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Total Economic Value (TEV) provides a framework to estimate the economic value of water resources includinggroundwater with multiple applications to natural resource economics and environmental economics. Crucial to theapplication of economic analysis to natural resources are techniques to value the resources as an economic value that isexpressed in monetary terms. On the other hand, the aim of TEV estimation is to determine the economic value of waterresources including ‘use’ with production and recreation and ‘non-use’ such as existence values. TEV is used to assess theeconomic value of water resources for the multiple goods, and environmental ‘services’ that are provided by a waterresource and also used to assess options for water use, for example balancing production values provided by waterresource use against the cost of resource degradation by that use. The value of TEV can be assessed over time wherepollution or unsustainable use may reduce the economic value of an environmental asset. Therefore, values are used toassess options of resource use, sometimes leading to policies on resource conservation or allocation. In conclusion, theapplication of TEV would be well adjusted over Jeju Island where groundwater resources account for more than 98%water resources and the budget of water demand/supply shows disparity over the Island. Keywords: Total Economic Value (TEV), groundwater, natural resource economics, environmental economics, policy

Recent Trend for the Application of Total Economic Value (TEV) Estimation to Groundwater Resources