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© 2021 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License.

Abstract

Diversity of financial resources is important to increase the sustainability of festivals. This is because even if one of the festival’s resources is stopped by external variables, the festival can be continued with other resources. Local festivals often suffer from low levels of economic independence as a primary concern for their economic sustainability. To solve the aforementioned real-world problem, this study investigated the determinants of festival goers’ willingness to pay for the development fund for the local festival. By using the CVM method, this study initially hypothesized four festival quality factors, three festival related decisions, and four demographic factors in the model. In total, 695 questionnaires were collected from visitors who completed the festival experience through an on-site survey for the Korean Seonbi Culture Festival in Yeongju, Korea. Based on a double-bounded DC CVM, the results of this study showed that festival environment, past visit experience, and demographic factors were significant determinants of festival goers’ willingness to pay for the fund. In addition, it was attempted to estimate the value of this festival through WTP (WTP; willingness to pay). This study offers the foundation for the introduction of a development fund to make the local festival economically sustainable. The theoretical and managerial implications are discussed.

Details

Title
Assessing Economic Value of Local Festivals for Sustainable Development: A Case of Yeongju Korean Seonbi Culture Festival
Author
Dong-Han, Kim 1 ; Jun-Jae, Lee 1 ; Park, Hyo-Yeun 2 

 Department of Convention and Hotel Management, Hannam University, Hannam-ro 70, Daedeok-gu, Daejeon 34430, Korea; [email protected] (D.-H.K.); [email protected] (J.-J.L.) 
 Department of Tourism Management, Korea Tourism College, 197-93, Ijang-ro 311, Icheon-si 17306, Korea 
First page
13297
Publication year
2021
Publication date
2021
Publisher
MDPI AG
e-ISSN
20711050
Source type
Scholarly Journal
Language of publication
English
ProQuest document ID
2608146528
Copyright
© 2021 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License.