A Study on the Economic Valuation of the Korean Seabed Geological Map

The government project to publish the geological map of the seabed of South Korea was initiated in 1975. Over the course of 40 years, until 2015, the geological map of the seabed for the regional scale (1:250,000) covering a total area of 350,000 km2 under the jurisdiction of South Korea was successfully completed. Subsequently, starting in 2016, a new seabed mapping program for the coastal zones of South Korea at a more precise scale (1:100,000) has been in preparation.

The geological map of the seabed in South Korea comprises 5 to 8 thematic map sheets, including seabed topography, surface sediment average particle size distribution, surface sediment type distribution, and seabed surface acoustic distribution. These maps play a crucial role in various national infrastructure aspects such as resource development, defense security, educational research, and marine construction. Despite their significance, there exists a lack of public understanding and consensus regarding the necessity and importance of geological seabed maps. This is attributed to their nature as special public goods, not directly utilized by the public and not traded in the market.

In light of this, this study aims to evaluate the economic value of the geological map of the seabed, shedding light on the necessity of its preparation and emphasizing its importance. The study measures the range of applications for the geological seabed map, distinguishes consumers and beneficiaries, and quantifies the value of the geological map of the seabed in South Korea using the conditional value method—an established valuation technique for non-market goods.