Measuring the Economic Value and Social Viability of a Cultural Festival as a Tourism Prototype

Luis César Herrero, José ángel Sanz and María Devesa
Additional contact information
José ángel Sanz: Departamento de Economía Financiera y Contabilidad, Universidad de Valladolid, Spain
María Devesa: Departamento de Economía Aplicada, Universidad de Valladolid, Spain

Tourism Economics, 2011, vol. 17, issue 3, 639-653

Abstract: Cities with an important historical cultural heritage are aiming to strengthen their appeal to tourists by organizing numerous complementary activities, such as music festivals, in an attempt to consolidate and enhance their image as cultural sites and diversify the flow of tourism demand. This paper estimates the willingness to pay for a music festival in the city of Santiago de Compostela, Spain, and analyses the results according to the socio-demographic and behavioural characteristics of audiences and tourists. The authors use the contingent valuation method, an appropriate technique for valuing non-market public goods, yet one that has scarcely been employed in the case of cultural goods of a temporary nature, such as a music festival. The findings to emerge may prove useful in understanding the demand for these goods, as well as in measuring the social viability of these tourist projects if willingness to pay is taken as an estimate of derived social benefit. This outcome may prove suitable input for a cost–benefit analysis.

Keywords: cultural tourism; tourism demand; contingent valuation; stated preferences; valuation of tourism projects; festivals (search for similar items in EconPapers)
Date: 2011
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (10)

Downloads: (external link)
https://journals.sagepub.com/doi/10.5367/te.2011.0057 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:sae:toueco:v:17:y:2011:i:3:p:639-653

DOI: 10.5367/te.2011.0057

Access Statistics for this article

More articles in Tourism Economics
Bibliographic data for series maintained by SAGE Publications ().