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Assessment of an urban stream restoration project by cost-benefit analysis: The case of Cheonggyecheon stream in Seoul, South Korea
Korea government has pursued the urban stream restoration project “Cheonggyecheon Plus 20” aiming restore paved streams in cities by the same manner as the Cheonggyecheon (or Cheonggye Stream) restoration project in Seoul. This study evaluated the ultimate economic effect of the Cheonggyecheon restoration by applying an ex-post cost benefit analysis using actual data, such as project expenses and maintenance costs. Comparing this ex-post analysis with the ex-ante analysis conducted before the project was launched, it was found that the costs were larger than expected because the traffic congestion caused by the project had been underestimated. The benefits were lower than anticipated because the restored Cheonggyecheon was not identical to the original stream, contrary to the expectations of citizens who had based their willingness to pay for the project on the return of the stream to its natural state. As a result, the benefit-cost ratio of the project at its completion was calculated to be 0.75, much lower than the 1.89 produced in the ex-ante analysis. This study suggests that other urban stream restoration projects should prepare more accurate plans to minimize negative impacts on traffic and try to restore the streams to as natural a state as possible.
Assessment of an urban stream restoration project by cost-benefit analysis: The case of Cheonggyecheon stream in Seoul, South Korea
Korea government has pursued the urban stream restoration project “Cheonggyecheon Plus 20” aiming restore paved streams in cities by the same manner as the Cheonggyecheon (or Cheonggye Stream) restoration project in Seoul. This study evaluated the ultimate economic effect of the Cheonggyecheon restoration by applying an ex-post cost benefit analysis using actual data, such as project expenses and maintenance costs. Comparing this ex-post analysis with the ex-ante analysis conducted before the project was launched, it was found that the costs were larger than expected because the traffic congestion caused by the project had been underestimated. The benefits were lower than anticipated because the restored Cheonggyecheon was not identical to the original stream, contrary to the expectations of citizens who had based their willingness to pay for the project on the return of the stream to its natural state. As a result, the benefit-cost ratio of the project at its completion was calculated to be 0.75, much lower than the 1.89 produced in the ex-ante analysis. This study suggests that other urban stream restoration projects should prepare more accurate plans to minimize negative impacts on traffic and try to restore the streams to as natural a state as possible.
Assessment of an urban stream restoration project by cost-benefit analysis: The case of Cheonggyecheon stream in Seoul, South Korea
KSCE J Civ Eng
Lee, Miyeon (author) / Jung, Insu (author)
KSCE Journal of Civil Engineering ; 20 ; 152-162
2016-01-01
11 pages
Article (Journal)
Electronic Resource
English
| DOAJ | 2017