Economic evaluation of vessel traffic service (VTS): A contingent valuation study |
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| Institution: | 1. Strategy Research Division, Korea Maritime Institute, 26, Haeyang-Ro 301Beon-Gil, Yeongdo-Gu, Busan 606-080, Republic of Korea;2. Maritime Industry Research Division, Korea Maritime Institute, 26, Haeyang-Ro 301Beon-Gil, Yeongdo-Gu, Busan 606-080, Republic of Korea;3. Port Research Division, Korea Maritime Institute, 26, Haeyang-Ro 301Beon-Gil, Yeongdo-Gu, Busan 606-080, Republic of Korea;1. Environmental Science and Engineering College, Dalian Maritime University, Dalian 116026, China;2. Navigation Institute, Jimei University, Xiamen 361021, Fujian, China;3. College of Transport and Communications, Shanghai Maritime University, Shanghai 201306, China;1. Institute for Sustainable Development and International relations (IDDRI), 27 rue Saint-Guillaume, 75337 Paris Cedex 07, France;2. Currently Commonwealth Secretariat, Previously Institute for Advanced Sustainability Studies (IASS);3. International Union for the Conservation of Nature (IUCN);4. Globelaw;1. World Maritime University, Malmö, Sweden;2. Maritime Transportation and Management Engineering Department, Ordu University, Ordu, Turkey;3. Liverpool Logistics, Offshore and Marine (LOOM) Research Institute, Faculty of Engineering and Technology, Liverpool John Moores University, Liverpool, UK;1. IMEDEA (CSIC/UIB), Miquel Marqués 21, 07190 Esporles, Spain;2. Department of Environmental Chemistry, CID-CSIC, Jordi Girona Salgado 18-26, 08034 Barcelona, Spain;1. Biotechnology Nucleus of Sobral – NUBIS, Federal University of Ceara, CEP 62042-280 Sobral, CE, Brazil;2. Department of Pathobiology, Faculty of Veterinary Medicine, Utrecht University, PO Box 80.163, Utrecht, The Netherlands;3. Goat and Sheep National Research Center (Brazilian Agricultural Research Corporation – EMBRAPA), Brazil;1. School of Transportation, Wuhan University of Technology, Wuhan 430063, China;2. Centre for Marine Technology and Ocean Engineering (CENTEC), Instituto Superior Técnico, Universidade de Lisboa, Portugal;3. National Engineering Research Center for Water Transport Safety (WTSC), Wuhan University of Technology, Wuhan 430063, China |
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| Abstract: | Maritime safety has become a major concern in Korea. As an alternative to improve maritime safety, the Korean government is considering enhancing infrastructure associated with maritime safety, in the form of a vessel traffic service (VTS) facility for high density waterways. This study estimates the public value of a VTS facility construction project using the contingent valuation (CV) method. A CV survey using person-to-person interviews was administered to 400 randomly selected households to elicit their willingness to pay (WTP) for the project. Overall, the respondents accepted the contingent market, and on average, Korean households were willing to pay a significant amount toward the project. The mean WTP for the project is estimated to be approximately KRW 4149.5 (USD 3.7) per year per household, which is statistically significant. The estimate of the fiduciary benefit to Korean households is approximately KRW 11.07 billion (USD 9.91 million) per year for five years. The results are expected to be useful for policy-makers in determining the economic feasibility of a VTS. |
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| Keywords: | Vessel traffic service Public value Contingent valuation Willingness to pay |
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