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Moving Beyond Economic Impact: A Closer Look at the Contingent Valuation Method

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Author Info

  • Matthew Walker

    ()
    (East Carolina University)

  • Michael J. Mondello

    ()
    (Florida State University)

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    Abstract

    The issue related to public investment in sport facilities has generated lively debate between economists, researchers, and policy makers. Empirical evidence detailing benefits derived from such initiatives has become mired in the discussion of whether sports stadiums do serve as economic catalysts. Research has demonstrated that new stadiums and arenas have no significant fiduciary impact on local economies, including employment. However, a possibility not fully explored is the idea that stadiums and teams generate both tangible and intangible benefits that can support the justification for some level of public investment. Consequently, the contingent valuation method (CVM) has been employed by sport researchers for the purpose of measuring benefits accrued from such investments. However, the CVM is the most controversial of the non-market valuation methods and subject to a number of methodological criticisms. This article will explore the CVM beyond the scope of traditional economic impact studies and highlight its use and relevance in the sport management discourse.

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    Bibliographic Info

    Article provided by Fitness Information Technology in its journal International Journal of Sport Finance.

    Volume (Year): 2 (2007)
    Issue (Month): 3 (August)
    Pages: 149-160

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    Handle: RePEc:jsf:intjsf:v:2:y:2007:i:3:p:149-160

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    Related research

    Keywords: contingent valuation method; CVM; valuation; stated preference; non-market consumption;

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    Cited by:
    1. repec:hal:journl:halshs-00703466 is not listed on IDEAS
    2. Wladimir Andreff, 2012. "The winner's curse: why is the cost of sports mega-events so often underestimated?," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00703466, HAL.
    3. Wicker, Pamela & Prinz, Joachim & von Hanau, Tassilo, 2012. "Estimating the value of national sporting success," Sport Management Review, Elsevier, vol. 15(2), pages 200-210.
    4. Kim, Woosoon & Walker, Matthew, 2012. "Measuring the social impacts associated with Super Bowl XLIII: Preliminary development of a psychic income scale," Sport Management Review, Elsevier, vol. 15(1), pages 91-108.

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