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Evaluating the Economic Value of Environmentally Sound Functions of Environment-Friendly Agriculture

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  • Jeong, Hakkyun

Abstract

The purpose of this study is to evaluate the economic value of environmentally sound functions of environmentally friendly agriculture. The contingent valuation method (CVM) was used to evaluate the value people are willing to pay (WTP) for the environmentally sound functions of environmentally friendly agriculture. Based on the pilot survey results, virtual scenarios were set up and a double-bounded dichotomous choice survey was conducted. This study selected 3 domains of environmentally sound functions: soil and water-related, protecting biodiversity, greenhouse gas reduction. Economic assessments of the environmentally sound functions of environmentally friendly agriculture were conducted using the maximum likelihood estimation method. The estimation results showed that the total sum of the economic value of willingness to pay for the three functions amounts to 3,570.8 billion won.

Suggested Citation

  • Jeong, Hakkyun, 2015. "Evaluating the Economic Value of Environmentally Sound Functions of Environment-Friendly Agriculture," Journal of Rural Development/Nongchon-Gyeongje, Korea Rural Economic Institute, vol. 38(3), September.
    • Handle: RePEc:ags:jordng:330674
    DOI: 10.22004/ag.econ.330674
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    Keywords

    Environmental Economics and Policy;

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