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Title: Estimating the Socioeconomic Cost of Space Debris: The Case of Korea
Speaker: Dr. Chanhee Lee (서울연구원)
Date&Time: 2024-09-27, 11:00 AM
Location: Science Hall B102
Talk to be delivered in Korean
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Abstract: Space debris presents an increasing challenge to the sustainable use of Earth’s orbits, particularly for emerging space nations like South Korea. This study delves into the often-neglected social value of nonmarket satellites at risk from space debris within the South Korean context. Considering the vital roles of public satellites in areas including climate monitoring and national defense, the potential repercussions of space debris can be vast, both economically and socially. Our research quantified the cost of a space debris incident involving Earth observation satellites, determining a willingness-to-pay (WTP) of KRW 21,171 (USD 16.4) per household, translating to a value loss of KRW 501.9 billion (USD 388.8 million) over a decade for South Korean Low Earth Orbit (LEO) satellites. This cost underscores the profound significance of these satellites to national welfare and indicates that space debris can lead to substantial social costs. From a policy perspective, the findings underscore a strong social consensus for resource allocation to address the space debris issue. While centered on South Korea, the results provide insights relevant to new entrants in the space sector, underscoring the necessity for international cooperation to ensure a sustainable space environment.