Abstract
The Seoul Metropolitan Government plans to build a new firefighter training academy (FTA) for urban disaster management. The Government needs information about its economic value to determine whether building a FTA is socially desirable. This paper aims to estimate the economic value of the FTA by applying a choice experiment (CE) method through a survey of firefighters who do on-site fire prevention activities in Seoul. The annual economic values of six training centers were estimated using the data from a total of 1658 firefighters who responded to the CE survey questionnaire, with a 1% statistical significance level. The economic value of the FTA amounts to KRW 10.04 billion (USD 8.80 million) annually. Given the 30-year operating period, the present value is KRW 129.86 billion, which can be seen as the economic benefit of building the FTA. The present value of the costs for the construction and operation of the FTA is KRW 54.66 billion (USD 48.30 million). As the benefits outweigh the costs, it can be concluded that it is socially profitable to build the FTA.
Highlights
Seoul, the capital of South Korea, is 605.21 square kilometers and the largest city in the country with a population of 10.09 million
The firefighter training academy (FTA) will consist of six centers: an underground complex accident response training center, a firefighting training center, a vehicle accident response training center, a chemical, biological and radiological terror response training center, a collapse search and rescue training center, and a wooden cultural properties fire response training center
To understand the average impact of the utility of elements not observed in the model, we introduced the ASC
Summary
The capital of South Korea, is 605.21 square kilometers and the largest city in the country with a population of 10.09 million. The Seoul Metropolitan Government plans to build a new firefighter training academy (FTA) for urban disaster management and wants to learn about its economic value (EV) to determine whether building a FTA is socially desirable. There are some difficulties in determining the methodology for estimating the EV of building the FTA. It is difficult to find a good methodology for estimating the EV because there are no existing directly relevant case studies and only similar studies that evaluate the EV for buildings and facilities [1,2]. It is difficult to estimate the EV of building and operating the FTA as it is a non-market good for Seoul citizens. That is, improving disaster management due to the FTA is a public good that is not traded in the market, and it is difficult to obtain information on its value. Special-designed methods should be used to estimate the EV of FTA
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