A Study of the Economic Valuation of the Saryeoni Forest Path Utilizing the Contingent Valuation Method

Countries throughout the world are developing a wide variety of tourism resources, including pristine natural resources, to enhance local brands and attract tourists. Walking tourism has become increasingly prominent with the recent popularity of healing and relaxation. To estimate the non-market value of walking tourism, this study evaluates the economic value of the Saryeoni forest path on Jeju Island using the contingent valuation method (CVM). Payment, gender, age, visit experience, education level, visitor composition, income level, and purpose of visit are used as demographic and control variables. The value is estimated using the double-bounded dichotomous choice method and by assuming a logit distribution, which is known to be stable, for tourists’ willingness to pay (WTP). The WTP truncated mean per capita is estimated to be KRW 2,294. This indicates that the recreational value of the Saryeoni forest in Jeju is roughly KRW 1.05 billion per year.