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.
AlberiniA.KanninenB.CarsonR. T. (1997). Modeling response incentive effects in dichotomous choice contingent valuation data. Land Economics, 73, 309–324.
2.
ArañaJ. E.LeónC. J. (2005). Bayesian estimation of dichotomous choice contingent valuation with follow-up. In ScarpaR.AlberiniA. (Eds.), Applications of simulation methods in environmental resource economics (pp. 209–221). Dordrecht, The Netherlands: Springer.
3.
ArañaJ. E.LeónC. J. (2007). Repeated dichotomous choice formats for elicitation of willingness to pay: Simultaneous estimation and anchoring effect. Environmental and Resource Economics, 36, 475–497.
4.
ArrowK.SolowR.LeamerE.PortneyP.RadnerR.SchumanH. (1993). Report of the NOAA anel on contingent valuation. Federal Register, 58, 4601–4614.
5.
AtkinsonG.MouratoS.SzymanskiS.OzdemirogluE. (2008). Are we willing to pay enough to ‘Back the Bid'?: Valuing the intangible impacts of London's bid to host the 2012 summer olympic games. Urban Studies, 45, 419–444.
6.
BatemanI. J.CarsonR. T.DayB.HanemannM.HanleyN.HettT.…Swanso J (2002). Economic valuation with stated preference techniques. Cheltenham, England: Edward Elgar.
7.
BilleT.SchulzeG. (2006). Culture in urban and regional development. In GinsburghV.ThrosbyD. (Eds.), Handbook of the economics of art and culture (pp. 1051–1099). Amsterdam, The Nederlands: Elsevier.
8.
CarsonR. T.GrovesT. (2007). Incentive and informational properties of preference questions. Environmental and Resource Economics, 37, 181–210.
9.
CollinsM. F.JacksonG. A. M. (1999). The economic impact of sport and tourism. In StandevenJ.De KnopP. (Eds.), Sport tourism (pp. 169–202). Champaign, IL: Human Kinetics.
10.
CooperP. H.PoeG. L.BatemanI. J. (2004). The structure of motivation for contingent values: A case study of lake water quality improvement. Ecological Economics, 50, 69–82.
11.
CummingsR. G.HarrisonG. W. (1995). The measurement and decomposition of nonuse values: A critical review. Environmental and Resource Economics, 5, 225–247.
12.
CzajkowskiJ. R. (2009). Modeling shifts in willingness to pay from a Bayesian updating perspective. Land Economics, 85, 308–328.
13.
DesbordesM. (2007). A review of the economic impact studies done on the Tour de France: Methodological aspects and first results. International Journal of Sport Management and Marketing, 2, 526–540.
14.
FernándezC.LeónC. J.SteelM. F. J.Vázquez-PoloF. J. (2004). Bayesian analysis of interval data contingent valuation models and pricing policies. Journal of Business and Economic Statistics, 22, 431–442.
15.
FlachaireE.HollardG. (2007). Starting-point bias and respondent uncertainty in dichotomous choice contingent valuation surveys. Resource and Energy Economics, 29, 183–194.
16.
FreyB. S.MeierS. (2006). The economics of museums. In GinsburghV.ThrosbyD. (Eds.), Handbook of the economics of art and culture (pp. 1017–1047). Amsterdam, The Netherlands: Elsevier.
17.
GrattonC.ShibliS.ColemanR. (2005). The economics of sport tourism at major sport events. In HighamJ. (Ed.), Sport tourism destinations: Issues, opportunities and analysis (pp. 233–247). Oxford, England: Elsevier.
18.
GroothuisP. A.JohnsonB. K.WhiteheadJ. C. (2004). Public funding of professional sports stadiums: Public choice or civic pride?Eastern Economic Journal, 30, 515–526.
19.
HanleyN.SchläpferF.SpurgeonJ. (2003). Aggregating the benefits of environmental improvements: Distance-decay functions for use and non-use values. Journal of Environmental Management, 68, 297–304.
20.
HerrigesJ. A.ShogrenJ. F. (1996). Starting point bias in dichotomous choice valuation with follow-up questioning. Journal of Environmental Economics and Management, 30, 112–131.
21.
JohnsonB. K.MondelloM. J.WhiteheadJ. C. (2007). The value of public goods generated by a national football league team. Journal of Sport Management, 21, 123–136.
22.
JohnsonB. K.WhiteheadJ. C. (2000). Value of public goods from sport stadiums: The CVM approach. Contemporary Economic Policy, 18, 48–58.
23.
JorgensenB. S.SymeG. J. (2000). Protest response and willingness to pay: Attitude toward paying for stormwater pollution abatement. Ecological Economics, 33, 251–265.
24.
KniiviläM. (2006). Users and non-users of conservation areas: Are there differences in WTP, motives and validity of responses in CVM surveys?Ecological Economics, 59, 530–539.
25.
LiH.Jenkins-SmithH. C.SilvaC. L.BerrensR. P.HerronK. G. (2009). Public support for reducing US reliance on fossil fuels: Investigating household willingness-to-pay for energy research and development. Ecological Economics, 68, 731–742.
26.
McLeodD. M.BerglandO. (1999). Willingness-to-pay estimates using the double-bound dichotomous-choice contingent valuation format: A test for validity and precision in a Bayesian framework. Land Economics, 75, 115–125.
27.
MeyerhoffJ.LiebeU. (2006). Protest beliefs in contingent valuation: Explaining their motivation. Ecological Economics, 57, 583–594.
28.
MitchellR. C.CarsonR. T. (1989). Using surveys to value public goods. The contingent valuation method. Washington, DC: Resources for the Future.
29.
MorrisonM. D.BlameyR. K.BennettJ. W. (2000). Minimising payment vehicle bias in contingent valuation studies. Environmental and Resource Economics, 16, 407–422.
30.
PedersenL. B.KiilA.KjaerT. (2011). Soccer attendees’ preferences for facilities at the Fiona Park Stadium: An application of the discrete choice experiment. Journal of Sports Economics, 12, 179–199.
31.
SAS Institute Inc. (2008). SAS/STAT® 9.2 user’s guide. Cary, NC: SAS Institute.
32.
SilbermanJ.GerlowskiD. A.WilliamsN. A. (1992), Estimating existence value for users and nonusers of New Jersey beaches. Land Economics, 68, 225–236.
33.
SturtzS.LiggesU.GelmanA. (2005). R2WinBUGS: A package for running WinBUGS from R. Journal of Statistical Software, 12, 1–16.
34.
ThompsonC. S. (2006). The tour de France: A cultural history (385 p). Los Angeles: University of California Press.
35.
VanreuselB. (2006). Sport and culturele identiteit: de wielerwedstrijd Ronde van Vlaanderen. In De KnopP.ScheerderJ.VanreuselB. (Eds.), Sportsociologie. Het spel en de spelers (2nd ed., pp. 432–438). Maarssen, Nederland: Elsevier.
36.
WaltonH.LongoA.DawsonP. (2008). A contingent valuation of the 2012 London Olympic games: A regional perspective. Journal of Sports Economics, 9, 304–317.
37.
YooS.-H. (2004). A note on a Bayesian approach to a dichotomous choice environmental valuation model. Journal of Applied Statistics, 31, 1203–1209.
38.
YooS.-H.KwakS.-J.KimT.-Y. (2001). Modelling willingness to pay responses from dichotomous choice contingent valuation surveys with zero observations. Applied Economics, 33, 523–529.