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The Purpose of this study is to estimate the total economic value of Hwaseong which is one of the World Heritages located in Suwon City, using a Contingent Valuation Method(CVM). A dichotomous choice and direct question form of a CVM was applied to estimating the use and non-use(preservation) values of Hwaseong. The data collecting from a dichotomous choice were constructed by the logit model and the data collecting from a direct question were constructed by the tobit and ordinary least squares(OLS). The willingness to pay(WTP) derived from each model were compared to those obtained by a nonparametric approach to decide which model is very suitable to estimate the use value and non-use value of Hwaseong. As a result of this progress, The WTP derived from log logit model was used to estimate the use value and linear logit model was used to estimate the non-use value. The use value of Hwaseong is an estimated 7.8 billion Won averaging about 4,260 won per visitor and the non-use value is 13.2 billion won averaging about 30,600 won per household. Therefore, total economic value of Hwaseong proved to be 21 billion won. On the basis of these results, two useful policies can be suggested. First, it is possible to employe differential admission fees according to the use value of heritage tourism attractions. Second, it is possible to provide guidance to policy makers at level of local or central government how to manage or distribute budget for the heritage tourism resources based on estimating the non-use value.