Economic Feasibility Analysis of Fisheries Resources Enhancement Project of Haenam County : Focusing on the Release of Clam, Sea Cucumber and Cockle

The purpose of this paper is to examine the economic feasibility of Fisheries Resources Enhancement Project of Haenam County. The result of the economic feasibility analysis shows that, when a social discount rate of 4.5% is applied, the net present value (NPV) is about 215 mil. Korean won. The result also shows that the benefit-cost ratio (BCR) is 1.06, and that the internal rate of return (IRR) is 7.5%. The results confirm that Fisheries Resources Enhancement Project of Haenam County is economically feasible. The sensitivity analysis results show that if the recapture rate is equal to or greater than 57%, if the market price of the fisheries resource does not fall by more than 5%, if the price of the seedling does not rise more than 5%, and the social discount rate is lower than 7.54%, the economic feasibility of Fisheries Resources Enhancement Project of Haenam County is maintained.