Estimating the Preserved Value of Industrial Heritage Using the Contingent Valuation Method: A Case of Cheoram Coal-Mine History Town

This study aims to quantitatively estimate the non-market value of Cheoram Coal-Mine History Town (CCM), a modern industrial heritage site. CCM is valued highly as a modern industrial relic and a tourist destination for Korean coal mines. However, its existence and preservation are at risk due to insufficient preservation efforts following the cessation of its mining operations. The preservation of CCM necessitates systematic verification, and its economic value could serve as a strong criterion for preservation. However, since the economic value of non-market goods cannot be determined through market mechanisms, it is estimated using the CVM, which assesses the economic value based on individuals’ willingness to pay. In addition to evaluating the economic value, the study explored how nostalgia influences the willingness to pay for preserving CCM. The findings reveal that the average willingness to pay for CCM was 18,756 KRW (=12.71 USD). Furthermore, nostalgia significantly impacts the willingness to pay. These results can assist the decision-making of the managing entity by providing a justification for the preservation of CCM.