The international fishing management tools in the distant water industry have various tools, and the basic area includes fishing monitoring. Therefore, fishing monitoring is the starting point and the core tool for sustainable distant water industry. This study will estimate the economic value of international fishing management tools using the observer program, which is a typical example of fishing monitoring. The public value of the observer program is that the observer program includes the value of environmental conservation, industrial value, and social value in the distant water industry, and it has a diverse and public value. Accordingly, it is possible to make a comprehensive estimate by estimating the maximum willingness to pay for the observer program.
In this study, the economic value of the observer program was estimated using the conditional value measurement method. The study design was to establish a virtual market for the observer program, and the payment method and payment period were set as a tax imposed annually for 5 years. The double boundary binary choice was used to induce the willingness to pay. For the impact analysis of willingness to pay, socioeconomic variables and fishery interest variables were reflected, and the initial offer price was derived through preliminary surveys, expert consultations, etc. The survey was conducted online and offline by a professional institution for 1,000 men and women nationwide. Based on the collected data, the household willingness to pay was estimated.
Through this study, the value of the observer program was estimated by asking the citizens who are the actual demanders about their willingness to pay for the observer program. As a result, the proportion of households that showed willingness to pay was 74.2%, and the majority of the citizens showed willingness to pay for the public value of the observer program, and it was estimated that each household could pay 12,153 won per year for 5 years. As a result of converting this into current value, it was found that about 1.17 trillion won could be generated in 5 years.
The results of the study showed that the majority of the citizens supported the operation of the observer program. In particular, it was found that the willingness to pay was not significant with income level. This is interpreted as the respondents highly value the purpose and value of the observer program regardless of income level. In addition, a significant economic value of about 250 billion won per year and about 1.17 trillion won in 5 years was estimated. This shows that there is a sharp difference between the actual operating budget of the observer program, which is 1.38 billion won, which is compiled from the supplier's point of view, and the estimated results from the demand side.