Estimation of Economic Value and Determination Factors for Traditional Festivals:　The Case of Gangneung Danoje Festival

The purpose of this study is to explore the economic value and determination factors of cultural tourist festivals and to estimate the limit of individual tourist s WTP(willingness to pay). Additionally, we plan to use these data as resources for the management and development of public policy. To fulfill the purpose of this study, the CVM(Contingent Valuation Method)of external wealth was utilized. The subject of this study is the Gangneung Danoje Festival, listed by UNESCO as an Intangible Cultural Heritage.The results of this study are summarized as: 1. Determinate factors influencing the WTP of the Gangneung Danoju Festival(GDF) include the number of times people have visited the festival in the past, private car ownership, level of education, etc. 2. The individual visitor s average WTP at the 2008 GDF was 17,876￦. This indicates that the total WTP for all visitors during the festival period was 28,601,000,000￦. Calculations of totals for the 2008GDF were based upon revenue won(￦)per event during the fire-day festival period. These results show that the economic value of the Gangneung Danoje Festival is substantial.