The value of preserving endangered folk games using the contingent valuation method

This study aims to estimate the value of preserving Uiseong Gama Ssaum (traditional Korean palanquin fighting) as an endangered folk game, using the contingent valuation method (CVM). To reduce the tendency to exaggerate the value estimation, one of the CVM's acknowledged limitations, the respondents’ answers were reaffirmed through two stages of confirmation questions. The study established that the value of preserving Uiseong Gama Ssaum as an endangered folk game was set at 7,259 Korean won (KRW) ( = 6.06 USD). The results also suggest that the respondents’ sense of cultural uniqueness was positively associated with a willingness to pay (WTP). The study is meaningful in estimating the economic value of endangered folk games and justifying their preservation based on the provision of a quantified standard.