The Estimation of Payment Value of Historical Tourism Resources for Admission Fee Using Contingent Valuation Method(CVM): A Case of Suwon Hwaseong Fortress

A study estimates that the annual economic value of Suwon Hwaseong Fortress is approximately 19 billion won (about $15 million) based on visitors' willingness to pay for admission. Using the Contingent Valuation Method (CVM), researchers found that visitors were willing to pay an average of 5,267.5 won per visit—significantly higher than the current admission fee. The analysis also suggests a potential tourism value of 150 billion won annually if visitor numbers are considered. Unlike previous studies focusing on national populations, this research targeted Suwon visitors specifically, providing a more precise assessment of economic value for historical tourism resources.

Park, C., & Song, H. (2016). The Estimation of Payment Value of Historical Tourism Resources for Admission Fee Using Contingent Valuation Method(CVM): A Case of Suwon Hwaseong Fortress. The Korean Journal of Local Government Studies, 20(2), 255–271. https://doi.org/10.20484/klog.20.2.11