Comparing Stakeholders' Economic Values for the Institution of Payments for Ecosystem Services in Protected Areas

In order to maintain the provision of high-quality ecosystem services in wetlands, it is important to protect the ecosystems through the designation of protected areas. However, the process of designating protected areas can potentially give rise to social conflicts or problems by the acquisition of private lands. As an alternative, the institution of payments for ecosystem services (PES) can be a more viable solution. This study intends to propose reasonable contract standards for PES that consider the preferences of both beneficiaries and providers, which are necessary for the successful introduction of PES in wetland protection areas in Korea. In doing so, we employed choice experiments to estimate the willingness to pay (WTP) and willingness to accept (WTA) of different stakeholders. Our findings indicate that both beneficiaries and providers had a positive perception of PES contract terms. Moreover, the WTP and WTA values were comparable, suggesting that the unit price of PES could be determined within a reasonable range. These results can serve as a foundation for acquiring additional funds required for the introduction of PES in wetland protected areas.