Valuing the Gyung-an Stream Space Using a Choice Experiment

The purpose of this study is to measure the value of the multi-functionality of the Gyung-an stream space according to attribute through the applied methodology of choice experiment. Marginal willingness-to-pay was measured by using parameters estimated through the conditional logit model. The value of improving water quality from industrial water level to living water level was estimated at 7,904 KRW per household on a yearly basis. In the case of waterfront space, the value of activating bicycle roads and walkways was estimated at 5,079 KRW. The added value of activating physical training facilities and neighborhood parks was estimated at 2,132 KRW. Meanwhile, each household showed WTP of 5,465 KRW, were the ecological environment to be improved to the level that allowed biodiversity of underwater creatures. The economic value of the Gyung-an stream space for each household on a yearly basis is estimated at 18,204 KRW. According to research results, emphasis on activating the waterfront as part of the river restoration project appears to be the direction that maximizes the benefit of residents under the given budget constraint.