Abstract
The purpose of this study is to estimate the economic value of Gapado green barley festival in order to set up the proper admission fee of the Gapado green barley festival using the Contingent Valuation Method. As a result of the analysis, the WTP for the admission fee of the festival was 3,262 won. The economic value of the Gapado green barley festival, which was derived by applying the WTP amount to the number of visitors calculated through the three scenarios, was 133,255,962 won, 116,342,492 won, and 124,797,596 won, which is higher than the festival budget, demonstrating the applicability of the admission fee as one of the festival’s self-sustaining measures. Thus now it is time to change from the dependence of public budget on the festival budget to the local festival which is self-operated, and it is hoped that the discussion about the self-sustaining methods of local festival should be continued in the future.
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