| Title |
Economic Valuation and Valuating Properties on the Architectural Aesthetic through the Contingent Valuation Method |
| Authors |
Lee, Dong-Joo ; Ko, Eun-Hyung |
| DOI |
https://doi.org/10.5659/JAIK_PD.2020.36.2.25 |
| Keywords |
Beauty; Architectural Aesthetic; Economic Value; Contingent Valuation Method; Dong-daemun Design Plaza |
| Abstract |
The purpose of this study is to estimate the economic value of architectural aesthetic using the contingent valuation method and to analyze
the value-giving characteristics. The site survey was conducted based on the scenario of Dong-daemun Design Plaza, which is recognized as
a work of outstanding architectural aesthetic. Based on 307 opinions collected, the main results are as follows:
First, it could be confirmed that the higher the level of architectural aesthetic, the higher the payment amount was. The result of estimating
the value of the architectural aesthetic on the basis of the fixed amount levy showed that the average payment amount was 8,859 won per
person. The average payment amount was 13,014 won per person when the rejector of payment was excluded. The value of architectural
aesthetic was about 13.72% of total construction cost.
Second, free riding, which occurs mainly in the measurement of the value of public goods or environmental goods, appeared. This tendency
is stronger in the elderly than in the younger, and in the differential amount levy than in the fixed amount levy.
Third, the extreme subjectivity of architectural aesthetic value could be confirmed. While there are a lot of extreme denials of payments such
as 0 won, the high-income was willing to pay a substantial amount.
Fourth, it was confirmed that income factors was partly involved in the measured value. |