Abstract
In South Korea, the finless porpoise (FP) is one of representative endangered marine species. The country is trying to manage and protect FPs through several costly measures and demands information about what value the public puts on the management and protection. This article, therefore, explores the South Korean public perspective on managing and protecting FP using a contingent valuation (CV) technique. More specifically, the data on the public willingness to pay (WTP) for the management and protection were collected from a CV survey of 1000 households across the country, adopting a dichotomous choice question format. The household yearly WTP for the management and protection was estimated, with statistical significance, to be 2730 KRW (2.32 USD). If this value is expanded to all households in South Korea, the national value amounts to 54.19 billion KRW (46.00 million USD) per annum. This can be interpreted as the economic value or benefit of managing and protecting FP.
Highlights
An increasing recognition of the importance of biodiversity leads many international organizations to adopt a policy of managing and protecting endangered species from the threat of extinction
In order to assess the economic value of the project of managing and protecting the finless porpoise (FP), it is necessary to apply the economic technique of creating a hypothetical market, immersing the potential consumer who can enjoy the economic value in the hypothetical market, and making the potential consumer trade the project in the hypothetical market
We examined what value the public puts on the management and protection using data collected from a nationwide contingent valuation (CV) survey of 1000 households
Summary
An increasing recognition of the importance of biodiversity leads many international organizations to adopt a policy of managing and protecting endangered species from the threat of extinction. The Korea Ministry of Oceans and Fisheries (KMOF), a government organization, has enacted the ‘Conservation and Management of Marine Ecosystems Act’ [2]. Based on this Act, the KMOF introduced a management system for endangered marine species in 2006 called ‘The list of protection for endangered marine species (List of protection)’. This list of protection has targeted marine species rapidly becoming extinct or of great academic and economic value. 77 marine species, including mammals, seabirds, and shorebirds, contained in this list of protection are being monitored and managed [3]
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