South Korean Study Quantifies Social Benefits of SMR R&D: Five-Year Present Value Estimated at Approximately 459.7 Billion Won

On the 22nd, Changwon National University in South Korea announced that a team led by Professor Lee Joo-yong of the Department of Industrial Systems Engineering (Technology Management Research Laboratory) had completed a quantitative assessment of the socio-economic benefits of Micro-Modular Reactor (MMR) technology development. The findings have been published in the *International Journal of Energy Research*, a journal ranked first out of 42 in the JCR category for Nuclear Science and Technology.

MMRs are small-scale nuclear energy systems designed for next-generation applications. Typically manufactured using modular factory-based methods, they can be deployed in locations where grid access is challenging—such as islands, mountainous areas, industrial complexes, and large-scale facilities—to provide stable, low-carbon electricity and heat.

The research team noted that while MMRs have garnered attention for their ability to provide carbon-free energy, enhance energy security, and improve system resilience, their early-stage development often requires substantial public investment and relies on public acceptance. Previously, there had been a lack of empirical, quantitative research regarding the actual social value of such technology development to the public.

To assess the level of public support for MMR development, the team employed the contingent valuation method to survey 1,000 adults across South Korea, analyzing households' willingness to pay for MMR development projects. The results indicated that the average South Korean household is willing to pay approximately 4,365 KRW annually for MMR technology development. The study also found that respondents with higher incomes, those who were older, and those who perceived the future climate crisis as more severe showed a greater willingness to support such development.

Based on the total number of households in South Korea, the estimated annual social benefit of MMR technology development is approximately 100.4 billion KRW; calculated over a five-year period, the present value is approximately 459.7 billion KRW. The research team believes these results provide an objective benefit metric for feasibility assessments regarding nuclear R&D budgets and facilitate the comparison of such public investments with alternative investment options.

Professor Lee Joo-yong stated that the significance of this study lies in converting the social value of early-stage public R&D activities into a monetary metric, thereby providing a quantitative basis for policy decision-making. The team plans to conduct further research focusing on information dissemination methods and governance mechanism design to enhance public understanding and acceptance of the technology. This research was supported by the "Emerging Researcher" program under the Basic Research in Science & Engineering (Individual Basic Research) scheme of the National Research Foundation of Korea (NRF).