초록

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Abstract ▼ AI-Helper

Consumer surplus is to be a value concerning a time horizon. Especially it is very important how long time horizon would be chosen in contingent market. This study aimed to provide causes of difference recreation benefits through discount rate in many aspects. The data were collected by personal int...

Consumer surplus is to be a value concerning a time horizon. Especially it is very important how long time horizon would be chosen in contingent market. This study aimed to provide causes of difference recreation benefits through discount rate in many aspects. The data were collected by personal interviews with visitors in Songnisan National Park. The respondents answered yes or no, dichotomous choice, on recreation benefits according to a chosen time horizon, one year or five years. The probit model was used in the analysis. In order to avoid the truncation bias of upper bound, the median was chosen as the recreation benefits of visitor. As the result, the value was evaluated to be 16,569 Won for one year and 27,111 Won for five years. The discount rate is estimated 153% annually to coincide different recreation benefits. The reasons of the high discount rate were to be interpreted as following five types : (1)uncertainty of future consumption (2)increasing of probability of the substitution owing to increasing of time horizon (3)recognization of different time horizons (4) effect by the price ratio of goods and utility function (5) overestimation of the recreation benefits owing to a basic premium of payment vehicle.

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