Valuing nonmarket benefits of participatory sport events using willingness to travel: Payment card versus random selection with mitigation of hypothetical bias

Abstract

AbstractThis study estimates the monetary value of nonmarket benefits to participants of a cycling event using a willingness to travel question. It compares different question formats and types of data. Using 3 years of data (2014–2016) from a postrace survey (n = 976), the results show that the random selection format produces 2.1 (stated preference data) and 2.5 times (revealed preference data) higher monetary values than the payment card. The magnitude of hypothetical bias, that is, the extent to which respondents overestimate their return visitation, is 21%. Hence, monetary values are highly sensitive to question formats and types of data.