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Since the price for residential heat (RH) from district heating system in South Korea is regulated by the government rather than being freely determined in the market, it is difficult to estimate the demand function for RH properly using the distorted market data. Thus, undistorted data on price and demand are required in obtaining the demand function. This article tries to estimate the demand function for RH by applying the price sensitivity measurement (PSM) technique, with some variation, and then use this to obtain information about the price and income elasticities. To this end, in the PSM survey 1000 households were first asked about their consumption of RH and their expenditure on that consumption and then asked about how much they would lower their demand for RH in response to four hypothetical increases in the price for RH (10%, 20%, 50%, and 100%). Thus, five sets of price and consumption of RH were available for each household. The demand function for RH was estimated using a total of 5000 observations. The price and income elasticities were estimated with statistical significance to be about −0.478 and 0.033, respectively. These values can be utilized in decision-making and/or policy-making related to RH management.
Seul-Ye Lim; Jeoung-Sik Min; Seung-Hoon Yoo. Price and Income Elasticities of Residential Heat Demand from District Heating System: A Price Sensitivity Measurement Experiment in South Korea. Sustainability 2021, 13, 7242 .
AMA StyleSeul-Ye Lim, Jeoung-Sik Min, Seung-Hoon Yoo. Price and Income Elasticities of Residential Heat Demand from District Heating System: A Price Sensitivity Measurement Experiment in South Korea. Sustainability. 2021; 13 (13):7242.
Chicago/Turabian StyleSeul-Ye Lim; Jeoung-Sik Min; Seung-Hoon Yoo. 2021. "Price and Income Elasticities of Residential Heat Demand from District Heating System: A Price Sensitivity Measurement Experiment in South Korea." Sustainability 13, no. 13: 7242.
The combined heat and power (CHP) generation, which can produce both heat and electricity at the same time, is so efficient that it can reduce energy use and even mitigate CO2 and air pollutants emissions. For this reason, the share of CHP generation worldwide is increasing and the optimal share of CHP generation in electric power generation is a serious concern in South Korea. This article attempts to estimate the optimal share by modeling the plausible relationship between CHP generation and national output in the Cobb-Douglas production function setting and then deriving the output-maximizing share of CHP generation. The production function is estimated for annual data from 1995 to 2017 using several quantile regressions. The optimal share is computed to be 13.8%. Therefore, it is recommended that South Korea should increase the share of CHP generation slightly, given that the share was 8.6% in 2017. If the optimal CHP share instead of the actual CHP share had been achieved in 2017, GDP in 2017 could have increased by 0.82%.
Jeoung-Sik Min; Seul-Ye Lim; Seung-Hoon Yoo. Economic output-maximizing share of combined heat and power generation: The case of South Korea. Energy Policy 2019, 132, 1087 -1091.
AMA StyleJeoung-Sik Min, Seul-Ye Lim, Seung-Hoon Yoo. Economic output-maximizing share of combined heat and power generation: The case of South Korea. Energy Policy. 2019; 132 ():1087-1091.
Chicago/Turabian StyleJeoung-Sik Min; Seul-Ye Lim; Seung-Hoon Yoo. 2019. "Economic output-maximizing share of combined heat and power generation: The case of South Korea." Energy Policy 132, no. : 1087-1091.
In South Korea, renewable energy policy is mainly focused on electricity and tends to neglect renewable heat (RH). However, for the purpose of reducing greenhouse gas emissions, the heating sector must sharply switch from its use of conventional fuels to renewable sources. The South Korean Government is considering an RH incentive (RHI) program with financial and policy support schemes and is thus demanding information about residential consumers’ acceptance of the RHI program to expand the use of RH. Therefore, this study looked into residential consumers’ acceptance of the introduction of the RHI program by applying contingent valuation (CV). For this purpose, a CV survey of 600 interviewees was conducted using a dichotomous choice question format that asked a respondent if she/he is willing to pay a given amount. Furthermore, among the various dichotomous choice question formats, the one-and-one-half-bounded format, which is considered desirable in terms of efficiency as well as consistency, was applied. One point to note in analyzing the CV responses was that not a few interviewees had zero willingness to pay (WTP). Thus, a spike model was employed to deal with the dichotomous choice CV data with a number of zero observations. The results revealed that the household mean WTP amounted to KRW 5753 (USD 5.35) per year. If we look at this value from a national perspective, it is worth KRW 113.63 billion (USD 105.61 million) per year. This value corresponds to the economic value or benefits that the introduction of an RHI program provides to the South Korean people each year and needs to be compared to the costs that the introduction of RHI will incur.
Seul-Ye Lim; Seung-Hoon Yoo. Will South Korean Residential Consumers Accept the Renewable Heat Incentive Scheme? A Stated Preference Approach. Energies 2019, 12, 1910 .
AMA StyleSeul-Ye Lim, Seung-Hoon Yoo. Will South Korean Residential Consumers Accept the Renewable Heat Incentive Scheme? A Stated Preference Approach. Energies. 2019; 12 (10):1910.
Chicago/Turabian StyleSeul-Ye Lim; Seung-Hoon Yoo. 2019. "Will South Korean Residential Consumers Accept the Renewable Heat Incentive Scheme? A Stated Preference Approach." Energies 12, no. 10: 1910.
Heat accounts for about one-third of the final energy use and it is mostly produced using fossil fuels in South Korea. Thus, heat production is an important source of greenhouse gas emissions. However, using renewable heat that is directly produced from renewable energy, such as bioenergy, geothermal, or solar heat can save energy and reduce greenhouse gas emissions, rather than transforming conventional fuel into heat. Therefore, an energy policy for renewable heat urgently needs to be established. It is such situations that this paper attempts to assess the consumers’ additional willingness to pay (WTP) or the price premium for renewable heat over heat that is produced from fossil fuels for residential heating. To that end, a nationwide contingent valuation survey of 1000 households was conducted during August 2018. Employing the model allowing for zero WTP values, the mean of the additional WTP or premium for one Gcal of heat produced using renewable energy rather than fossil fuels was estimated to be KRW 3636 (USD 3.2), which is statistically meaningful at the 1% level. This value represents the price premium for renewable heat over heat that is based on fossil fuels. Given that the heat price for residential heating was approximately KRW 73,000 (USD 65.1) per Gcal at the time of the survey, the additional WTP or the price premium corresponds to about 5% of that. When considering that the cost of producing renewable heat is still significantly higher than the cost of producing fossil fuels-based heat, more efforts to lower the production costs of renewable heat as well as financial support of the government for producing and supplying renewable heat are needed to ensure residential consumers’ acceptance of renewable heat.
Hee-Hoon Kim; Seul-Ye Lim; Seung-Hoon Yoo. Residential Consumers’ Willingness to Pay Price Premium for Renewable Heat in South Korea. Sustainability 2019, 11, 1234 .
AMA StyleHee-Hoon Kim, Seul-Ye Lim, Seung-Hoon Yoo. Residential Consumers’ Willingness to Pay Price Premium for Renewable Heat in South Korea. Sustainability. 2019; 11 (5):1234.
Chicago/Turabian StyleHee-Hoon Kim; Seul-Ye Lim; Seung-Hoon Yoo. 2019. "Residential Consumers’ Willingness to Pay Price Premium for Renewable Heat in South Korea." Sustainability 11, no. 5: 1234.
The price of residential heating from the district heating system is similar to that from the individual heating system in Korea. However, the former is known to be more efficient in terms of national energy consumption than the latter in urban areas with high population density. Because district heating system reduces the total amount of energy consumption by 24% compared to individual heating system. This paper attempts to assess the public preferences for substituting consumption of residential heating produced from individual heating system with that produced from district heating system in terms of national energy efficiency. To apply contingent valuation method, a contingent valuation survey of 1000 households was implemented. Public preferences can be provided price gap, which is willingness to pay (WTP) and the findings can be interpreted as external benefits. For the purpose of mitigating the response effect in eliciting their WTP and increasing statistical efficiency in analyzing the WTP data, we employ a one-and-one-half-bounded dichotomous choice question format. Furthermore, we use the spike model so as to model zero WTP responses. The results show that the mean additional WTP for district heating system over individual heating system is estimated to be KRW 8544 per KRW 100,000 of residential heating. The WTP estimate is statistically significant at the 1% level. Thus, the external benefit of the district heating system over individual heating system in terms of national energy efficiency amounts to about 8.5% of the price for residential heating.
Hyo-Jin Kim; Seul-Ye Lim; Seung-Hoon Yoo. Public preferences for district heating system over individual heating system: a view from national energy efficiency. Energy Efficiency 2018, 12, 723 -734.
AMA StyleHyo-Jin Kim, Seul-Ye Lim, Seung-Hoon Yoo. Public preferences for district heating system over individual heating system: a view from national energy efficiency. Energy Efficiency. 2018; 12 (3):723-734.
Chicago/Turabian StyleHyo-Jin Kim; Seul-Ye Lim; Seung-Hoon Yoo. 2018. "Public preferences for district heating system over individual heating system: a view from national energy efficiency." Energy Efficiency 12, no. 3: 723-734.
Korean government has made and will continue to make a considerable investment in contaminated soil remediation to rectify the problems that arise from soil pollution. Quantitative information on the benefits of contaminated soil remediation is widely demanded by the public as well as the government. This article aims to assess the external benefits of contaminated soil remediation. A survey of 1000 randomly selected households was undertaken in Korea. The results show that the marginal willingness to pay values for a 1% decrease in human health hazard, a 1% improvement in biodiversity restoration, and 1000 new job creation by contaminated soil remediation are estimated to be KRW 204 (USD 0.17), 593 (0.50), and 238 (0.20) per household per year. The findings can provide policy-makers with useful information for both evaluating and planning the contaminated soil remediation.
Seul-Ye Lim; Hyo-Jin Kim; Seung-Hoon Yoo. Assessing the external benefits of contaminated soil remediation in Korea: a choice experiment study. Environmental Science and Pollution Research 2018, 25, 17216 -17222.
AMA StyleSeul-Ye Lim, Hyo-Jin Kim, Seung-Hoon Yoo. Assessing the external benefits of contaminated soil remediation in Korea: a choice experiment study. Environmental Science and Pollution Research. 2018; 25 (17):17216-17222.
Chicago/Turabian StyleSeul-Ye Lim; Hyo-Jin Kim; Seung-Hoon Yoo. 2018. "Assessing the external benefits of contaminated soil remediation in Korea: a choice experiment study." Environmental Science and Pollution Research 25, no. 17: 17216-17222.
Se-Jun Jin; Seul-Ye Lim; Seung-Hoon Yoo. The public value of building large oil spill response vessels in Korea. Marine Policy 2018, 88, 242 -247.
AMA StyleSe-Jun Jin, Seul-Ye Lim, Seung-Hoon Yoo. The public value of building large oil spill response vessels in Korea. Marine Policy. 2018; 88 ():242-247.
Chicago/Turabian StyleSe-Jun Jin; Seul-Ye Lim; Seung-Hoon Yoo. 2018. "The public value of building large oil spill response vessels in Korea." Marine Policy 88, no. : 242-247.
Seul-Ye Lim; Hyo-Jin Kim; Seung-Hoon Yoo. Household willingness to pay for expanding fuel cell power generation in Korea: A view from CO2 emissions reduction. Renewable and Sustainable Energy Reviews 2018, 81, 242 -249.
AMA StyleSeul-Ye Lim, Hyo-Jin Kim, Seung-Hoon Yoo. Household willingness to pay for expanding fuel cell power generation in Korea: A view from CO2 emissions reduction. Renewable and Sustainable Energy Reviews. 2018; 81 ():242-249.
Chicago/Turabian StyleSeul-Ye Lim; Hyo-Jin Kim; Seung-Hoon Yoo. 2018. "Household willingness to pay for expanding fuel cell power generation in Korea: A view from CO2 emissions reduction." Renewable and Sustainable Energy Reviews 81, no. : 242-249.
Coal is currently a major electric power generation source in South Korea when considering that forty-three percent of electricity that was generated during the first quarter of 2017 came from coal. The amount of CO2 emissions from coal-fired power plant is two times larger than that from natural gas (NG)-fired power plant in the country. In this regard, the Korean government is trying to replace some amount of coal that is used for generation with NG to reduce CO2 emissions. However, the cost of NG-fired generation is about 1.25 times higher than that of coal-fired generation. Thus, the policy-makers demand information about the household willingness to pay (WTP) for the replacement to mitigate CO2 emissions. This paper applies the contingent valuation (CV) approach, and assesses the household’s WTP for replacing one kWh of coal-fired power with that of NG-fired power. For this purpose, a total of 1000 South Korean households were involved in the CV survey employing a dichotomous choice question. In addition to the current electricity price, KRW 121.52 (USD 0.11) per kWh, the respondents were willing to pay KRW 25.35 (USD 0.02) per kWh. The costs of NG-fired and coal-fired generation are KRW 100.13 and 78.05, respectively, per kWh. The difference between the two is KRW 22.08 per kWh, which is smaller than the mean additional WTP (KRW 25.35 per kWh). The household’s additional WTP is bigger than the actual additional cost. It is concluded that the switch of power generation source from coal to NG to reduce CO2 emissions can be supported by South Korean households.
Seul-Ye Lim; Hyo-Jin Kim; Seung-Hoon Yoo. South Korean Household’s Willingness to Pay for Replacing Coal with Natural Gas? A View from CO2 Emissions Reduction. Energies 2017, 10, 2031 .
AMA StyleSeul-Ye Lim, Hyo-Jin Kim, Seung-Hoon Yoo. South Korean Household’s Willingness to Pay for Replacing Coal with Natural Gas? A View from CO2 Emissions Reduction. Energies. 2017; 10 (12):2031.
Chicago/Turabian StyleSeul-Ye Lim; Hyo-Jin Kim; Seung-Hoon Yoo. 2017. "South Korean Household’s Willingness to Pay for Replacing Coal with Natural Gas? A View from CO2 Emissions Reduction." Energies 10, no. 12: 2031.
The micro photovoltaic (MPV) is a good alternative for reducing greenhouse gas (GHG) emissions in the residential areas. Therefore, the Korean government has planned to expand the MPV power generation from about 2000 households (6 MW) in 2014 to 25,000 households (61 MW) by 2017. This article aims to assess the external benefits of this expansion in terms of reducing GHG emissions. To this end, we derive the public’s additional willingness to pay (WTP) for the expansion through an increase in electricity bill using a contingent valuation survey of 1000 Korean households. For the purpose of mitigating the response effect in eliciting their WTP and increasing statistical efficiency in analyzing the WTP data, we employ a one-and-one-half-bounded dichotomous choice question format. Furthermore, we use the spike model so as to model zero WTP responses. The mean additional WTP for the expansion is computed to be KRW 15.48 (USD 0.01) per kWh. This value amounts to 12.4% of the residential electricity price, KRW 125.14 (USD 0.11). We can conclude that Korean households are ready to shoulder some of the financial burden of expanding the MPV power generation.
Yong-Cheol Cho; Seul-Ye Lim; Seung-Hoon Yoo. The external benefits of expanding the micro photovoltaic power generation in Korea: A contingent valuation study. Solar Energy 2017, 158, 898 -904.
AMA StyleYong-Cheol Cho, Seul-Ye Lim, Seung-Hoon Yoo. The external benefits of expanding the micro photovoltaic power generation in Korea: A contingent valuation study. Solar Energy. 2017; 158 ():898-904.
Chicago/Turabian StyleYong-Cheol Cho; Seul-Ye Lim; Seung-Hoon Yoo. 2017. "The external benefits of expanding the micro photovoltaic power generation in Korea: A contingent valuation study." Solar Energy 158, no. : 898-904.
The Saemangeum open sea (SOS), which refers to the outer sea of the Saemangeum seawall in Korea, is being threatened by contamination caused by the Saemangeum development project. The policy-makers need information on the environmental conservation value of the SOS for informed decision-making about the SOS. This paper attempts to measure the environmental conservation value of the SOS. To this end, the public’s willingness to pay (WTP) for conserving the SOS is derived from a 2015 contingent valuation survey of 1000 Korean households comprising 400 households residing in the Saemangeum area and 600 households living in other areas. The authors employ a one-and-one-half-bounded dichotomous choice question format. Moreover, the spike model is adopted to analyze the WTP data with zero observations. The mean annual WTP values for both areas are calculated to be KRW 3861 (USD 3.26) and KRW 3789 (USD 3.20) per household, respectively. They are statistically significant at the 1% level. When the sample is expanded to the whole country, it is worth KRW 70.9 billion (USD 59.8 million) per annum. Therefore, conserving the SOS will contribute to the Korean people’s utility and can be done with public support. The value provides a useful baseline for decision-making for the SOS management.
Seul-Ye Lim; So-Yeon Park; Seung-Hoon Yoo. The Environmental Conservation Value of the Saemangeum Open Sea in Korea. Sustainability 2017, 9, 2036 .
AMA StyleSeul-Ye Lim, So-Yeon Park, Seung-Hoon Yoo. The Environmental Conservation Value of the Saemangeum Open Sea in Korea. Sustainability. 2017; 9 (11):2036.
Chicago/Turabian StyleSeul-Ye Lim; So-Yeon Park; Seung-Hoon Yoo. 2017. "The Environmental Conservation Value of the Saemangeum Open Sea in Korea." Sustainability 9, no. 11: 2036.
The photovoltaic (PV) power supplies renewable and sustainable electricity without greenhouse gases and air pollutants emissions. However, the potential environmental impacts caused by PV power plants can negatively affect both the ecosystem and human life. Thus, the environmental costs arising from the PV power plants should be measured and the efforts to reduce them should be made. To this end, this article seeks to assess the environmental costs of PV power plants using a choice experiment (CE). Four attributes chosen for this purpose are habitat loss, landscape destruction, hazardous materials, and light pollution. The trade-offs between each attribute and price were successfully assessed in the CE survey of 1000 South Korean respondents. The environmental costs of a one percentage point increase in habitat loss, landscape destruction, hazardous materials, and light pollution caused by PV power plants are estimated to be KRW 135 (USD 0.12), 53 (0.05), 122 (0.11), and 158 (0.14), respectively, per household per month. The findings can provide policymakers with useful information for both evaluating and planning the PV power plant-related policies.
Hee-Jong Yang; Seul-Ye Lim; Seung-Hoon Yoo. The Environmental Costs of Photovoltaic Power Plants in South Korea: A Choice Experiment Study. Sustainability 2017, 9, 1773 .
AMA StyleHee-Jong Yang, Seul-Ye Lim, Seung-Hoon Yoo. The Environmental Costs of Photovoltaic Power Plants in South Korea: A Choice Experiment Study. Sustainability. 2017; 9 (10):1773.
Chicago/Turabian StyleHee-Jong Yang; Seul-Ye Lim; Seung-Hoon Yoo. 2017. "The Environmental Costs of Photovoltaic Power Plants in South Korea: A Choice Experiment Study." Sustainability 9, no. 10: 1773.
Seo-Hyeon Min; Seul-Ye Lim; Seung-Hoon Yoo. The environmental benefits of reducing thermal discharge from nuclear power generation. Energy & Environment 2017, 28, 885 -894.
AMA StyleSeo-Hyeon Min, Seul-Ye Lim, Seung-Hoon Yoo. The environmental benefits of reducing thermal discharge from nuclear power generation. Energy & Environment. 2017; 28 (8):885-894.
Chicago/Turabian StyleSeo-Hyeon Min; Seul-Ye Lim; Seung-Hoon Yoo. 2017. "The environmental benefits of reducing thermal discharge from nuclear power generation." Energy & Environment 28, no. 8: 885-894.
Korean households generally prefer to use induction cooktops rather than gas stoves because of their greater convenience and safety features. This paper tries to investigate whether Korean households are willing to pay a premium for replacing their gas stoves, which are currently common in Korea, with induction cooktops, from the perspective of convenience and safety. To this end, a contingent valuation technique was applied to assess the additional willingness to pay (WTP) a premium for using an induction cooktop rather than a gas stove. A nationwide survey of 1000 households was carried out. The results indicate that the mean additional WTP for using an induction cooktop rather than a gas stove is KRW 207 (USD 0.19) per cubic meter of residential gas. This value can be interpreted as the convenience and safety benefits to the consumer of using an induction cooktop rather than a gas stove, or residential electricity rather than residential gas for cooking. It amounts to approximately 26.7% of the average 2015 price of residential gas, which was KRW 775 (USD 0.70) per cubic meter. If the gap between the price for residential electricity and the price for residential gas is less than the WTP value, households will increase their demand for residential electricity for cooking.
Hyo-Jin Kim; Seul-Ye Lim; Seung-Hoon Yoo. Are Korean Households Willing to Pay a Premium for Induction Cooktops over Gas Stoves? Sustainability 2017, 9, 1546 .
AMA StyleHyo-Jin Kim, Seul-Ye Lim, Seung-Hoon Yoo. Are Korean Households Willing to Pay a Premium for Induction Cooktops over Gas Stoves? Sustainability. 2017; 9 (9):1546.
Chicago/Turabian StyleHyo-Jin Kim; Seul-Ye Lim; Seung-Hoon Yoo. 2017. "Are Korean Households Willing to Pay a Premium for Induction Cooktops over Gas Stoves?" Sustainability 9, no. 9: 1546.
Koreans usually prefer the district heating system (DHS) to the individual heating system (IHS) because DHS can give them convenience and safety within their living environment. The Korean government thus plans to expand the DHS and requires information about the value that consumers place on the DHS over the IHS, which has not been dealt with in academic literature. This paper attempts to investigate Korean households’ willingness to pay (WTP) for DHS over IHS, for residential heat (RH). To this end, the authors apply the dichotomous choice contingent valuation to assessing additional WTP for DHS using a survey of 1000 randomly selected households living in buildings with IHS. A mixture model is applied to deal with the zero WTP responses. The WTP distribution is specified as a mixture of two distributions, one with a point mass at zero and the other with full support on the positive half of the real line. The results show that the mean additional WTP for DHS-based RH over IHS-based RH is estimated to be KRW 5775 (USD 5.4) per Gcal. This value can be interpreted as the consumer’s convenience benefits of DHS over IHS, and amounts to approximately 6.0% of the average price: KRW 96,510 (USD 90.4) per Gcal in 2013, for IHS-based RH. This information is useful for evaluating changes to the method used for supplying RH from IHS to DHS.
Hyo-Jin Kim; Seul-Ye Lim; Seung-Hoon Yoo. The Convenience Benefits of the District Heating System over Individual Heating Systems in Korean Households. Sustainability 2017, 9, 1348 .
AMA StyleHyo-Jin Kim, Seul-Ye Lim, Seung-Hoon Yoo. The Convenience Benefits of the District Heating System over Individual Heating Systems in Korean Households. Sustainability. 2017; 9 (8):1348.
Chicago/Turabian StyleHyo-Jin Kim; Seul-Ye Lim; Seung-Hoon Yoo. 2017. "The Convenience Benefits of the District Heating System over Individual Heating Systems in Korean Households." Sustainability 9, no. 8: 1348.
Northern fur seals (Callorhinus ursinus), especially those that live in Dokdo, Korea, represent an endangered species in Korea. Thus, the government is considering the implementation of the Dokdo Seals (DS) restoration project. This article looks at the economic benefits for implementing the project, which includes making habitats for the DS, such as an artificial sea ranch, and training DS rescued from fishing nets and wounded in the wild to adapt to the wild so that they can be released into the Dokdo Sea. To this end, we looked at the willingness to pay (WTP) for the implementation of the project by conducting a contingent valuation (CV) survey of 1000 Korean households. We employed a one-and-one-half-bounded dichotomous choice question format. Furthermore, we used a spike model to model the WTP responses with zero observations. The mean yearly WTP for the project implementation was computed to be KRW 4923 (USD 4.86) for next ten years per household, which is statistically significant at the 1% level. The national annual value amounts to KRW 90.9 billion (USD 89.8 million). This value can be taken as an indication of the economic benefits of restoring the endangered species.
Seul-Ye Lim; Se-Jun Jin; Seung-Hoon Yoo. The Economic Benefits of the Dokdo Seals Restoration Project in Korea: A Contingent Valuation Study. Sustainability 2017, 9, 968 .
AMA StyleSeul-Ye Lim, Se-Jun Jin, Seung-Hoon Yoo. The Economic Benefits of the Dokdo Seals Restoration Project in Korea: A Contingent Valuation Study. Sustainability. 2017; 9 (6):968.
Chicago/Turabian StyleSeul-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 9, no. 6: 968.
Joseph Kim; Seul-Ye Lim; Seung-Hoon Yoo. Public willingness to pay for restoring destroyed tidal flats and utilizing them as ecological resources in Korea. Ocean & Coastal Management 2017, 142, 143 -149.
AMA StyleJoseph Kim, Seul-Ye Lim, Seung-Hoon Yoo. Public willingness to pay for restoring destroyed tidal flats and utilizing them as ecological resources in Korea. Ocean & Coastal Management. 2017; 142 ():143-149.
Chicago/Turabian StyleJoseph Kim; Seul-Ye Lim; Seung-Hoon Yoo. 2017. "Public willingness to pay for restoring destroyed tidal flats and utilizing them as ecological resources in Korea." Ocean & Coastal Management 142, no. : 143-149.
Although the production costs and prices of eco-labeled products are higher than those of conventional ones, the use of greener products can lead to better environmental outcomes. Thus, the consumers’ preferences for eco-labeled products should be investigated to understand the potential of markets with green products. This study attempts to examine the consumers’ preference or willingness to pay (WTP) a premium for eco-labeled products using a specific case study of a 43-inch LED TV, which is a common home appliance in Korea. For this purpose, a contingent valuation survey of 1000 Korean consumers was conducted in June 2016. We used a one-and-one-half-bounded dichotomous choice question to derive the additional WTP responses and a spike model to analyze zero additional WTP responses. The mean additional WTP a premium for the eco-labeled 43-inch LED TV is estimated to be KRW 29,007 (USD 24.8), which is statistically meaningful at the 1% level. This value amounts to 3.9% of the price of a conventional 43-inch LED TV (KRW 750,000 or USD 640.5) and can be interpreted as the external benefit of an eco-labeled LED TV. We can conclude that Korean consumers are ready to pay a significant premium for eco-labeled LED TVs. Moreover, we examined the consumer’s characteristics that affect the probability that the person will be willing to pay a premium for an eco-labeled LED TV and found that it would be effective to set high-income, older, highly-educated, and female consumers with children as marketing targets.
Seo-Hyeon Min; Seul-Ye Lim; Seung-Hoon Yoo. Consumers’ Willingness to Pay a Premium for Eco-Labeled LED TVs in Korea: A Contingent Valuation Study. Sustainability 2017, 9, 814 .
AMA StyleSeo-Hyeon Min, Seul-Ye Lim, Seung-Hoon Yoo. Consumers’ Willingness to Pay a Premium for Eco-Labeled LED TVs in Korea: A Contingent Valuation Study. Sustainability. 2017; 9 (5):814.
Chicago/Turabian StyleSeo-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 9, no. 5: 814.
Hyo-Jin Kim; Seul-Ye Lim; Seung-Hoon Yoo. The Korean public's willingness to pay for expanding the use of solid refuse fuel. Renewable and Sustainable Energy Reviews 2017, 72, 821 -827.
AMA StyleHyo-Jin Kim, Seul-Ye Lim, Seung-Hoon Yoo. The Korean public's willingness to pay for expanding the use of solid refuse fuel. Renewable and Sustainable Energy Reviews. 2017; 72 ():821-827.
Chicago/Turabian StyleHyo-Jin Kim; Seul-Ye Lim; Seung-Hoon Yoo. 2017. "The Korean public's willingness to pay for expanding the use of solid refuse fuel." Renewable and Sustainable Energy Reviews 72, no. : 821-827.
Seul-Ye Lim; Min-Seop Kim; In-Young Cho; Chang-Su Lee; Suk-Jae Kwon; Seung-Hoon Yoo. Measurement of the Public Value of Conserving Green Turtles. Journal of the Korean Society of Marine Environment and Safety 2017, 23, 177 -186.
AMA StyleSeul-Ye Lim, Min-Seop Kim, In-Young Cho, Chang-Su Lee, Suk-Jae Kwon, Seung-Hoon Yoo. Measurement of the Public Value of Conserving Green Turtles. Journal of the Korean Society of Marine Environment and Safety. 2017; 23 (2):177-186.
Chicago/Turabian StyleSeul-Ye Lim; Min-Seop Kim; In-Young Cho; Chang-Su Lee; Suk-Jae Kwon; Seung-Hoon Yoo. 2017. "Measurement of the Public Value of Conserving Green Turtles." Journal of the Korean Society of Marine Environment and Safety 23, no. 2: 177-186.