Economic Analysis of Beach Safety Level on the Contingent Valuation in Haeundae Beach

Jo, E.; Yun, H.S.; Suh, Y.C.; Lee, J., and Lee, J.L., 2014. Economic analysis of beach safety level on the contingent valuation in Haeundae Beach. The beach is the most popular tourism place during the summer vacation, which contributes to local economic improvement and plays the key role in beach tourism resources. However, environmental resources, like beaches, have characteristics of public properties and it is difficult to evaluate them as a market value. This study employs Contingent Valuation Method (CVM) to investigate how much of the tourist's decision is affected by beach safety, according to emergency accidents caused by rip current or bad weather, which often occurs in Haeundae Beach. Referring to the Australian study for the relevant between economy and lifesaving, we applied the methodology to Korean beach lifesaving. In other words, the present contingent study is carried out mainly through the survey data in regard to how much beachgoers are willing to pay for going to a safe beach. Through this survey, it is possible to estimate the economic value of a safe beach as well as the value of lifesaving, which has been previously recognized as unimportant factors. The economic evaluation of nonmarket value of safe beaches or lifesaving can draw the necessity of beach safety management and guideline establishment as to contributing to the mitigation of drowning accidents.