Valuation of ecotourism resources using a contingent valuation method: The case of the Korean DMZ

Findings suggest hypothetical bias is present in the survey. Including a real payment vehicle may reduce hypothetical bias in eliciting willingness-to-pay (WTP). Best estimates are the mean WTP is US $ 16.74 per capita. Aggregate preservation value lies between US $264 and $602 million. These findings indicate that conservation of the DMZ and CCZ is not only important for moral and ecological reasons, but the DMZ and CCZ are of considerable economic value to South Koreans. Any development unfriendly to the environment will degrade the quality of the ecosystem of the DMZ, as well as, decrease its economic value.