Abstract
The purpose of this study is to estimate economic value of Seongsan Sunrise Festival and identify factors which influence willingness to pay of festival-goers. To this end, this study adopted double-bounded dichotomous choice CVM for analysis. For this study, a survey was conducted for local and domestic tourists visited the Seongsan Ilchul Festival and utilize SPSS 21.0 and STATA 14.0 programs for analysis. The study result showed that age and income bracket play significant influence on willingness to pay(WTP) of tourists while visit experience, gender, and level of education are not that significantly influential. By utilizing coefficient estimated from logic model, individual WTF for ticket price of Seongsan Sunrise Festival can be priced at 2,070 KRW. For the pricing plan, local tourists are expected to pay up to 2,008 KRW while domestic tourists priced at 2,160 KRW. This study is expected to provide a fundamental foundation for settling adequate ticket pricing policy and practical strategy for fee-based policy of local festivals.
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