실물옵션 모형을 이용한 벼 병해충 공적방제의 경제성 분석

Valuing Public Prevention of Insects and Diseases in Rice: An Application of Real-Option Theory to Economic Feasibility Study

This paper analyzes economic feasibility of public prevention of insects and diseases in rice sector using area l option ap proach. This study covers major rice insects and diseases such as bacterial blight, lugens, and striatellus. We analyzes economic feasibility of public prevention over the area of 500 hectare which is the Korea’s average size of county. The sensitivity analysis un-covered that pubic prevention of bacterial blight is not considered to be an economically feasible investment. However, public prevention of other insects and diseases such as blast, lugens, stria-tellus was found to be an economically feasible investment. The sensitivity analysis also showed that the costs of prevention are vital factors in public prevention investment.