This study applied a closed-ended single-bounded contingent valuation method (CVM) to Ungok Wetland, located in Gochang-gun, Jeonbuk State, to estimate willingness to pay (WTP) for its ecotourism resources and to analyze the determinants of that WTP. Based on an on-site survey of 120 actual visitors, a logit model estimated the mean WTP at approximately KRW 11,200. This value can serve as a policy reference for conserving and sustainably utilizing the ecological and scenic value of Ungok Wetland. Age and landscape perception were identified as significant determinants of WTP, indicating that visitors’ cognitive evaluations play an important role in shaping ecotourism value. In addition, an ecosystem service valuation framework was applied to further estimate the wetland’s non-market value. Using the unit values provided in the natural asset valuation framework of the Ministry of Environment and the Korea Environmental Industry & Technology Institute, the annual total ecosystem service value of Ungok Wetland was estimated at approximately KRW 2.44 billion. This figure, which includes direct use value, indirect use value, and existence value, is meaningful in that it quantitatively presents the scale of the public and ecological benefits provided by the wetland to the local community. By conducting an integrated valuation of Ungok Wetland’s ecotourism and ecosystem services, this study empirically demonstrates the economic value of non-market ecological resources and provides baseline data that can be used in establishing future conservation and management policies for ecotourism destinations as well as visitor-based operational strategies.
Ho-Bin et al. (Wed,) studied this question.