Designing a business model for financial products for cultural heritage in the Korean market |
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| Authors: | Hee Min Choi Bong Hwan Ko So Young Sohn |
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| Institution: | Department of Information and Industrial Engineering, Yonsei University, 134, Shinchon-dong, Seoul 120–749, Republic of Korea |
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| Abstract: | There are many contingent valuation (CV) studies to estimate the economic benefits of cultural heritage, but few provided advice on the design of financial products for cultural heritage assets. This paper conducted conjoint and willingness-to-pay (WTP) analyses for providing the design implication of these financial products. We calculated WTP for each attribute. The result of conjoint analysis shows that people prefer a short period of investment, high-expected rate of return and small amount of money invested. Only the amount invested and the rate of return on investment are significant to estimate WTP for these financial products. |
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