Designing a business model for financial products for cultural heritage in the Korean market

Hee Min Choi; Bong Hwan Ko; So Young Sohn

doi:10.1016/j.culher.2009.10.008

Designing a business model for financial products for cultural heritage in the Korean market

Hee Min Choi, Bong Hwan Ko, So Young Sohn

Department of Industrial Engineering

Research output: Contribution to journal › Article › peer-review

1 Citation (Scopus)

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.

Original language	English
Pages (from-to)	315-320
Number of pages	6
Journal	Journal of Cultural Heritage
Volume	11
Issue number	3
DOIs	https://doi.org/10.1016/j.culher.2009.10.008
Publication status	Published - 2010 Jul

Bibliographical note

Funding Information:
The corresponding author's work is financially supported by the Ministry of Knowledge Economy (MKE) and Korea Institute for Advancement in Technology (KIAT) through the Workforce Development Program in Strategic Technology.

All Science Journal Classification (ASJC) codes

Conservation
Chemistry (miscellaneous)
Archaeology
Materials Science (miscellaneous)
Economics, Econometrics and Finance(all)
Spectroscopy
Computer Science Applications

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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.",

author = "Choi, {Hee Min} and Ko, {Bong Hwan} and Sohn, {So Young}",

note = "Funding Information: The corresponding author's work is financially supported by the Ministry of Knowledge Economy (MKE) and Korea Institute for Advancement in Technology (KIAT) through the Workforce Development Program in Strategic Technology. ",

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Designing a business model for financial products for cultural heritage in the Korean market

Abstract

Bibliographical note

All Science Journal Classification (ASJC) codes

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