This study is to estimate the economic value of the ‘Tongyeong Sealift Canle Car’ developing project, which is a tourism development plan in public sector, using the Double-bounded dichotomous choice Contingent Valuation Method. Hicksian compensating variation was estimated using Hanemann's methods as a Non-market value. The ticket price of the present cable car in Tong-yeong was used to derive the bidding price for dichotomous choice questions of the main survey to remove the starting point bias. Some variables were found significant in the derived model such as the concern for required transportation time, opinion for using cable car. The derived amount of willingness to pay price for the new cable car project was 3,868 Korean Won, per using, as a non-market value and thus whole annual non-market value was slightly over 5.3 billion Korean Won.