Estimating the Value of Closed Schools as a Leisure and Cultural Space

Abstract

The Korean government is paying attention to the value of closed schools and is trying to make new use of these spaces. However, large sums of money are being spent to cover the management costs of unused closed schools, which are still on the rise. The economic value must be confirmed for efficient utilization and management of closed schools. This study developed a scenario of building a 'public camping site' to utilize the Yeongwoon Branch of Hallyeo Elementary School, which has ecological value as a tourism space. In addition, the economic value was estimated using the contingent valuation method (CVM), and a two-step approach was used to minimize bias. As a result of the study, the willingness to pay, which means the economic value of the closed school, was estimated at 47,524 won. The results of this study will shed light on the potential and value of unused closed schools in Korea and prepare criteria to confirm the feasibility of securing financial investment.