Designing a business model for financial products for cultural heritage in the Korean market

Hee Min Choi, Bong Hwan Ko, So Young Sohn

Research output: Contribution to journalArticlepeer-review

1 Citation (Scopus)


There are many contingent valuation (CV) studies to estimate the economic benefits of cultural heritage, but few provided advice on the design of financial products for cultural heritage assets. This paper conducted conjoint and willingness-to-pay (WTP) analyses for providing the design implication of these financial products. We calculated WTP for each attribute. The result of conjoint analysis shows that people prefer a short period of investment, high-expected rate of return and small amount of money invested. Only the amount invested and the rate of return on investment are significant to estimate WTP for these financial products.

Original languageEnglish
Pages (from-to)315-320
Number of pages6
JournalJournal of Cultural Heritage
Issue number3
Publication statusPublished - 2010 Jul

Bibliographical note

Funding Information:
The corresponding author's work is financially supported by the Ministry of Knowledge Economy (MKE) and Korea Institute for Advancement in Technology (KIAT) through the Workforce Development Program in Strategic Technology.

All Science Journal Classification (ASJC) codes

  • Conservation
  • Chemistry (miscellaneous)
  • Archaeology
  • Materials Science (miscellaneous)
  • Economics, Econometrics and Finance(all)
  • Spectroscopy
  • Computer Science Applications


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