IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v13y2021i12p6965-d579054.html
   My bibliography  Save this article

Economic Value of Terminal Aerodrome Forecasts at Incheon Airport, South Korea

Author

Listed:
  • In-Gyum Kim

    (Planning and Finance Division, National Institute of Meteorological Sciences, Seogwipo-si 63568, Korea)

  • Hye-Min Kim

    (Planning and Finance Division, National Institute of Meteorological Sciences, Seogwipo-si 63568, Korea)

  • Dae-Geun Lee

    (Planning and Finance Division, National Institute of Meteorological Sciences, Seogwipo-si 63568, Korea)

  • Byunghwan Lim

    (Planning and Finance Division, National Institute of Meteorological Sciences, Seogwipo-si 63568, Korea)

  • Hee-Choon Lee

    (Earthquake and Volcano Policy Division, Korea Meteorological Administration, Seoul 07062, Korea)

Abstract

Meteorological information at an arrival airport is one of the primary variables used to determine refueling of discretionary fuel. This study evaluated the economic value of terminal aerodrome forecasts (TAF), which has not been previously quantitatively analyzed in Korea. The analysis data included 374,716 international flights that arrived at Incheon airport during 2017–2019. A cost–loss model was used for the analysis, which is a methodology to evaluate forecast value by considering the cost and loss that users can expect, considering the decision-making result based on forecast utilization. The value was divided in terms of improving fuel efficiency and reducing CO 2 emissions. The results of the analysis indicate that the annual average TAF value for Incheon Airport was approximately 2.2 M–20.1 M USD under two hypothetical rules of refueling of discretionary fuel. This value is up to 26.2% higher than the total budget of 16.3 M USD set for the production of aviation meteorological forecasts by the Korea Meteorological Administration (KMA). Further, it is up to 10 times greater than the 2 M USD spent on aviation meteorological information fees collected by the KMA in 2018.

Suggested Citation

  • In-Gyum Kim & Hye-Min Kim & Dae-Geun Lee & Byunghwan Lim & Hee-Choon Lee, 2021. "Economic Value of Terminal Aerodrome Forecasts at Incheon Airport, South Korea," Sustainability, MDPI, vol. 13(12), pages 1-13, June.
    • Handle: RePEc:gam:jsusta:v:13:y:2021:i:12:p:6965-:d:579054
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/13/12/6965/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/13/12/6965/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. So-Yeon Park & Seul-Ye Lim & Seung-Hoon Yoo, 2016. "The Economic Value of the National Meteorological Service in the Korean Household Sector: A Contingent Valuation Study," Sustainability, MDPI, vol. 8(9), pages 1-13, August.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Hye-Min Kim & In-Gyum Kim & Byunghwan Lim & Seung-Hoon Yoo, 2021. "Estimating the Economic Value of Improving the Asian Dust Aerosol Model in the Korean Household Sector: A Choice Experiment," Sustainability, MDPI, vol. 13(21), pages 1-11, November.
    2. Joseph Kim & Hyo-Jin Kim & Seung-Hoon Yoo, 2018. "Public Value of Marine Biodiesel Technology Development in South Korea," Sustainability, MDPI, vol. 10(11), pages 1-12, November.
    3. Hyo-Jin Kim & Seul-Ye Lim & Seung-Hoon Yoo, 2017. "Are Korean Households Willing to Pay a Premium for Induction Cooktops over Gas Stoves?," Sustainability, MDPI, vol. 9(9), pages 1-10, August.
    4. Hye-Jeong Lee & Hyo-Jin Kim & Seung-Hoon Yoo, 2018. "The Public Value of Reducing the Incidence of Oil Spill Accidents in Korean Rivers," Sustainability, MDPI, vol. 10(4), pages 1-12, April.
    5. Ju-Hee Kim & Hyo-Jin Kim & Seung-Hoon Yoo, 2018. "Consumers’ Willingness to Pay for Net-Zero Energy Apartment in South Korea," Sustainability, MDPI, vol. 10(5), pages 1-12, May.
    6. Ga-Eun Kim & Hye-Jeong Lee & Seung-Hoon Yoo, 2018. "Willingness to Pay for Substituting Coal with Natural Gas-Based Combined Heat and Power in South Korea: A View from Air Pollutants Emissions Mitigation," Sustainability, MDPI, vol. 10(5), pages 1-12, May.
    7. Shaoai Liu & Wan-Yi Li, 2020. "Ecotourism Research Progress: A Bibliometric Analysis During 1990–2016," SAGE Open, , vol. 10(2), pages 21582440209, May.
    8. Ju-Hee Kim & Hyo-Jin Kim & Seung-Hoon Yoo, 2018. "Economic Value of Building a Firefighter Training Academy for Urban Disaster Management in Seoul, South Korea," Sustainability, MDPI, vol. 10(12), pages 1-11, December.
    9. Seo-Hyeon Min & Seul-Ye Lim & Seung-Hoon Yoo, 2017. "Consumers’ Willingness to Pay a Premium for Eco-Labeled LED TVs in Korea: A Contingent Valuation Study," Sustainability, MDPI, vol. 9(5), pages 1-12, May.
    10. Min-Kyu Lee & Ju-Hee Kim & Seung-Hoon Yoo, 2018. "Public Willingness to Pay for Increasing Photovoltaic Power Generation: The Case of Korea," Sustainability, MDPI, vol. 10(4), pages 1-11, April.
    11. Ju-Hee Kim & Kyung-Kyu Lim & Seung-Hoon Yoo, 2019. "Evaluating Residential Consumers’ Willingness to Pay to Avoid Power Outages in South Korea," Sustainability, MDPI, vol. 11(5), pages 1-12, February.
    12. Seul-Ye Lim & Se-Jun Jin & Seung-Hoon Yoo, 2017. "The Economic Benefits of the Dokdo Seals Restoration Project in Korea: A Contingent Valuation Study," Sustainability, MDPI, vol. 9(6), pages 1-15, June.
    13. Ju-Hee Kim & Hyo-Jin Kim & Seung-Hoon Yoo, 2018. "Public Value of Enforcing the PM 2.5 Concentration Reduction Policy in South Korean Urban Areas," Sustainability, MDPI, vol. 10(4), pages 1-14, April.
    14. Seul-Ye Lim & So-Yeon Park & Seung-Hoon Yoo, 2017. "The Environmental Conservation Value of the Saemangeum Open Sea in Korea," Sustainability, MDPI, vol. 9(11), pages 1-14, November.
    15. Hyo-Jin Kim & Ju-Hee Kim & Seung-Hoon Yoo, 2018. "Do People Place More Value on Natural Gas Than Coal for Power Generation to Abate Particulate Matter Emissions? Evidence from South Korea," Sustainability, MDPI, vol. 10(6), pages 1-10, May.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:13:y:2021:i:12:p:6965-:d:579054. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.