A study was conducted to develop feasible methodology to obtain Won per man-rem conversion factor that can be used in regulatory analysis in Korea. A comparative analysis of the value placed on reductions in risks from occupational radiation exposure and car accidents was conducted using as subjects the employees in nuclear power plants and nuclear institutes and the public in Korea.
The double bounded dichotomous choice (DBDC) approach was used in the context of the contingent valuation method(CVM) that is widely used for valuating non-market goods in environmental economics. As for the employees, a web-based on-line survey questionnaire was used to determine willingness-to-pay(WTP) values for predefined 20% reductions of the risks and for the general public, national poll was conducted in the same way and factor analysis was used to reduce the number of variables and to determine the principal components influencing WTP.
WTP equations and the mean values of the WTP for reduction of each risk for the employees and the public were obtained and implied values of a statistical life were calculated and compared. As for the employees, the mean value of statistical life was 2.41 billion Won for car accidents and 3.93 billion Won for radiation exposure. As for the public, the mean value of statistical life was 5.36 billion Won for car accidents and 4.24 billion Won for radiation exposure.
Won per man-rem conversion factor calculated was 2.03 million Won per man-rem for the employees and 2.96 million Won per man-rem for the public.
CVM could be one of the efficient ways to value radiation exposure reduction in monetary terms and to obtain a Won per man-rem conversion factor which can be used in nuclear regulatory analysis.