Willingness to pay for the prevention of beach erosion in Korea: The case of Haeundae beach

Beach erosion, which is one of the significant marine environmental problems since it would negatively affect the beach environment, economy, and safety of areas near the beach. Then, this study examined the public perception and their willingness to pay (WTP) for the prevention of beach erosion. This study conducted a nationwide household survey for applying the contingent valuation method with one-and-one-half-bound dichotomous choice model. a nationwide household survey; in order to estimate mean WTP, the spike model was applied. As results, this study found that Korean households are positive to prevent beach erosion and the related policies should focus on ensuring the safety of the local areas. The mean WTP per household was KRW 2718.6 (USD 2.5) per year and total WTP of the Korean households was KRW 53.9 billion (USD 49.0 million) per year. Further, compared to the results of other marine protected areas, WTP of Korean households for the prevention of beach erosion is comparable with that of other marine protected areas.