Economic Valuation of Improving Environmental Degradations in Korea Using Choice Experiment

Abstract

This study aims to quantitatively identify the economic value of the comprehensive improvement of environmental degradations caused by climate change. The research method applied to that is the choice experiment. Fine particulate matter, algae bloom, and heat waves were selected as individual attributes constituting environmental problems. It was found that the willingness to pay could not be induced for any level of improvement in algal bloom. It was concluded that if heat waves improved to the medium level where the number of heat-related illnesses and estimated deaths decreased by 50% compared to the current level, there would be a loss in value by USD 13.33. The value of improving environmental problems is USD 7.69 per household per year, and the improvement of fine particulate matter was the highest value attributed by consumers. This study is significant in that it comprehensively evaluates severe environmental problems, reflects their priorities and importance, and assesses the value for each level. It provides important foundational data for establishing effective budget input strategies to maximize consumer benefits and aids in the preparation of effective policies by establishing more detailed goals to achieve net-zero carbon emissions and the Sustainable Development Goals.

Environmental Value Assessment of Plastic Pollution Control: A Study Based on Evidence from a Survey in China

“…In order to sustainably implement plastic pollution prevention methods and manage related resources, it is necessary to establish correct environmental values and accurately assess their value [11]. However, compared with relevant international studies [12][13][14], research in China mainly focuses on the construction of plastic pollution control systems and the formulation of governance measures [15][16][17] and does not consider environmental value assessment of plastic pollution control.…”

“…Although environmental goods have direct or indirect economic value, they cannot be precisely quantified [18][19][20][21]. Non-market valuation methods have been used to estimate their economic value through willingness to pay [12][13][14]22,23]. However, this valuation method focuses on the current direct or indirect economic value and ignores the relative price changes caused by the scarcity of environmental products or services, resulting in an underestimation of the total value.…”