Valuation of consumers' personal information: A South Korean example

The purpose of this study was to identify the appropriate monetary value of personal information from a consumer's perspective. To this end, Korean nationals above the age of 16 living in Seoul and the greater metropolitan region responded to an online survey. Quota sampling was used with regard to gender, and the data pool consisted of 985 samples. Using the contingent valuation method (CVM), the authors elicited the amount of money respondents were willing to accept as being equivalent to the value of their personal information, with the resulting mean and median being US$1,500 and US$500, respectively. Via a nested probit model analysis, the existence of a relative minority, which placed a significantly lower value on their personal information, was found. © 2010 Springer Science+Business Media, LLC.