Estimating the Effects of Different Admission Fees on Revenues for a Mega-Event Using a Contingent Valuation Method

Choong-Ki Lee, James W. Mjelde and Tae-Kyun Kim
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Choong-Ki Lee: Department of Tourism, Kyung Hee University, 1 Hoegi-dong, Dongdaemun-gu, Seoul 130–70, South Korea
James W. Mjelde: Department of Agricultural Economics, Texas A&M University, College Station, Texas, USA
Tae-Kyun Kim: Department of Agricultural Economics, Kyungpook National University, Daegu, South Korea

Tourism Economics, 2013, vol. 19, issue 1, 147-159

Abstract: Estimates of the effect of different admission fees on revenues for the Expo 2012 Yeosu mega-event are provided. A national survey was conducted for the Korean population. The results indicate that the revenue-maximizing admission fee is approximately KRW 27,000, with an estimated 14.6 million visitors and KRW 388.3 billion for the best-guess scenario. With an eight million visitor capacity constraint, the admission fee should be KRW 39,000. Implications of admission pricing strategies are provided in the conclusion.

Keywords: admission fee; mega-event; contingent valuation method; demand function (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:sae:toueco:v:19:y:2013:i:1:p:147-159

DOI: 10.5367/te.2013.0184

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