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Willingness to Pay for Public Benefit Functions of Daecheong Dam Operation: Moderating Effects of Climate Change Perceptions

Author

Listed:
  • Heekyun Oh

    (College of Hospitality and Tourism Management, Sejong University, 98 Gunja-Dong, Gwangjin-Gu, Seoul 143-747, Korea)

  • Seongjun Yun

    (College of Hospitality and Tourism Management, Sejong University, 98 Gunja-Dong, Gwangjin-Gu, Seoul 143-747, Korea)

  • Heechan Lee

    (College of Hospitality and Tourism Management, Sejong University, 98 Gunja-Dong, Gwangjin-Gu, Seoul 143-747, Korea)

Abstract

This study estimates the economic value of the Daecheong Dam for the public function of responding to climate change. It examines the moderating effect of climate change perceptions on value estimates by applying choice experiments (CE). The study specifies three dam function attributes—drought management (DM), flood control (FC), and water quality monitoring (WM)—subdivided into three levels to improve the existing conditions. Survey data from 603 households living in Daejeon, Chungbuk, and Chungnam have been collected to perform the CE. Subsequently, two clusters—high-involvement and low-involvement groups—have been extracted, based on the climate change perception index. The main results of comparing the marginal willingness-to-pay between the two clusters are as follows. The attributes and price variable significantly affected the choice probability to benefit from improvements in the rational signs of the coefficients. This does not violate the independence of the irrelevant alternatives assumption. The improvement values of high-involvement and low-involvement groups are estimated as KRW 21,570 and KRW 14,572 a year per household, respectively. Both show the same value intensities in the order of WM, DM, and FC.

Suggested Citation

  • Heekyun Oh & Seongjun Yun & Heechan Lee, 2021. "Willingness to Pay for Public Benefit Functions of Daecheong Dam Operation: Moderating Effects of Climate Change Perceptions," Sustainability, MDPI, vol. 13(24), pages 1-19, December.
    • Handle: RePEc:gam:jsusta:v:13:y:2021:i:24:p:14060-:d:706688
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    Cited by:

    1. Khin Thu Thu Thein & Department of Applied Economics, Yangon University of Economics, Myanmar, 2023. "Solar Energy Farming for Sustainable Agriculture and Rural Development: Myanmar Dry Zone," International Journal of Science and Business, IJSAB International, vol. 25(1), pages 188-201.
    2. Amare Tesfaw & Feyera Senbeta & Dawit Alemu & Ermias Teferi, 2022. "Estimating the Economic Values of Restricted Monoculture Eucalyptus Plantations: A Choice Modeling Approach," IJERPH, MDPI, vol. 19(15), pages 1-17, July.

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