Abstract
The purpose of its study is to evaluate the construction value of Statue of Peace through dichotomous choice contingent valuation method. This study used two steps approach in order to reduce hypothetical bias: the first step for hypothetical setting and the second step for real setting. Also, this study is to find explanatory variables that influence the probability of willingness to pay for construction funds for Statue of Peace. For this goal, onsite(211 sample) surveys were conducted. The outcomes of the study show that the construction value of Statue of Peace is estimated at KRW 48,649 per individual and its amount of total value to be KRW 2,519 billion. It also reveals that hypothetical setting overestimates to the willingness to pay for the construction funds for Statue of Peace as compared to the real setting. Finally, the outcomes of logit model reveal that demographic information, bid, patriotism, support, and involvement are critical explanatory components in estimating the probability of willingness to pay for the construction funds for Statue of Peace
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