Economic Value of Ocean Education in Korea Using the Contingent Valuation Method (CVM)

Lee, S. and Kim, T.-G., 2023. Economic value of ocean education in Korea using the Contingent Valuation Method (CVM). In: Lee, J.L.; Lee, H.; Min, B.I.; Chang, J.-I.; Cho, G.T.; Yoon, J.-S., and Lee, J. (eds.), Multidisciplinary Approaches to Coastal and Marine Management. Journal of Coastal Research, Special Issue No. 116, pp. 304-308. Charlotte (North Carolina), ISSN 0749-0208. This study aims to measure the value of experience of ocean education and estimate its economic value in monetary terms. Through this process, this study intends to conduct an empirical analysis on the impact of ocean education that the Korean government has implemented over the last 18 years on society as well as the economy. For analyzing the economic value of ocean education, this study estimated Willingness-to-Pay (WTP) based on a Contingent Valuation Method (CVM). While using the question format of double-bounded dichotomous choice, this study randomly distributed a total of 10 suggested prices to 1,065 respondents who have participated in ocean education and have not participated. According to the result of analysis, the social economic value of the government's ocean education programs is estimated to be 331.1 billion KRW to the minimum to 873.3 billion KRW, having 1.2 times to 3 times the effect of the MOF's estimated budget of 286 billion KRW. Next gender, age, education level, number of children, characteristics of residence area, ocean education experience, and household monthly income were analyzed as socioeconomic factors of respondents that affect WTP. As a result of the analysis, it was found that the higher age, education level, and monthly income in the probit model, had a statistically significant effect on the willingness to pay. And the more they lived in the coastal area, the more they had the experience of participating in the ocean education program at least once, the higher the willingness to pay. These results signify that ocean education policies that have been implemented thus far have been able to successfully achieve policy goals initially intended. At the same time, this study verifies that ocean education policies have brought a positive impact on promoting the ocean knowledge of the people.