South Koreans’ Willingness to Pay for Korea Unification

다국어 초록 (Multilingual Abstract)

Although considerable effort and attention has been made to estimate the costs of unification in academic and some policy research circles, few studies have considered how to raise the necessary financial resources including the unification tax. Therefore, this study analyzed the South Koreans’ willingness to pay (WTP) for Korean unification. To deal with zero WTP responses given by a large number of people, this study adjusted the spike model with one and one half bound dichotomous choice data. The analysis showed that the mean monthly WTP per household and annual aggregate value to South Koreans was estimated to be 15,532 Korean won ($13.51) and 3,196.9 billion Korean won ($2.78 billion), respectively. According to estimation results, even though they were willing to shoulder some financial burden for the unification, the amount would not be large enough to prepare for unification.

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