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A Study on the Value of Preserving a Parasitic Volcanic Sieve as a Tourism Good for Sustainable Management: Using the Contingent Valuation Method

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  • Won Seok Lee

    (Department of Tourism and Recreation, Kyonggi University, Seoul 03752, Korea)

Abstract

The purpose of this study is to estimate the economic value of Geomun Oreum (GO), a parasitic volcanic sieve, for sustainable management by using the dichotomous choice contingent valuation method. To address the exaggeration tendency of willingness to pay (WTP), the contingent valuation method’s (CVM’s) traditional threshold, respondents’ WTP answers were reconfirmed to screen only true responses for our analysis. In addition to estimating the economic value, the causal relationship between the tour guide’s quality of explanation and the respondents’ payment intention is examined in the study. The results reveal that the estimated preservation value of GO is 35,881 KRW (33.28 USD), and the quality of the tour guide’s narrative is statistically related to the respondents’ payment intention.

Suggested Citation

  • Won Seok Lee, 2020. "A Study on the Value of Preserving a Parasitic Volcanic Sieve as a Tourism Good for Sustainable Management: Using the Contingent Valuation Method," Sustainability, MDPI, vol. 12(7), pages 1-12, April.
    • Handle: RePEc:gam:jsusta:v:12:y:2020:i:7:p:2825-:d:340543
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    References listed on IDEAS

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    Cited by:

    1. Dong-Han Kim & Jun-Jae Lee & Hyo-Yeun Park, 2021. "Assessing Economic Value of Local Festivals for Sustainable Development: A Case of Yeongju Korean Seonbi Culture Festival," Sustainability, MDPI, vol. 13(23), pages 1-13, December.
    2. Moritz A. Drupp & Zachary M. Turk & Ben Groom & Jonas Heckenhahn, 2024. "Limited Substitutability, Relative Price Changes and the Uplifting of Public Natural Capital Values," CESifo Working Paper Series 11156, CESifo.
    3. Sunwoo Park & Namho Chung & Won Seok Lee, 2020. "Preserving the Culture of Jeju Haenyeo (Women Divers) as a Sustainable Tourism Resource," Sustainability, MDPI, vol. 12(24), pages 1-11, December.

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