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

Author

Listed:
  • Luis César Herrero

    (Departamento de Economía Aplicada, Escuela Universitaria de Estudios Empresariales, Paseo Prado de la Magdalena s/n, 47005 Valladolid, Spain)

  • José ángel Sanz

    (Departamento de Economía Financiera y Contabilidad, Universidad de Valladolid, Spain)

  • María Devesa

    (Departamento de Economía Aplicada, Universidad de Valladolid, Spain)

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.

Suggested Citation

  • Luis César Herrero & José ángel Sanz & María Devesa, 2011. "Measuring the Economic Value and Social Viability of a Cultural Festival as a Tourism Prototype," Tourism Economics, , vol. 17(3), pages 639-653, June.
    • Handle: RePEc:sae:toueco:v:17:y:2011:i:3:p:639-653
    DOI: 10.5367/te.2011.0057
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    References listed on IDEAS

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    Cited by:

    1. Chi-Ok Oh & Hyounggon Kim, 2016. "Stakeholder differences in economic benefits of heritage tourism development," Tourism Economics, , vol. 22(3), pages 665-670, June.
    2. Halkos, George, 2012. "The use of contingent valuation in assessing marine and coastal ecosystems’ water quality: A review," MPRA Paper 42183, University Library of Munich, Germany.
    3. John Thompson & John Day, 2020. "Understanding the impact and value of temporary public art sculpture trails," Local Economy, London South Bank University, vol. 35(3), pages 186-208, May.
    4. Andrea Báez-Montenegro & Ana Bedate Centeno & José à ngel Sanz Lara & Luis Cesar Herrero Prieto, 2016. "Contingent valuation and motivation analysis of tourist routes," Tourism Economics, , vol. 22(3), pages 558-571, June.
    5. Qiu, Richard T.R. & Park, Jinah & Li, ShiNa & Song, Haiyan, 2020. "Social costs of tourism during the COVID-19 pandemic," Annals of Tourism Research, Elsevier, vol. 84(C).
    6. Jonathan Daniel Gómez-Zapata & Luis César Herrero-Prieto & Beatriz Rodríguez-Prado, 2021. "Does music soothe the soul? Evaluating the impact of a music education programme in Medellin, Colombia," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 45(1), pages 63-104, March.
    7. Jen D Snowball & Geoff G Antrobus, 2021. "Festival value in multicultural contexts: City festivals in South Africa," Tourism Economics, , vol. 27(6), pages 1256-1275, September.
    8. Luis César Herrero-Prieto & Mafalda Gómez-Vega, 2017. "Cultural resources as a factor in cultural tourism attraction," Tourism Economics, , vol. 23(2), pages 260-280, March.

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