Measuring the economic value of ecotourism resources: The case of South Korea

This article attempts to quantify the economic benefits of ecotourism resources. The contingent valuation method was employed to measure the economic value of ecotourism resources for recreational use at Mt. Minju in South Korea using a dichotomous choice questionnaire. The empirical results show that the economic value of ecotourism resources per recreationist was estimated at 20,792 won (approximately U.S.$24) and 23,307 won (approximately U.S.$27) using the parametric and nonparametric approaches, respectively, under the hypothetical market scenario. The total economic benefits then were estimated by multiplying the per capita economic benefit by the number of visitors. The findings are sufficient to demonstrate that ecotourism resources as nonmarket goods have their own economic value and have considerable economic benefits. This implies that significant economic benefits will be lost as a result of the development of a ski resort with golf courses in an environmentally sensitive area.