An Economic Valuation Study of the Seoul International Marathon

This study examined the nonmarket economic value of the Seoul International Marathon (SIM) using the Contingent Valuation Method (CVM) to estimate citizens' willingness to pay for the event as a public sports service. An online survey of 1,250 Seoul residents employed a double-bounded dichotomous choice format within a hypothetical tax-based donation scenario. A logit model identified bid amount, interest in marathon events, satisfaction with infrastructure, event perception, occupation, and gender as significant predictors of willingness to pay. The estimated individual economic value ranged from KRW 4,747.86 to 15,781.51 (USD 3.41 to 11.34), with an average of KRW 8,754.38 (USD 6.29). Findings demonstrate that the marathon generates substantial nonmarket benefits and that positive user perceptions significantly influence economic valuation. These results provide an empirical basis for policy decisions involving public funding levels, infrastructure investment, event promotion strategies, and long-term planning for urban sports programs. Further, it supports the integration of citizen-based valuation into decisions concerning resource allocation, event expansion, and community-oriented program development.