Evaluating the Creative Economy Applying the Contingent Valuation Method: A Case Study on the Greek Cultural Heritage Festival

Aikaterini Koumoutsea, Paraskevi Boufounou () and George Mergos
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Aikaterini Koumoutsea: Department of Economics, National and Kapodistrian University of Athens, 10559 Athens, Greece
Paraskevi Boufounou: Department of Economics, National and Kapodistrian University of Athens, 10559 Athens, Greece
George Mergos: Department of Economics, National and Kapodistrian University of Athens, 10559 Athens, Greece

Sustainability, 2023, vol. 15, issue 23, 1-19

Abstract: The effectiveness of the economic policies implemented by a country/region directly affects its economic growth potential. Cultural Heritage Festivals are a sector of the creative economy that, by promoting culture, may have a significant impact on national/regional sustainable economic development. This study assesses the implementation of the Contingent Valuation Method (CVM) and the estimation of the Willingness To Pay (WTP) demand curve, using data collected for the Kalamata Dance Festival as a case study, in order to evaluate creative economy investments. The results obtained indicate that the CVM is an appropriate method for evaluating festivals and suggest that females, spectators with high incomes and high educational levels, and visitors to Kalamata (non-residents) show an increased Willingness To Pay. These findings can be useful to cultural heritage festival organizers in developing appropriate policy strategies: targeting the social groups with the greatest Willingness To Pay; adjusting the pricing mechanism accordingly; modifying annual memberships/donations/sponsorships, indirect resources, and tax revenues and grants; and optimizing investments and allocating resources. Furthermore, the findings of this study will be particularly useful for Greece in designing relevant cultural sustainable development policies for exploiting the potential of the Cultural Heritage Festival, in synergy with the tourism sector, which already contributes a major share to the country’s GDP.

Keywords: creative economy; cultural heritage; contingent valuation method; willingness to pay; economic development (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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