The conservation value of the Shinan Tidal Flat in Korea: A contingent valuation study

Tidal flats are well known as highly productive areas that support the ecosystem by providing essential nutrients. However, they have been increasingly reclaimed as sites for factories or farms in Korea. Recently, an increasing number of Koreans have been calling for the conservation of tidal flats, with the demand that they be designated as protected areas. Thus, policy-makers and the public require monetary information on the conservation value of tidal flats. This paper attempts to assess the conservation value of tidal flats in Shinan, Korea, by using the contingent valuation (CV) method. A CV survey of Korean households was conducted to estimate their willingness to pay (WTP) for the conservation of the Shinan Tidal Flat and the avoidance of its development. In general, the respondents accepted the contingent market, and on average, Korean households were willing to pay a significant amount. The mean WTP for the conservation of the Shinan Tidal Flat was estimated to be approximately KRW 3100 (USD 2.75) per year per household. This implies that Korean households may be willing to pay a total of approximately KRW 54.5 billion (USD 48.3 million) annually for 5 years. The results can be used in the decision-making process of policy-makers about the conservation of the Shinan Tidal Flat.