Contingent Valuation of a Classic Cycling Race. (April 2015)

• Record Type: Journal Article
• Authors: Vekeman, Andy; Meulders, Michel; Praet, Alain; Colpaert, Jan; Van Puyenbroeck, Tom
• Is Part Of: Journal of sports economics. Volume 16:Number 3(2015:Apr.)
• Page Start: 268
• Page End: 294
• Publication Date: 2015-04
• Subjects: contingent valuation -- cycling -- spatial effects -- Bayesian method -- starting point bias; Sports -- Economic aspects -- Periodicals; Sports administration -- Periodicals; 338.47796
• DOI: 10.1177/1527002513476040
• Languages: English
• ISSNs: 1527-0025

Abstract

We provide a contingent valuation of a major cycling event, namely the Tour of Flanders. Starting from survey data, we estimate several models with different assumptions about (1) the latent willingness to pay (WTP) distribution and (2) the change in WTP when responding to the follow-up question in a double-bounded dichotomous framework. We relate the individual figures to explanatory factors and find that people residing in the event's core region as well as spectators have a higher valuation. Incorporating the spatial effect, we arrive at an estimated aggregate value of 24.3 million euro.