This document summarizes a research study that assessed the economic value of Changdeok Palace in South Korea using contingent valuation methods. Survey respondents stated their willingness to pay higher entrance fees to visit the palace. The mean willingness to pay was estimated to be $5.70-6.00 per visitor based on the survey results. Aggregating these values across estimated annual visitors generated an estimated total use value for Changdeok Palace of $1.93-2.01 million. The study provides estimates of willingness to pay and economic value to help inform preservation and promotion of the world heritage site.