Estimating the preservation value of the confucianism symbol tree: application of the contingent valuation method

ABSTRACT

The main purpose of this study is to estimate the preservation value of the Confucianism symbol tree at Jeonju Hyanggyo, a traditional Confucian school in Korea during the Joseon Dynasty (1392–1910), using the contingent valuation method (CVM). CVM is widely used to estimate the economic value of non-market goods in the form of willingness-to-pay (WTP). The secondary purpose is to investigate whether perceived value is statistically related to WTP. A two-step approach is applied to reduce hypothetical bias. The results show that respondents are willing to pay 5,163 KRW (=4.57 USD) to preserve the Jeonju Hyanggyo tree. Further, respondents who perceive higher functional value are more likely to pay more.

KEYWORDS:

• Contingent valuation method
• perceived value
• willingness-to-pay
• hypothetical bias
• confucianism

Disclosure statement

No potential conflict of interest was reported by the authors.

Additional information

Funding

This work was supported by Kyonggi University Research Grant 2018.

Notes on contributors

Won Seok Lee

Won Seok Lee is an assistant professor in the department of tourism and recreation at Kyonggi University in Korea. He earned his Ph.D. in recreation, park, and tourism management from the Pennsylvania State University. His research interests are tourism-economics.