AN ECONOMIC EVALUATION OF COASTAL \VETLANDS IN KOREA BY IIEE-DONG PYO The thesis undertakes a detailed economic analysis of the coastal wetlands of Korea and applies the double-bounded dichotomous choice model and spike model of the contingent valuation method to systematically evaluate their conservation value. Further analysis including an extension of the original spike model using only singlcbounded data (Kristrom, I ()(n) to modelling double-bounded data for more statistical efficiency to deal with /.ero observations was made. As a result, the estimated willingness-to-pay for conserving the coastal wetlands under the study is S3.9 per month per household, and the annual aggregated conservation value for the entire nation is about 175 million dollars in a conservative scenario. The study then applies a benefit-cost analysis (8C';\) to coastal wetlands around the Youngsan River, an area of dispute between development and preservation in Korea, with a synthesised estimation of the ecosystcm functional values for coastal wetlands and rice paddies developed by reclamation. The results show wetland development would be preferred to its preservation in an optimistic seenano and conventional BC A, yielding NPV of $49million at the discount rate of 8(Yo, IRR of 8.28%, and B/C ratio of 1.03. By contrast, a normal scenario rejects economic feasibility for the development project at the discount rate of 8°/c), yielding a NPV of -$271 million, IRR of 6.5% and B/C ratio of 0.84. With an extended Be A including conservation values for I-year, 5-year and 1 O-year payment, the estimates of IRR are 7.42%, 5.42%, and 4.06%, respectively under the optimistic scenario. Meanwhile, under the nOnllal Scenario the estimates of IRR arc 5.85%, 4.25%, and 3.09%, respectively. In addition, this study includes a discussion of a comprehensiYe review of conjoint analysis and the integrated environmental management of coastal wetlands developing sustainability indicators for coastal lisheries using bio-economic models in Appendix.