Measuring the economic value and social viability of a cultural festival as a tourism prototype

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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.
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  • Tourism Economics, published bimonthly, is a peer-reviewed journal devoted to the economics and finance of tourism worldwide. Articles address the components of the tourism product (accommodation; restaurants; merchandizing; attractions; transport; entertainment; tourist activities); and the economic organization of tourism at micro and macro levels (market structure; role of public/private sectors; community interests; strategic planning; marketing; finance; economic development).

    Fast Track. Tourism Economics Fast Track papers have been peer-reviewed, revised and fully accepted for publication. However, although these are the final versions from the authors, they are unedited manuscripts and will undergo a rigorous editing process before their appearance in an issue of the journal. This means that the Fast Track manuscripts may not conform to journal style in terms of presentation, spelling and other usages. They may also contain errors of typography, grammar, spelling, referencing, etc, all of which will be corrected in the processes of copy-editing and proofreading.
    Tourism Economics operates a Fast Track online publication system so that papers can be published and made available almost immediately on final acceptance by the journal. Each Fast Track article is given a DOI. When the paper is assigned to an issue, this DOI will automatically be transferred to the article in the journal issue.
    Fast Track articles may be cited using the DOI. Citations should include the author's or authors' name(s), the title of the article, the title of the journal followed by the words Fast Track, the year of Fast Track publication and the DOI. For example:

    Smith, J. (2013), Article title, Tourism Economics Fast Track, DOI xxxxxxxx.

    Once the paper has been published in an issue of the journal, the DOI will automatically resolve to that final version and the article can be cited in accordance with normal bibliographical conventions.

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