Asia pacific journal of information systems, v.15, no.4, pp.165-192
ISSN
1229-0270
Publisher
한국경영정보학회
Language
Korean
Type
Journal Article
Abstract
This study introduces how to estimate the monetary value of intellectual capital of a public research institute by incorporating a non-market valuation technique, the choice experiments(CE). CE is a survey-based environmental valuation technique that has increasingly been popular over the last decade. The members of institute E, a typical type of public research institutes in Korea, were surveyed, before the data were fit to the conditional logit and mixed logit models. The total value of the institute's intellectual capital was estimated at approximately ₩3,377 billion for the year 2003. The institute's human, structural and relational capitals that comprise the intellectual capital were estimated at ₩18.7 billion, ₩10.7 billion and ₩4.4 billion respectively, for each of the components' index values improving by 1%. The human capital was placed a higher value than the other two. The study also shows that CE is a flexible technique that enables the researcher to estimate the monetary value of the intellectual capital whatever the index values of the component capitals and to interpret model estimation results more in depth by incorporating the mixed logit, a state-of-the-art discrete choice model, than the conventional conditional logit.
KSP Keywords
Choice experiments, Environmental valuation, Human capital, Intellectual capital, Mixed logit models, Model estimation, Monetary value, Non-market valuation, Public Research Institutes(PRIs), discrete choice model, flexible technique
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