The Korea Local Administration Review

The purpose of this study is to assess the economic value of the HamyangWild Ginseng Festival using the Double-Bounded Dichotomous ChoiceContingent Valuation Method(DB-DC CVM). Variables employed in theassessment were, among other factors, willingness to pay, actual monetaryamounts shown, number of visits, gender, age, educational level, job, monthlyincome level, place of residence, necessity for the festival, agreement oropposition with the festival's continuation, and overall satisfaction with theevent. The survey interviews were conducted on July 23-27, 2010 withfestival attendees as respondents. 192 out of 210 surveys were judged asadmissible and used in the analysis.The results of this study are summarized as follows. First, willingness to paywas shown to have a significant link with number of visits, necessity,agreement to the festival's continuation, and place of residence. Second, resultsgenerated by CVM showed that the average amount each individual was willingto pay was 10,389 KRW. Third, the total economic value of the Hamyang WildGinseng Festival was a 2,410,000,000 KRW in bases other than market value.