A Valuation of the Restoration of Hwangnyongsa Temple in South Korea

Restoring Hwangnyongsa Temple (HT), a historically significant site within South Korea's Gyeongju Historic Areas—designated as a UNESCO World Heritage Site—proves economically viable. A cost-benefit analysis reveals that the benefits of restoration, valued at KRW 415.3 billion (USD 366.9 million), significantly exceed its costs (KRW 232.2 billion, USD 205.1 million). This conclusion stems from a contingent valuation survey involving 1,000 households, which estimated an average annual willingness to pay of KRW 2,341 (USD 2.07) per household for the restoration project. The study underscores the potential economic and social profitability of preserving such cultural heritage sites.

Kim, J.-H., Kim, G.-E., & Yoo, S.-H. (2018). A Valuation of the Restoration of Hwangnyongsa Temple in South Korea. Sustainability, 10(2), 369. https://doi.org/10.3390/su10020369