Public preference for the attributes of the marina port in Korea: a choice experiment study

Abstract

As of late, the Korean government needs quantitative information on economic feasibility analysis for marina port development projects. This study applies a choice experiment to measure public preference for the attributes of marina port in Korea. We consider the trade-offs between price and four attributes of marina port (capacity, access, waterfront, and program) for selecting a preferred alternative and elicit the marginal willingness to pay (MWTP) estimates for each attribute. We also test whether irrelevant alternatives property for the estimation model holds and compare the estimation results of the multinomial logit (MNL) and the nested logit (NL) models. The results show that the NL model outperforms the MNL model. In the NL model, MWTPs for increasing the level of a waterfront from promenade to both promenade and rest area and for the provision of marine leisure experience program are KRW13 384 (USD11.8) and KRW17 937 (USD15.8), respectively. This study is expected to provide policymakers with quantitative information for evaluating marina port construction projects in Korea.