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Who Pays More for a Cultural Festival, Tourists or Locals? A Certainty Analysis of a Contingent Valuation Application
Author(s) -
Herrero Luis César,
Sanz José Ángel,
Bedate Ana,
Barrio María José
Publication year - 2011
Publication title -
international journal of tourism research
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.155
H-Index - 58
eISSN - 1522-1970
pISSN - 1099-2340
DOI - 10.1002/jtr.1860
Subject(s) - contingent valuation , tourism , valuation (finance) , diversification (marketing strategy) , certainty , cultural heritage , economics , music festival , cultural tourism , value (mathematics) , marketing , willingness to pay , business , geography , microeconomics , tourism geography , art , finance , philosophy , archaeology , epistemology , machine learning , computer science , visual arts
Cultural festivals are one of the most common representations of diversification strategies in tourist demand in cities boasting abundant historical heritage. The goal of this work is to estimate the economic value allocated by tourists and local residents to a classical music festival in the emblematic city of Santiago de Compostela (Spain). The contingent valuation method is used to ascertain whether there are any significant differences between the value declared and to study the sensitivity of the findings in a range of socio‐economic variables. Finally, the problems of hypothetical bias are explored, as are the possible implications for management of pricing policies. Copyright © 2011 John Wiley & Sons, Ltd.