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Are Groundwater Monitoring Networks Economical? Cost-Benefit Analysis on the Long-Term Groundwater Supply Project of South Korea
Analyses of the relative economic efficiencies of surface-water and groundwater are important for policy-makers in many water-stressed countries. Groundwater is becoming an increasingly attractive and viable option as a supplementary water source, but its economic background must be understood before implementation. Employing the basic frameworks of the British and US Geological Surveys, we examined the economic viability of groundwater monitoring networks in South Korea, based on an analytic hierarchy process (AHP), pairwise comparison, and cost–benefit analysis. The total cost including installation, maintenance and servicing over the next 50 years is estimated to be US$ 0.79 billion, while the benefits are valued at US$ 2.31 billion. The monitoring network should provide benefits worth 292% of the costs, with the monitoring project thus clearly being economically viable. A sensitivity analysis indicates that the monitoring project is still economical, even if the network installation schedule is delayed slightly. As this study combines both economic and scientific perspectives, it might provide a concrete economic background for implementing groundwater utilization projects elsewhere.
Are Groundwater Monitoring Networks Economical? Cost-Benefit Analysis on the Long-Term Groundwater Supply Project of South Korea
Analyses of the relative economic efficiencies of surface-water and groundwater are important for policy-makers in many water-stressed countries. Groundwater is becoming an increasingly attractive and viable option as a supplementary water source, but its economic background must be understood before implementation. Employing the basic frameworks of the British and US Geological Surveys, we examined the economic viability of groundwater monitoring networks in South Korea, based on an analytic hierarchy process (AHP), pairwise comparison, and cost–benefit analysis. The total cost including installation, maintenance and servicing over the next 50 years is estimated to be US$ 0.79 billion, while the benefits are valued at US$ 2.31 billion. The monitoring network should provide benefits worth 292% of the costs, with the monitoring project thus clearly being economically viable. A sensitivity analysis indicates that the monitoring project is still economical, even if the network installation schedule is delayed slightly. As this study combines both economic and scientific perspectives, it might provide a concrete economic background for implementing groundwater utilization projects elsewhere.
Are Groundwater Monitoring Networks Economical? Cost-Benefit Analysis on the Long-Term Groundwater Supply Project of South Korea
Sun G. Kim (author) / Gyoo-Bum Kim (author)
2019
Article (Journal)
Electronic Resource
Unknown
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