○ In terms of current and potential users’ willingness-to-pay (WTP) prices, at-home care services for the elderly are valued at KRW 262,000-316,000, which is 1.65 times higher than actual prices paid.
○ The WTP prices of the elderly with experience of using these services are higher than those of older people without such experience. The more people are satisfied with at-home care services for the elderly, the higher their WTP prices are. This confirms the characteristics of social services as an experience good.
○ Out of all elements of at-home care services for the elderly, social service workers have been found to have the largest impact on user satisfaction levels. Thus investments should be made to improve job quality for such workers and help them hone their job skills in order to enhance the value of social services.