Korean government has made and will continue to make a considerable investment in contaminated soil remediation to rectify the problems that arise from soil pollution. Quantitative information on the benefits of contaminated soil remediation is widely demanded by the public as well as the government. This article aims to assess the external benefits of contaminated soil remediation. A survey of 1000 randomly selected households was undertaken in Korea. The results show that the marginal willingness to pay values for a 1% decrease in human health hazard, a 1% improvement in biodiversity restoration, and 1000 new job creation by contaminated soil remediation are estimated to be KRW 204 (USD 0.17), 593 (0.50), and 238 (0.20) per household per year. The findings can provide policy-makers with useful information for both evaluating and planning the contaminated soil remediation.
Keywords: Choice experiment; Contaminated soil remediation; External benefit; Mixed logit model; Willingness to pay.