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Public Willingness to Pay for Transforming Jogyesa Buddhist Temple in Seoul, Korea into a Cultural Tourism Resource

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  • Seul-Ye Lim

    (Department of Energy Policy, Graduate School of Energy & Environment, Seoul National University of Science & Technology, 232 Gongreung-Ro, Nowon-Gu, Seoul 01811, Korea)

  • Ho-Young Kim

    (Department of Energy Policy, Graduate School of Energy & Environment, Seoul National University of Science & Technology, 232 Gongreung-Ro, Nowon-Gu, Seoul 01811, Korea)

  • Seung-Hoon Yoo

    (Department of Energy Policy, Graduate School of Energy & Environment, Seoul National University of Science & Technology, 232 Gongreung-Ro, Nowon-Gu, Seoul 01811, Korea)

Abstract

The Jogyesa Buddhist Temple (JBT), located in Seoul, Korea, is the chief temple of the Jogye Order, which represents Korean Buddhism. The Seoul government plans to transform the JBT into a cultural tourism resource and a historical site. This study attempts to analyze the willingness to pay (WTP) for implementing the transformation, which includes building a new shopping arcade for Buddhist culture and tourism, constructing a museum for the teaching of history and an experience center for Korean traditional culture in the precincts of JBT, and making an open space for domestic and/or foreign visitors. To this end, the study looks into the WTP for the implementation, reporting on a contingent valuation (CV) survey that was conducted with 500 Seoul households. The single-bounded dichotomous choice CV model and a spike model were applied to derive the WTP responses and analyze the WTP data with zero observations, respectively. The mean yearly WTP was computed to be KRW 7129 (USD 6.30) per household for the next five years, with the estimate being statistically significant at the 1% level. Expanding the value to the Seoul population gives us KRW 25.4 billion (USD 22.5 million) per year. The present value of the total WTP amounts to KRW 114.6 billion (USD 101.3 million) using a social discount rate of 5.5%. We can conclude that Seoul households are ready to shoulder some of the financial burden of implementing the transformation.

Suggested Citation

  • Seul-Ye Lim & Ho-Young Kim & Seung-Hoon Yoo, 2016. "Public Willingness to Pay for Transforming Jogyesa Buddhist Temple in Seoul, Korea into a Cultural Tourism Resource," Sustainability, MDPI, vol. 8(9), pages 1-13, September.
    • Handle: RePEc:gam:jsusta:v:8:y:2016:i:9:p:900-:d:77493
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    References listed on IDEAS

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    Cited by:

    1. Yugang He & Chunlei Wang, 2022. "Does Buddhist Tourism Successfully Result in Local Sustainable Development?," Sustainability, MDPI, vol. 14(6), pages 1-15, March.
    2. Seung Oh Nam, 2018. "How Much Are Insurance Consumers Willing to Pay for Blockchain and Smart Contracts? A Contingent Valuation Study," Sustainability, MDPI, vol. 10(11), pages 1-11, November.
    3. 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.
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    5. 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.
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    8. Ju-Hee Kim & Ga-Eun Kim & Seung-Hoon Yoo, 2018. "A Valuation of the Restoration of Hwangnyongsa Temple in South Korea," Sustainability, MDPI, vol. 10(2), pages 1-7, January.
    9. 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.
    10. Doo-Chun Kim & Hyo-Jin Kim & Seung-Hoon Yoo, 2018. "Valuing Improved Power Supply Reliability for Manufacturing Firms in South Korea: Results from a Choice Experiment Survey," Sustainability, MDPI, vol. 10(12), pages 1-12, November.
    11. 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.
    12. 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.
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    14. 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.

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