Conditional Logit (CL) model is widely used since its model estimation and interpretation of results of the model is relatively easy, on the other hand, it has the limit of preference heterogeneity of respondents being not fully considered. In this study we used the two models, Mixed Logit (ML) Model and Latent Class Model (LCM) to explain preference heterogeneity of respondents for protection for Boryeong Dam wetland. As a result of the examination for heterogeneity in Boryeong city and six metropolitan areas, we found there was significant difference between two regions. While there was explicit preference heterogeneity within respondents in Boryeong city, we found little heterogeneity within respondents in six metropolitan areas. Thus in the case of six metropolitan areas, CL model can be used for parameter estimation while in the case of Boryeong city, WTP estimates are based on parameter estimates from ML model to reflect the heterogeneity within respondents. Additionally, ML model with interaction and 2-class LCM for respondents in Boryeong city were used to explain the sources of the heterogeneity. The ML model with interaction has advantage of explaining individual unobserved heterogeneity. However The comarison between these two models reflects the fact that LCM provided added information that was not conveyed in the ML model with interaction. Thus, Preference heterogeneity within respondents in this study may be better explained by class level through LCM rather than indiviual level through ML model.