to Pay for Land Conservation Easements: Treatment of Zero and Protest Bids and Application and Policy Implications," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 40(1), pages 267-285, April.
    14. David Hoyos & Petr Mariel, 2010. "Contingent Valuation: Past, Present and Future," Prague Economic Papers, Prague University of Economics and Business, vol. 2010(4), pages 329-343.
    15. James Murphy & P. Allen & Thomas Stevens & Darryl Weatherhead, 2005. "A Meta-analysis of Hypothetical Bias in Stated Preference Valuation," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 30(3), pages 313-325, March.
    16. John K. Horowitz & Kenneth E. McConnell & James J. Murphy, 2013. "Behavioral foundations of environmental economics and valuation," Chapters, in: John A. List & Michael K. Price (ed.), Handbook on Experimental Economics and the Environment, chapter 4, pages 115-156, Edward Elgar Publishing.
    17. Timothy C. Haab & Kenneth E. McConnell, "undated". "Intuitive Bounds on Willingness to Pay," Working Papers 9609, East Carolina University, Department of Economics.
    18. Ghanem, Samar & Ferrini, Silvia & Di Maria, Corrado, 2023. "Air pollution and willingness to pay for health risk reductions in Egypt: A contingent valuation survey of Greater Cairo and Alexandria households," World Development, Elsevier, vol. 172(C).
    19. Wang, Jing & Li, Yazhou & Wu, Jianlin & Gu, Jibao & Xu, Shuo, 2020. "Environmental beliefs and public acceptance of nuclear energy in China: A moderated mediation analysis," Energy Policy, Elsevier, vol. 137(C).
    20. Kim, Philseo & Kim, Jihee & Yim, Man-Sung, 2020. "How deliberation changes public opinions on nuclear energy: South Korea's deliberation on closing nuclear reactors," Applied Energy, Elsevier, vol. 270(C).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:enepol:v:181:y:2023:i:c:s030142152300280x. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/enpol .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.