Willingness-to-pay for transportation infrastructure improvement in Korea using contingent valuation

This article analyses willingness-to-pay for transportation infrastructure improvement for the transportation vulnerable by using the contingent valuation method (CVM) in Korea. The authors used CVM to quantify the willingness-to-pay for transportation infrastructure improvement using the nationwide survey data. Respondents overall accepted the hypothetical market and were willing to pay a significant amount per household monthly to improve the mobility of the transportation vulnerable as well as the general population. The mean monthly willingness-to-pay for the improved transportation infrastructures toward the universal design is 5726 Korean won (GBP 3.20) per household, and the aggregated value to nationwide scale would then be 1091.63 billion Korean won (GBP 610.87 million) per year. The estimation results show how people appraise non-market services of public works, and can be used as quantitative information on the benefits in ex-ante analysis of the public policy.