Abstract
Due to marine sand being classified as a common resource, the environmental cost resulting from its mining has not been reflected in the market prices of marine sand and aggregates, leading to overexploitation. Thus, it is crucial to consider the environmental cost of sustainable management. This study employed the contingent valuation method (CVM) to estimate people’s willingness to pay (WTP) for the conservation of marine sand, specifically focusing on the West Sea Exclusive Economic Zone (EEZ) in South Korea through a nationwide survey. As a result, although many of them revealed zero WTP for the issue, South Korean people are nonetheless concerned about the environmental damages caused by marine sand mining and support the strengthening of related policies. The annual environmental cost is estimated at KRW 45.8 billion (USD 41.6 million), and the unit environmental cost based on this is KRW 1390.1 (USD 1.3) per m3.
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