The purpose of this paper is to estimate the economic value of Multi-functionality Roles including landscape and so on, which the stone fences in Jejudo possess, using Dichotomous Choice Contingent Valuation Method(DC-CVM). The stone wall is life cultural heritance of Cheju islanders. It has functions like Development of Favorable Landscapes, Maintenance of Cultural Heritage, and Recreation/Relaxation. Expectation from Cheju visitors shows that the existence and inheritance value of the stone wall is higher then we expected. According to the research that we had done from the people that had agreed to contribute the stone wall, the result was that the public commercial value of Cheju tradition stone will increase every yew(2006: 367 billion won, 2011: 437.1 billion won). Therefore, preserving the stone wall that has Multi-functional Roles and values can lead to huge economic value in the future. But farmhouses in the stone wall conservation area are being supported 6 million won every year. This is only 10% of the income that farmhouse ems per year. Thus, stone wall preservation policy and plan that can raise green-tour commercial value of Cheju Island of long-term inside measurement will have to be propelled continuously.

• 이상영 | Rhee, Sang-Young