The purpose of this study is to estimate the direct value and its decision factors of cultural and art festivals. The object of this study is the Cheongju International Craft Biennale, one of the most important cultural and art festivals in Korea usin...
The purpose of this study is to estimate the direct value and its decision factors of cultural and art festivals. The object of this study is the Cheongju International Craft Biennale, one of the most important cultural and art festivals in Korea using a Contingent Valuation Method(CVM). A questionary was designed for the visitors of the Cheongju International Craft Biennale to answer, and total eight suggested prices (100, 500, 1000, 2000, 3000, 4000, 5000, 10000) were used to anticipate an accurate willingness to pay rate in this dichotomous choice CVM questionary. 200 copies of each suggested prices were distributed and 837 copies were collected, among which 7 copies with insincerely answers or no answers were excepted, and 830 copies were analyzed.
The collected questionaries were estimated through coefficient value of a regression coefficient per logit model using SPSS 11.5. The data collecting from a dichotomous choice CVM questionary were constructed by linear logit function and logarithmic logit function to estimate a coefficient value, and average WTP is estimated from the regression coefficient.
The results show in 1% of significant level of the estimated value of coefficient, the significant factors include OFFER, INC, SAT and ADDR; EFC5 is meaningful in 5% significant level; EFC3 is meaningful in 10% significant level. The Census variations like sex, education, age or job, except earning, are not significant.
The official number of visitors in 2005 is 520,382 include Koreans and foreigners. The maintenance and preserving value of the Cheongju International Craft Biennale is estimated to 5,574 Korean won per a visitor. And the total economic maintenance and preserving value of the Cheongju International Craft Biennale, which is estimated by multiplied by WTP per visitor using the linear logit model (Formular 1), is 2,900,609,268 won.
The direct (paying) economic ripple effect of the Cheongju International Craft Biennale to Cheongju area economy reaches about 8,683,063,000 won, and the maintenance and preserving value 4,003,253,450 won (the maintenance and preserving value 2,900,609,268 won + exchange value 1,102,644,182 won), so the total is 12,686,289,450 won.