Chang, J.I. and Yoon, S., 2016. The Economic Benefit of Coastal Erosion Control in Korea. In: Vila-Concejo, A.; Bruce, E.; Kennedy, D.M., and McCarroll, R.J. (eds.), Proceedings of the 14th International Coastal Symposium (Sydney, Australia). Journal of Coastal Research, Special Issue, No. 75, pp. 1317 - 1321. Coconut Creek (Florida), ISSN 0749-0208.
The Korean coastal zone is regarded as a highly valuable environmental asset and provides important space for human life. Korean counties with a coastline have a deep interest in finding the most appropriate and sustainable management policy for their coastal resources and ecosystems. Korean coastal zone is now experiencing environmental pressure and is under threat from a diverse range of destructive forces. Thus, this study analyzes the economic benefits of Korea's coastal erosion control project (CECP). The main results of the study are as follows. (1) First, the study identifies the benefit factors of coastal erosion control, such as damage control services, recreational services, and other coastal ecosystem services. (2) Second, this study assesses the economic benefits of the CECP in Korea by applying choice experiment, a non-market valuation method. The annual benefit is estimated at 31,824 KRW (26.56 USD) per household, and the total annual economic benefit of the CECP is estimated at 587.7 billion KRW (490.8 million USD). The findings provide policymakers with a useful methodological framework and quantitative information for decision making on costal management policy.