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Walker & Mondello [IJSF2 2007][1]

Walker & Mondello [IJSF2 2007][1] - International...

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International Journal of Sport Finance , 2007, 2 , 149-160, © 2007 West Virginia University Recent years have seen an explosion of research into the valuation of non-market goods. Early models, such as the travel cost model (e.g., Clawson, 1959; Hotelling, 1949; Randall, 1994), attempted to estimate the value of recre- ation amenities due to natural resource improvements. Later, hedonic property models (e.g., Patterson & Boyle, 2002; Poor, Boyle, Taylor, & Bouchard, 2001; Smith & Huang, 1995) were introduced to estimate the benefits of environmental quality changes and location-related amenities. More recently, the contingent valuation method (CVM) has been utilized as a means of modeling proposed or existing environmental and other service enhancement programs (i.e., sport, recreation, and other publicly sponsored programs). The CVM has been employed in a variety of contexts including water quality (e.g., Barton, 2002), state park expansion (e.g., Bateman & Langford, 1997), protection of natural resources (e.g., Blomquist & Whitehead, 1998), and most recently by sport researchers to identify consumer preferences toward team relocation and new facility construction (e.g., Fenn & Crooker, 2003; Johnson & Whitehead, 2000; Johnson, Groothuis, & Whitehead, 2001; Johnson, Mondello, & Whitehead, 2006, 2007). Moving Beyond Economic Impact: A Closer Look at the Contingent Valuation Method Matthew Walker 1 and Michael J. Mondello 2 1 East Carolina University 2 Florida State University Matthew Walker, PhD, is an assistant professor of sport management at East Carolina University. His research is specifically relat- ed to corporate social responsibility, and philanthropic practices of organizations in the sport industry as well as issues related to finance and economics. Michael J. Mondello, PhD, is an associate professor of sport management at Florida State University. His research interests include issues related to sport finance, economics, and the development of the academic field of sport management. 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 discus- sion of whether sports stadiums do serve as economic catalysts. Research has demonstrated that new stadiums and are- nas 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 justi- fication 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 crit- icisms. 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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