Estimating the Economic Value of Utilizing Hyanggyo·Seowon Cultural Heritage Using the Contingent Valuation Method(CVM)

This study aims to estimate the economic value of utilizing Hyanggyo·Seowon cultural heritage and to analyze the variables influencing willingness to pay. A survey was conducted among visitors participating in programs utilizing Hyanggyo·Seowon cultural heritage as of 2023, employing the Contingent Valuation Method (CVM) and a logistic model. The analysis revealed that the presented amount had the greatest impact on the willingness to pay for participation in Hyanggyo·Seowon cultural heritage events, with gender, age, and visiting experience also identified as significant variables. The average amount individuals were willing to pay was found to be 25,359 KRW, with a cut-off mean of 24,252 KRW, leading to an estimated economic value of approximately 5.2 billion KRW for the utilization of Hyanggyo·Seowon cultural heritage. The results demonstrate the justification for public funding of cultural heritage utilization policies and quantify the policy outcomes related to Hyanggyo·Seowon cultural heritage for the first time, identifying factors influencing willingness to pay. This research can serve as foundational data for enhancing the positive perception of Hyanggyo·Seowon cultural heritage among the public and evaluating the economic value of related policies. However, future studies should encompass a broader examination of overall cultural heritage utilization and expand the target audience for visitors. It is also crucial to conduct comparative analyses of the willingness to pay between local residents and external visitors. Such approaches are expected to enable more accurate economic value estimations and effective policy development.