Holding or not holding a mega-event: case of the F1 Korea Grand Prix |
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| Authors: | Yeongbae Choe Dae-Kwan Kim |
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| Institution: | 1. National Laboratory for Tourism &2. eCommerce, Department of Tourism, Recreation and Sport Management, University of Florida, Gainesville, FL, USA;3. MICE Statistics and Information Center, Department of Convention Management, College of Hotel and Tourism Management, Kyung Hee University, Seoul, Republic of Korea |
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| Abstract: | This study aims to estimate visitors’ consumption benefits using the double-bounded dichotomous choice contingent valuation method. The results of this study show that the per capita consumption benefit of the F1 Korea Grand Prix, a study context used in this study, were approximately US$307 and then, the total aggregated economic value generated by the event was US$49,262,301 in 2011. These results indicate that visitors of the F1 Korea Grand Prix perceive huge economic benefits from their visitation and activities during the event. In addition, the results show that prior visit experience and a sport identification are significantly associated with visitors’ perceived consumption benefits while other variables (e.g. age, gender, nationality, automotive club membership) are not. Several theoretical, practical, and methodological implications of this study are discussed. |
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| Keywords: | Consumption benefits willingness to pay double-bounded dichotomous choice contingent valuation method mega-events interval regression analysis |
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