An Economic Valuation Study of the Seoul International Marathon

An Economic Valuation Study of the Seoul International Marathon | Research Square window.SnipcartSettings = { analytics: { enabled: false } }; (function() { var accessVector = localStorage.getItem('access_vector') || ''; window.dataLayer = window.dataLayer || []; if (accessVector) { window.dataLayer.push({ user: { profile: { profileInfo: { snid: accessVector } } } }); } })(); (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src='https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);})(window,document,'script','dataLayer','GTM-K279D39R'); Browse Preprints In Review Journals COVID-19 Preprints AJE Video Bytes Research Tools Research Promotion AJE Professional Editing AJE Rubriq About Preprint Platform In Review Editorial Policies Our Team Advisory Board Help Center Sign In Submit a Preprint Cite Share Download PDF Article An Economic Valuation Study of the Seoul International Marathon Jae Eun Shin, Sang hyun Shin, Timothy Baghurst This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-8746817/v1 This work is licensed under a CC BY 4.0 License Status: Posted Version 1 posted You are reading this latest preprint version Abstract 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. Business and commerce/Economics Social science/Economics Earth and environmental sciences/Environmental social sciences Seoul International Marathon Contingent Valuation Method Willingness to Pay Public Sports Service Figures Figure 1 Figure 2 Introduction Public sports services represent government-supported initiatives that promote public health, strengthen community identity, and enhance opportunities for leisure participation (Orlowski & Wicker, 2019a , 2019b ). These services extend beyond the physical provision of sport facilities and function as policy instruments that generate intangible social value, such as community cohesion, civic pride, and the development of a healthy civil society (Edwards, 2015 ; Endo & Fujioka, 2024 ; Grix, 2010 ). From a policy studies perspective, public sports services operate within a governance structure that integrates principles of new public management with collaboration among multiple actors. This requires a systematic evaluation of both their economic and social contributions. Large-scale urban sports events hosted by municipal governments exhibit these characteristics and contribute to enhanced access to physical activity, the revitalization of tourism, increased economic activity, and a strengthened sense of community identity. Because these events are nonmarket goods, their economic value cannot be observed through conventional market transactions. Therefore, nonmarket valuation approaches are necessary to determine their broader societal effects, support evidence-based decision-making, and reduce inefficiencies in public resource allocation (Bakhsh, 2022; Cetin & Doganer, 2020 ; Edwards, 2015 ; Sepulveda, 2023 ). The Seoul International Marathon (SIM) offers a compelling context for such evaluation. Established in 1931, the event is internationally recognized as one of the oldest full-course marathons. It is registered alongside the Boston Marathon and the Athens Marathon as one of the three major cultural heritage marathon events (Kim, 2025 ). Its long history, cultural significance, and contribution to civic identity position it as an important public service asset. Recent growth in global running participation has also intensified interest in understanding the broader economic effects of marathon events, including their contributions to tourism, local business growth, and the international visibility of host cities (Chutiphongdech et al., 2025 ; Lin, Y., et al. ( 2024 ). Research evaluating the economic contributions of major world marathons has demonstrated substantial impacts, with events such as the New York City Marathon generating hundreds of millions of dollars in economic activity and contributing significantly to job creation and place branding (Cetin & Doganer, 2020 ; Jones & Associates Economics, 2024). Therefore, these trends underscore the importance of objective assessment tools in evaluating public value and informing resource planning for large-scale sporting events. Methods The purpose of this study is to estimate the non-market value of an international sporting event and to identify the factors influencing consumers’ willingness to pay (WTP), thereby providing valuable information for policy implementation and justifying policies related to international sports events. Participants One of the most important considerations in contingent valuation studies is the selection of the population, as it influences both the sampling unit and the sample size. In this study, although the SIM is an international-scale event, the population was defined as citizens aged 20 years or older residing in the 25 districts of Seoul, as the event is hosted within the city Before beginning the survey, the researcher provided all participants with a consent form and explained the study's purpose, privacy protection, and how the results would be used in detail. The sample’s general demographic characteristics are presented in Table 1. ………… Table 1 . ………… Instruments and Procedure The economic value of the SIM was assessed using the contingent valuation method (CVM). Before conducting the analysis, ethical approval was obtained from the Institutional Review Board of Duksung Women’s University (IRB No. 2025-012-029-B). Data collection took place over a period of approximately one month, beginning on June 1, 2025. During this period, written consent and self-administered questionnaires were collected directly and simultaneously online from all study participants. The analytical procedure comprised five stages: (1) constructing a scenario to establish a hypothetical market, (2) developing the questionnaire, (3) designing the sampling strategy and administering the survey, (4) specifying and estimating the willingness-to-pay (WTP) function, and (5) deriving the economic value of the target event. The overall analytical process is illustrated in Figure 1. ………… Figure 1 . ………… Scenario Setting for WTP The SIM was selected as the subject of this study. To estimate the economic value, it was necessary to establish a hypothetical market for exchange. The users' willingness to pay (WTP) was then determined by offering the qualitative improvement of the service as a contingent commodity. In CVM studies, survey design must be carefully executed to minimize potential biases. In particular, the choice of elicitation format is considered a crucial element because it has a significant impact on the validity and reliability of the results (Bateman & Willis, 1999). Enhancing the realism of a CVM scenario is essential for improving measurement reliability. If too much information is provided, or if important or unimportant information is misinterpreted, it can lead to distorted responses. CVM market scenarios must be designed to meet three criteria: understandability, validity, and meaningfulness (Mitchell et al., 1989). Therefore, focus group interviews (FGIs) were conducted to examine the appropriateness of the scenarios and the related questions in the questionnaire. The FGIs were conducted twice, each lasting approximately 1.5 to 2 hours, from March 25 to April 5, 2024. Four researchers supervised the FGIs and employed three members of the SIM Organizing Committee, three officials from the Seoul Sports Council, and two officials from the Seoul Tourism and Sports Department. The FGIs verified the validity of the scenarios. Using the feedback from the FGI, a comprehensive hypothetical market questionnaire was developed. It described the hypothetical market conditions so respondents could state their WTP under those conditions. In addition, they were asked questions regarding their interest in health, participation in marathons, and satisfaction with the infrastructure to ensure that respondents were not solely focused on their WTP. Furthermore, the scenario was designed using a double-bounded dichotomous choice elicitation format, asking participants how much they would be willing to pay in the form of a donation from their income tax for the SIM project. Recently, the dichotomous choice elicitation method has been recognized as the most effective methodological approach for minimizing various types of bias (Hanemann, 1994). The dichotomous choice elicitation method reduces the cognitive burden on respondents and is designed to resemble real market purchasing situations, thereby reducing survey bias (Alberini & Cooper, 2000; Greene et al., 1997; Fix, 2002). In this study, the double-bounded dichotomous choice elicitation method was employed instead of the conventional single-bounded method because it is designed to capture the willingness to purchase the same good twice, allowing researchers to obtain additional information and improve the statistical efficiency of the data. Furthermore, the amounts presented to the respondents yield results that more closely approximate the actual payment amount (Alberini & Cooper, 2000; Fix, 2002). The scenario used in this study is as follows (Figure 2). ………… Figure 2 . ………… Preliminary Survey The double-bounded dichotomous choice WTP estimation method is subject to starting point bias, where the results vary depending on the initial amount presented to respondents, making the size of the initial bid highly significant (Flachaire & Hollard, 2006; Herriges & Shogren, 1996). To eliminate starting point bias, previous studies have generally conducted a preliminary survey using an open-ended question format to estimate respondents’ WTP before administering the primary survey with dichotomous choice questions (Burone & Leitner, 2025). Accordingly, a preliminary survey was conducted in this study to determine the initial bid amount. The preliminary survey was distributed to 60 Seoul citizens selected through random sampling after an explanation of the study's overview and purpose was provided. The survey employed an open-ended question format. The questionnaire included five questions from SIM's perception survey, such as " What do you think of the Seoul International Marathon ?" and " If funding were to be raised through donations for the successful hosting of the Seoul International Marathon, would you be willing to pay? How much would you be willing to pay? ". The results of the preliminary survey indicated minimum and maximum WTP values of KRW 1,000 (USD 0.71) and KRW 2,000 (USD 1.42), respectively, with an average WTP of KRW 4,242 (USD 3.01). Primary Survey Questions The main survey was conducted online over a 45-day period. Based on the results of the preliminary survey, the primary survey Questionnaire (A) began with an initial bid amount of KRW 2,000 (USD 1.42). Respondents who indicated a willingness to pay this amount were then presented with a second bid of KRW 3,000 (USD 2.13). Conversely, respondents who were unwilling to pay the initial amount were presented with half of the initial bid, KRW 1,000 (USD 0.71). Questionnaire (B) also started with an initial bid amount of KRW 5,000 (USD 3.55), but respondents who expressed a willingness to pay were then offered KRW 6,000 (USD 4.26), while those who were unwilling to pay were offered KRW 4,000 (USD 2.84). Accordingly, the response ranges for Questionnaire (A) were designed as follows: A < KRW 1,000 (USD 0.71); KRW 1,000 (USD 0.71) ≦ A < KRW 2,000 (USD 1.42); KRW 2,000 (USD 1.42) ≦ A < KRW 3,000 (USD 2.13); and A ≧ KRW 3,000 (USD 2.13). The ranges for Questionnaire (B) were designed as follows: B ≦ KRW 4,000 (USD 2.84); KRW 4,000 (USD 2.84) ≦ B < KRW 5,000 (USD 3.55); KRW 5,000 (USD 3.55) ≦ B < KRW 6,000 (USD 4.26); and B ≧ KRW 6,000 (USD 4.26). The scenarios, as described above, were administered to two separate groups, and the analyzed bid amounts for WTP are presented in Table 2. ………… Table 2 . ………… In addition to questions about WTP, participants were asked up to six questions about the tangible benefits of the SIM based on their responses. These included ascertaining whether the participant would be willing to make a financial contribution for the successful hosting of the marathon, how much or little they would be willing to contribute, and the main reason they would be willing/unwilling to pay an income tax contribution. Data Analysis A convenience sampling method, a form of non-probability sampling, was employed. The results from a total of 1,250 questionnaires were analyzed using SPSS 26.0. A logit model was used for estimation, incorporating variables whose significance had been previously verified in studies. WTP Analysis Model and Estimation Method In this study, selecting “Yes” in response to the proposed amount indicated a willingness to pay (WTP) for that amount, implying that the SIM provided utility to respondents. This is expressed by the indirect utility function: v 1(1, I − B ; ω )+ ε 1≥ v 0(0, I ; ω )+ ε 0 (1) Here, I represents the respondent's income, B is the offered bid amount, S is the respondent's socio-economic variables, and ϵ is a random variable that is independently and identically distributed with a mean of 0. In this context, 1 signifies the willingness to accept and pay the offered bid B , while 0 signifies rejection of the offered bid B . The following equation gives the probability that the respondent will pay the amount B: P1=Fε(Δv)=v(1,I−B;ω)−v(0,I;ω). (2) The estimation of the probability model B can be represented using a logit model as shown: P1=Fε(Δv)=(1+e−aΘ)−1 (3) In the equation, Fη (·)refers to the cumulative density function (CDF). Bp represents the bid amount, N is the frequency of use, Sa is satisfaction, Rv is revisit intention, Re is recommendation intention, Ag is age, G is gender, M is marital status, Fn is the number of children, Rs is residence, St is educational attainment, J is employment status, I and is the monthly average household income: Δv=f(B0,N,Sa,Ru,Re,Ag,G,M,Fn,Ro,St,J,I) (4) The logit model estimates the impact of each explanatory variable on the probability of accepting the proposed WTP bid. Maximum likelihood estimation is employed to obtain parameter estimates, enabling inference regarding which factors most significantly influence individuals' willingness to support the SIM as a public service. Variables Used in the Model The variables used in estimating the demand model in this study were derived from those previously validated in earlier research (Betz et al., 2003; Carson & Hanemann, 2005; Guerrini et al., 2018; Steigenberger et al., 2022; Wiser, 2007). Table 3 presents the independent variables used in the study, which are classified into four categories. First, variables related to respondents’ usage patterns include participation frequency, interest in health, awareness and perception, membership in sports clubs, and the perceived necessity of public services (Betz et al., 2003; Carson & Hanemann, 2005). Second, variables related to satisfaction after participation include satisfaction with the infrastructure (Betz et al., 2003). Third, variables related to the bid amount are included. Fourth, socio-demographic variables include age, gender, residential area, educational background, occupation, and monthly income (Carson & Hanemann, 2005; Steigenberger et al., 2022; Wiser, 2007). Bid amount, participation frequency, age, number of children, education level, and monthly income are measured on a ratio scale. Interest in health, interest in marathon participation, health benefits of marathon participation, and satisfaction with the infrastructure are measured on a 5-point Likert scale.All other variables are treated as dummy variables. ………… Table 3 . ………… Estimation of Non-Market Value The non-market value estimated using the Contingent Valuation Method (CVM) in this study was Hicks' Compensation Variation (CV). The economic benefit corresponding to CV is measured by integrating the estimated function. First, the mean willingness to pay can be estimated by calculating the cumulative probability distribution from 0 to infinity (∞) (Kerr, 2000). Second, the integration range can be set from the median bid amount to infinity (∞). Third, the truncated mean can be used by setting the integration range from 0 to the maximum bid amount and excluding the area beyond that point (Boyle & Bishop, 1988). The choice of integration range has a significant influence on the estimation of total economic value in CVM. This finding has been theoretically established by Hanemann (1984) and subsequently confirmed in other studies. Comparative studies of various WTP statistics (e.g., mean, median, and truncated mean) and integration range settings, such as those by Borzykowski et al. (2017) and Whitehead et al. (2024), have repeatedly demonstrated that ‘integration from 0 to infinity (∞)’ yields the most accurate estimates. Based on this evidence, this study applies and compares all three methods proposed by Hanemann (1984). Results Results of the Contingent Valuation Model Estimation In this study, the logit model, estimated using Maximum Likelihood Estimation (MLE), was employed as the demand model for non-market valuation. To verify the goodness-of-fit of the logit model, we examined the pseudo-R-squared statistics (Cox & Snell R 2 , Nagelkerke R 2 ), the results of the Hosmer and Lemeshow test, and the predicted correct percentage (or predictive accuracy). The Hosmer and Lemeshow test indicated no significant difference between the predicted and observed values, and the predictive accuracy was found to be 86.51%, suggesting that the model fit was adequate (Table 4). ………… Table 4 . ………… Examining the model estimation results based on the Wald statistics, it was found that the bid amount, interest in marathon, satisfaction with infrastructure, event perception, occupation, and gender significantly influenced WTP(Table 5). In contrast, interest in health, club membership, event participation, health benefits from marathons, event awareness, education, income, age, and residential area did not significantly affect WTP and were thus excluded from the final model. Additionally, the bid amount was statistically significant at the 99% confidence level and had a negative effect on WTP. This indicates that as the bid amount increases, respondents’ WTP decreases, and conversely, as the bid amount decreases, WTP increases. Furthermore, variables with coefficient estimates significant at the 99.9% confidence level included interest in marathons and occupation, both of which showed a positive effect on WTP. This suggests that respondents with a higher level of interest in marathons were more willing to pay than those with lower levels of interest in marathons. Variables significant at the 99% confidence level included satisfaction with infrastructure, event perception, and gender. Infrastructure satisfaction and event perception were found to positively (+) influence WTP, indicating that greater interest in the marathon and more positive perceptions of its infrastructure and the event lead to a higher WTP. ………… Table 5 ………… Estimation Results of the SIM’s Non-Market Value To estimate the non-market value of the target event, this study applied all three WTP estimation methods proposed by Hanemann (1984). Among the statistically significant variables influencing Willingness to Pay (WTP), the bid amount, interest in marathon, satisfaction with infrastructure, and event perception were retained in the final model.All variables in the final model, except for the bid amount, were treated as constants. As shown in Table 6, based on bid amount, interest in marathon, satisfaction with infrastructure, and event perception, the per capita mean WTP was estimated at KRW 15,781.51 (USD 11.34), the median WTP at KRW 14,394.95 (USD 10.35), and the truncated WTP at KRW 4,747.86 (USD 3.41). The average of these three values was calculated to be KRW 8,754.38 (USD 6.29) per person. ………… Table 6 ………… Discussion The SIM transcends the scope of a mere private sports event, functioning as a public service that creates multifaceted social benefits, including large-scale civic participation, health promotion, urban governance collaboration, enhancement of the city’s global image, tourism revitalization, and integration across generations and social classes. In this regard, this study applied the CVM, following the latest academic trends, to estimate the potential economic value of the public sports service provided by the SIM. Economic Valuation of SIM Using CVM A review of previous studies on CVM shows that the design of the survey must be highly meticulous, and decisions on the survey population, WTP estimation methods, and payment vehicles must be made with great caution (Venkatachalam, 2004 ; Vo et al., 2021 ). Steigenberger et al. ( 2022 ), who systematically examined the health sector, suggested that the difference between actual and hypothetical WTP, survey environment, and the choice of elicitation method are major factors causing variation in results. Therefore, rigorous adherence to methodological procedures and careful consideration of key methodological variables are essential in CVM-based valuation, as they are crucial to enhancing the reliability of result interpretation and policy application. This consistent finding in previous research highlights the importance of logical procedures and methodological caution when applying CVM. Accordingly, this study precisely selected a survey population aligned with the research objective and presented detailed, realistic scenarios, including the characteristics, scope, and expected effects of the event, to help respondents imagine real-world conditions. Furthermore, the double-bounded dichotomous choice method was adopted, and the starting point, range, and steps of the bid amount were logically and realistically determined to ensure the robustness of the results. The empirical analysis revealed that bid amount, marathon interest, infrastructure satisfaction, event perception, occupation, and gender significantly affected respondents’ WTP. The bid amount had a statistically significant negative effect at the 1% level, confirming previous research findings that respondents’ actual WTP decreases as the bid amount increases (de Boer et al., 2019 ; Odihi, 2021). Conversely, marathon interest, infrastructure satisfaction, and event perception had significant positive effects on WTP, indicating that respondents with more favorable perceptions of the event and related infrastructure placed a higher value on the non-market benefits. Applying Hanemann’s ( 1984 ) model, the estimated per capita WTP figures were KRW 15,781 (USD 11.34) for the mean, KRW 14,394 (USD 10.35) for the median, and KRW 4,747 (USD 3.41) for the truncated WTP. The average of these three values was KRW 8,754 (USD 6.29). These findings reaffirm the usefulness of CVM as an effective tool for comprehensively capturing both use and non-use values for policy application. By calculating multiple WTP measures and presenting their average, this study enhances the accuracy of non-market value estimation, providing policymakers with more realistic information for informed decision-making. Determinants of Willingness-to-Pay Analysis of the CVM results for the SIM revealed that the bid amount, number of participations, health interest, and perception of necessity significantly influenced WTP, as indicated by the Wald statistic. In particular, the number of participations, health interest, and perceived necessity had significant positive effects on demand, suggesting that respondents’ positive perceptions and participation levels are key explanatory variables for evaluating use and non-use values. Both the event participation frequency and the number of visits to tourist sites showed a positive (+) effect on WTP, which aligns with findings from prior research (Abuamoud, 2025 ; Ondieki et al., 2023 ; Steigenberger et al., 2022 ). Similarly, higher health interest was associated with greater WTP, reflecting the findings of previous studies. For example, McKenzie ( 2023 ) demonstrated that individuals with a greater interest in films exhibited higher WTP for film festivals, aligning with the findings of this study. Finally, respondents with a higher perception of the necessity of the project showed higher WTP. This finding is consistent with the results of previous studies, such as Helinski et al. ( 2025 ), which demonstrated that a stronger perception of necessity positively influences both WTP and purchase intention. For example, in eco-friendly public transportation projects, citizens who perceive the initiative as necessary for addressing urban traffic and environmental issues show higher WTP for monthly subscriptions or additional fees. Likewise, Tyrväinen and Karjaluoto ( 2024 ) found that emphasizing the social necessity of remote healthcare apps for reducing regional medical disparities significantly increases users’ WTP for monthly subscriptions. These results suggest that perceived necessity, which is closely linked to individuals’ and society’s sense of efficacy and identity, has a direct and positive effect on WTP and purchase intention. Therefore, it should be considered a key design factor when developing policy projects. The SIM is an internationally prestigious event, having received the World Athletics Heritage Plaque in May 2019. Together with the Boston Marathon, it is one of only two events worldwide to hold both the Platinum Label and Heritage Plaque certifications. According to the 2025 Brand Finance report, the SIM ranked 37th among the world’s top 50 marathons in terms of economic impact, generating an estimated USD 27 million in economic benefits for the host city (Brand Finance 2025 ). This outcome is attributed to runners’ strong commitment to well-being, the growing popularity of running, its domestic and international appeal, an innovative spirit that embraces new technologies, and dedication to sustainability, all of which have contributed to significant economic spillover effects. Strategic Implications and Policy Applications The economic valuation results from this study not only quantify the current public value of the SIM but also provide strategic guidance for its future development. Recent best practices from leading international marathons show a paradigm shift toward socially cohesive, environmentally oriented events that aim to foster community solidarity and contribute to local development. Unlike traditional elite-focused marathons centered solely on personal record achievement, these events are evolving into inclusive, festival-style races where diverse social groups and age demographics can participate together. This international trend provides a critical context for the SIM's future trajectory. The SIM should evolve beyond a performance-centered sports event into a public sports platform that guarantees inclusive participation for people with disabilities, the elderly, and youth, thereby expanding its social value as a public program for promoting citizen health. Moreover, by leveraging the global spread of K-culture ((Korean pop music, K-dramas, cinema, and beauty products) and the innovative image of Smart City Seoul, the event can enhance its unique identity and contribute to strengthening Seoul's global brand value as a future-oriented civic festival. Importantly, this strategic evolution aligns precisely with the key WTP determinants identified in this study; namely, perception of necessity, health interest, and participation frequency. By enhancing the SIM's inclusivity and social cohesion, the perceived necessity among citizens will increase, thereby amplifying the event's non-market value. The study demonstrates that respondents with a higher perception of necessity showed significantly greater WTP, suggesting that a more inclusive and socially conscious event design can directly translate into increased citizen valuation. More broadly, this study provides empirical evidence that sports events, as public services, can generate significant economic value through the systematic measurement of use and non-use values. The estimated WTP figures in this research encompass not only direct participation benefits but also the intangible social benefits, such as community solidarity, health promotion, and social integration, that are typically overlooked in conventional economic analyses. This comprehensive valuation approach offers policymakers concrete, quantified data necessary for informed decision-making regarding event sustainability, resource allocation, and policy prioritization. Furthermore, the non-market valuation methodology demonstrated in this study can establish a foundation for ongoing policy evaluation. By establishing baseline WTP measurements, policy interventions aimed at enhancing inclusivity and social cohesion can be systematically evaluated through subsequent WTP assessments, creating a feedback mechanism for monitoring policy effectiveness. As the substantial social and economic effects of public sports events are now presented in objective figures rather than qualitative claims, stakeholder participation and intersectoral cooperation are expected to increase significantly. Ultimately, this study demonstrates that non-market value measurement, when rigorously applied through CVM, can make a meaningful and quantifiable contribution to enhancing rationality and policy efficiency in public sports management and urban governance. The methodological approach and empirical findings presented herein provide a replicable framework for evaluating other public events and services, thereby advancing evidence-based policymaking in the broader public sector. This study provides empirical evidence that sports events, as public services, can generate significant economic value, offering policymakers practical data for informed decision-making. The estimated WTP figures encompass not only use values but also non-use values, thereby reflecting the overall social benefits more comprehensively. Based on these non-market valuation results, a feedback system can be established to regularly evaluate policy outcomes after project implementation. Furthermore, as notable social and economic effects are presented in objective figures, the participation and cooperation of various sectors are expected to be promoted in the future. Ultimately, this study suggests that non-market value measurement can make a meaningful contribution to enhancing rationality and policy efficiency in various public domains, including policy evaluation, project management, and infrastructure investment decision-making. Limitations and Future Research This study, while providing valuable insights into the economic valuation of public sports events, acknowledges two significant limitations that warrant careful consideration when interpreting the empirical findings. First, like all CVM studies, this research relies on hypothetical WTP scenarios rather than actual market transactions. Respondents may overstate their WTP due to altruistic motivations and social desirability bias, potentially resulting in an upward bias in the estimates. Therefore, policymakers utilizing these findings for decision-making should adopt a conservative approach, treating these values as maximum thresholds rather than point estimates of actual behavior. Second, the representativeness of the study sample presents a notable limitation. Although the sample was stratified by age and income to ensure demographic diversity, respondents were exclusively drawn from Seoul residents with varying degrees of familiarity with the SIM. This sampling design introduces selection bias, as individuals already interested in the event are likely to be overrepresented in the sample. Consequently, the study captures the preferences of Seoul's resident population rather than the broader Korean population, limiting the generalizability of the findings to national or international contexts. The empirical results presented herein reflect the valuations of a geographically concentrated population with relatively high exposure to the SIM. Therefore, they may not accurately represent the preferences of citizens from regions with lower event accessibility or familiarity. While the survey and CVM analyses offered objective indicators for policy evaluation, further research is needed to identify actionable directions for improving policies related to the SIM as a public sports service. Future studies should incorporate in-depth interviews with policymakers and participants to examine operational challenges, institutional barriers, and user needs, thereby enabling more comprehensive and practical policy recommendations. Conclusion The SIM transcends the realm of a simple private sports event, serving as a public service that generates multifaceted social value, including large-scale civic participation, public health promotion, collaboration with urban governance, enhancement of the global city image, tourism revitalization, and intergenerational and cross-class integration. This study evaluated the public service role of the SIM by applying the Contingent Valuation Method (CVM) to quantitatively estimate its potential economic value, providing an empirical foundation for policy implementation. Recently, studies evaluating the economic value of urban sports events, such as the SIM, have garnered attention as exemplary cases of empirical research, both in terms of academic significance and policy relevance. Particularly, CVM is established as a representative non-market valuation method that can objectively assess the socio-economic impact of large-scale public sports events based on scientific evidence, thereby contributing empirical data for effective policy-making and event management. Several limitations of this study should be acknowledged. First, the study variables were derived from a review of prior research and specified as factors influencing non-market value estimation and willingness to pay in public policy using the double-bounded dichotomous choice contingent valuation method. In particular, a preliminary pilot survey was conducted to determine the bid levels for the main survey, in an effort to minimize starting‑point bias and other survey artefacts. To estimate the economic value of a public good, it is necessary to specify a demand model within a hypothetical market for non‑market valuation; in this study, a logit model was employed for this purpose. The explanatory variables included in the model were selected from previous studies in which their statistical significance had been empirically demonstrated. Although relatively few variables were statistically significant at the 5% level, it should be noted that this reflects a more conservative criterion than the 10% significance level commonly adopted in earlier CVM studies. Despite these limitations, the present analysis underscores the importance of rigorous CVM survey design, the reliability of empirical estimation, and the substantive implications of equitable value measurement. Moreover, by converting the multi-layered social value of the Seoul International Marathon into monetary terms, the study provides a valuable empirical and academic basis that can be utilised by policy practitioners. While this research analyzed data through a questionnaire survey and CVM to derive objective indicators for policy evaluation, it did not directly address what concrete policy improvements are required to enhance the effectiveness and implementability of the Seoul International Marathon as a public sports service. Future studies should therefore complement the current findings by conducting in-depth interviews with policy stakeholders and participants identify operational challenges, institutional barriers, and the lived experiences and policy needs of users at a more granular level. Declarations Ethics approval This study was conducted in accordance with the ethical standards of the institutional research committee and with internationally recognized guidelines, including the Declaration of Helsinki. Ethics approval was obtained from the Ethics Committee of Duk-sung Women’s University (IRB No. 2025-012-029-B; approval period: 1 May 2025–1 May 2026). This approval covered all procedures, including participant recruitment, online data collection, and data analysis. Informed consent All participants were presented with an online information sheet explaining the purpose of the study, the voluntary nature of participation, and the measures taken to ensure confidentiality and anonymity. Electronic informed consent to participate in the study and to allow the use of anonymized data for research and publication purposes was obtained from all participants prior to completion of the online survey. Participants were informed that they could discontinue the survey at any time without any negative consequences. Competing interests The authors declare that they have no competing interests and received no external funding for this study. Author Contribution SHS conceived and designed the study and collected the data.JES analyzed and compiled the data and wrote the entire manuscript, including tables and figures. TB critically reviewed and revised the manuscript written by JES. Data Availability Data availabilityAll anonymized data and study materials generated and analyzed during the current study will be made publicly available in an online repository upon publication of this article. 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Am J Agric Econ 70(1):20–28 Brand Finance (2025) 20 May Seoul International Marathon contributes $ 27 million to the city’s economy, ranks 37th globally for economic impact. https://brandfinance.com/press-releases/seoul-international-marathon-contributes-27-million-to-the-citys-economy-ranks-37th-globally-for-economic-impact Burone S, Leitner L (2025) Correcting for starting point bias in the elicitation of willingness to pay for health Calia P, Strazzera E (1999) A sample selection model for protest votes in contingent valuation analyses (No. 55.1999). Nota di Lavoro Carson RT (2012) Contingent valuation: A practical alternative when prices aren't available. J economic Perspect 26(4):27–42 Carson RT, Hanemann WM (2005) Contingent valuation. Handbook of environmental economics, 2, 821–936 Cetin A, Doganer A (2020) An Examination of Mass Sporting Event Effects on Local Government Economy: The Case of 41st Istanbul Marathon. 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(Referenced Material from the National Library of Korea, 1) Kim IH (2025), September 25 'World Athletics Heritage' Seoul Marathon Held… Partial Traffic Control. THE FACT . Retrieved from https://news.tf.co.kr/read/life/2082856.htm Kwon HH, Shin JE (2025) Perceived Market Value of Governmental Investment on Elite Sport Development in South Korea. J Global Sport Manage 10(1):1–21 Lin Y, Cai C, Li L (2024) Research on perceived brand characteristics of marathon participants. Sci Rep 14(1):30621 McKenzie J (2023) The economics of movies (revisited): A survey of recent literature. J Economic Surveys 37(2):480–525 Mitchell R, Carson R (1989) Using surveys to value public goods: The Contingent valuation method. Johns Hopkins University, Washington Odihi D, De Broucker G, Hasan Z, Ahmed S, Constenla D, Uddin J, Patenaude B (2021) Contingent valuation: a pilot study for eliciting willingness to pay for a reduction in mortality from vaccine-preventable illnesses for children and adults in Bangladesh. Value Health Reg Issues 24:67–76 Orlowski J, Wicker P (2019a) Willingness to pay in sports. The SAGE handbook of sports economics, 1, 415 – 27 Orlowski J, Wicker P (2019b) Monetary valuation of non-market goods and services: a review of conceptual approaches and empirical applications in sports. Eur Sport Manage Q 19(4):456–480 Ondieki EB, Amwata DA, Nyariki DM, Bulitia GM (2023) Tourists Choice of Destinations and Willingness to Pay for Environmental Conservation Song WG, Lee HJ, Yang HW (2020) The Economic Value for the Post-Use of the 2018 PyeongChang Winter Olympics Facilities: Case of Alpine Stadium in Jeong-seon. Asia-Pacific J Bus 11(2):235–244 Steigenberger C, Flatscher-Thoeni M, Siebert U, Leiter AM (2022) Determinants of willingness to pay for health services: a systematic review of contingent valuation studies. Eur J Health Econ 23(9):1455–1482 Tyrväinen O, Karjaluoto H (2024) Willingness to pay for freemium services: Addressing the differences between monetization strategies. Int J Inf Manag 77:102787 Venkatachalam L (2004) The contingent valuation method: a review. Environ Impact Assess Rev 24(1):89–124 Vo NX, Nguyen TTH, Van Nguyen P, Tran QV, Vo TQ (2021) Using contingent valuation method to estimate adults’ willingness to pay for a future coronavirus 2019 vaccination. Value health Reg issues 24:240–246 Whitehead JC, Haab T, Lewis L, Richardson L, Schuhmann P (2024) A Meta-Analysis of Single-Bound Contingent Valuation: Willingness to Pay Estimates. Determinants of Reliability and Split-Sample Hypothesis Tests Wiser RH (2007) Using contingent valuation to explore willingness to pay for renewable energy: a comparison of collective and voluntary payment vehicles. Ecol Econ 62(3–4):419–432 Tables Tables are available in the Supplementary Files section. Additional Declarations No competing interests reported. Supplementary Files Table.pdf Pilotquestionnaire.pdf PerceptionSurveyofSeoulCitizensontheSeoulInternationalMarathonA.pdf PerceptionSurveyofSeoulCitizensontheSeoulInternationalMarathonB.pdf analysisprodecurefigure1.pdf Analysisresults.pdf Codingmaterialsrawdata.xlsx Frequencyanalysis.spv Resultfinal.spv Cite Share Download PDF Status: Posted Version 1 posted You are reading this latest preprint version Research Square lets you share your work early, gain feedback from the community, and start making changes to your manuscript prior to peer review in a journal. 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health, strengthen community identity, and enhance opportunities for leisure participation (Orlowski \u0026amp; Wicker, \u003cspan citationid=\"CR50\" class=\"CitationRef\"\u003e2019a\u003c/span\u003e, \u003cspan citationid=\"CR51\" class=\"CitationRef\"\u003e2019b\u003c/span\u003e). These services extend beyond the physical provision of sport facilities and function as policy instruments that generate intangible social value, such as community cohesion, civic pride, and the development of a healthy civil society (Edwards, \u003cspan citationid=\"CR23\" class=\"CitationRef\"\u003e2015\u003c/span\u003e; Endo \u0026amp; Fujioka, \u003cspan citationid=\"CR24\" class=\"CitationRef\"\u003e2024\u003c/span\u003e; Grix, \u003cspan citationid=\"CR27\" class=\"CitationRef\"\u003e2010\u003c/span\u003e). From a policy studies perspective, public sports services operate within a governance structure that integrates principles of new public management with collaboration among multiple actors. This requires a systematic evaluation of both their economic and social contributions.\u003c/p\u003e \u003cp\u003eLarge-scale urban sports events hosted by municipal governments exhibit these characteristics and contribute to enhanced access to physical activity, the revitalization of tourism, increased economic activity, and a strengthened sense of community identity. Because these events are nonmarket goods, their economic value cannot be observed through conventional market transactions. Therefore, nonmarket valuation approaches are necessary to determine their broader societal effects, support evidence-based decision-making, and reduce inefficiencies in public resource allocation (Bakhsh, 2022; Cetin \u0026amp; Doganer, \u003cspan citationid=\"CR15\" class=\"CitationRef\"\u003e2020\u003c/span\u003e; Edwards, \u003cspan citationid=\"CR23\" class=\"CitationRef\"\u003e2015\u003c/span\u003e; Sepulveda, \u003cspan citationid=\"CR33\" class=\"CitationRef\"\u003e2023\u003c/span\u003e).\u003c/p\u003e \u003cp\u003eThe Seoul International Marathon (SIM) offers a compelling context for such evaluation. Established in 1931, the event is internationally recognized as one of the oldest full-course marathons. It is registered alongside the Boston Marathon and the Athens Marathon as one of the three major cultural heritage marathon events (Kim, \u003cspan citationid=\"CR44\" class=\"CitationRef\"\u003e2025\u003c/span\u003e). Its long history, cultural significance, and contribution to civic identity position it as an important public service asset.\u003c/p\u003e \u003cp\u003eRecent growth in global running participation has also intensified interest in understanding the broader economic effects of marathon events, including their contributions to tourism, local business growth, and the international visibility of host cities (Chutiphongdech et al., \u003cspan citationid=\"CR16\" class=\"CitationRef\"\u003e2025\u003c/span\u003e; Lin, Y., et al. (\u003cspan citationid=\"CR46\" class=\"CitationRef\"\u003e2024\u003c/span\u003e). Research evaluating the economic contributions of major world marathons has demonstrated substantial impacts, with events such as the New York City Marathon generating hundreds of millions of dollars in economic activity and contributing significantly to job creation and place branding (Cetin \u0026amp; Doganer, \u003cspan citationid=\"CR15\" class=\"CitationRef\"\u003e2020\u003c/span\u003e; Jones \u0026amp; Associates Economics, 2024). Therefore, these trends underscore the importance of objective assessment tools in evaluating public value and informing resource planning for large-scale sporting events.\u003c/p\u003e"},{"header":"Methods","content":"\u003cp\u003eThe purpose of this study is to estimate the non-market value of an international sporting event and to identify the factors influencing consumers’ willingness to pay (WTP), thereby providing valuable information for policy implementation and justifying policies related to international sports events.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eParticipants\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eOne of the most important considerations in contingent valuation studies is the selection of the population, as it influences both the sampling unit and the sample size. In this study, although the SIM is an international-scale event, the population was defined as citizens aged 20 years or older residing in the 25 districts of Seoul, as the event is hosted within the city Before beginning the survey, the researcher provided all participants with a consent form and explained the study's purpose, privacy protection, and how the results would be used in detail. The sample’s general demographic characteristics are presented in Table 1.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e…………\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable\u003c/strong\u003e \u003cstrong\u003e1\u003c/strong\u003e.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e…………\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eInstruments and Procedure\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThe economic value of the SIM was assessed using the contingent valuation method (CVM). Before conducting the analysis, ethical approval was obtained from the Institutional Review Board of Duksung Women’s University (IRB No. 2025-012-029-B).\u0026nbsp;Data collection took place over a period of approximately one month, beginning on June 1, 2025. During this period, written consent and self-administered questionnaires were collected directly and simultaneously online from all study participants. The analytical procedure comprised five stages: (1) constructing a scenario to establish a hypothetical market, (2) developing the questionnaire, (3) designing the sampling strategy and administering the survey, (4) specifying and estimating the willingness-to-pay (WTP) function, and (5) deriving the economic value of the target event. The overall analytical process is illustrated in Figure 1.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e…………\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eFigure\u003c/strong\u003e \u003cstrong\u003e1\u003c/strong\u003e.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e…………\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e\u003cem\u003eScenario Setting for WTP\u003c/em\u003e\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThe SIM was selected as the subject of this study. To estimate the economic value, it was necessary to establish a hypothetical market for exchange. The users' willingness to pay (WTP) was then determined by offering the qualitative improvement of the service as a contingent commodity. In CVM studies, survey design must be carefully executed to minimize potential biases. In particular, the choice of elicitation format is considered a crucial element because it has a significant impact on the validity and reliability of the results (Bateman \u0026amp; Willis, 1999). Enhancing the realism of a CVM scenario is essential for improving measurement reliability. If too much information is provided, or if important or unimportant information is misinterpreted, it can lead to distorted responses.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eCVM market scenarios must be designed to meet three criteria: understandability, validity, and meaningfulness (Mitchell et al., 1989). Therefore, focus group interviews (FGIs) were conducted to examine the appropriateness of the scenarios and the related questions in the questionnaire. The FGIs were conducted twice, each lasting approximately 1.5 to 2 hours, from March 25 to April 5, 2024. Four\u0026nbsp;researchers supervised the FGIs and employed three members of the SIM Organizing Committee, three officials from the Seoul Sports Council, and two officials from the Seoul Tourism and Sports Department. The FGIs verified the validity of the scenarios.\u003c/p\u003e\n\u003cp\u003eUsing the feedback from the FGI, a comprehensive hypothetical market questionnaire was developed. It described the hypothetical market conditions so respondents could state their WTP under those conditions. In addition, they were asked questions regarding their interest in health, participation in marathons, and satisfaction with the infrastructure to ensure that respondents were not solely focused on their WTP. Furthermore, the scenario was designed using a double-bounded dichotomous choice elicitation format, asking participants how much they would be willing to pay in the form of a donation from their income tax for the SIM project.\u003c/p\u003e\n\u003cp\u003eRecently, the dichotomous choice elicitation method has been recognized as the most effective methodological approach for minimizing various types of bias (Hanemann, 1994). The dichotomous choice elicitation method reduces the cognitive burden on respondents and is designed to resemble real market purchasing situations, thereby reducing survey bias (Alberini \u0026amp; Cooper, 2000; Greene et al., 1997; Fix, 2002).\u003c/p\u003e\n\u003cp\u003eIn this study, the double-bounded dichotomous choice elicitation method was employed instead of the conventional single-bounded method because it is designed to capture the willingness to purchase the same good twice, allowing researchers to obtain additional information and improve the statistical efficiency of the data. Furthermore, the amounts presented to the respondents yield results that more closely approximate the actual payment amount (Alberini \u0026amp; Cooper, 2000; Fix, 2002). The scenario used in this study is as follows (Figure 2).\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e…………\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eFigure\u003c/strong\u003e \u003cstrong\u003e2\u003c/strong\u003e.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e…………\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e\u003cem\u003ePreliminary Survey\u003c/em\u003e\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThe double-bounded dichotomous choice WTP estimation method is subject to starting point bias, where the results vary depending on the initial amount presented to respondents, making the size of the initial bid highly significant (Flachaire \u0026amp; Hollard, 2006; Herriges \u0026amp; Shogren, 1996). To eliminate starting point bias, previous studies have generally conducted a preliminary survey using an open-ended question format to estimate respondents’ WTP before administering the primary survey with dichotomous choice questions (Burone \u0026amp; Leitner, 2025). Accordingly, a preliminary survey was conducted in this study to determine the initial bid amount. The preliminary survey was distributed to 60 Seoul citizens selected through random sampling after an explanation of the study's overview and purpose was provided. The survey employed an open-ended question format. The questionnaire included five questions from SIM's perception survey, such as \"\u003cem\u003eWhat do you think of the Seoul International Marathon\u003c/em\u003e?\" and \"\u003cem\u003eIf funding were to be raised through donations for the successful hosting of the Seoul International Marathon, would you be willing to pay? How much would you be willing to pay?\u003c/em\u003e\". The results of the preliminary survey indicated minimum and maximum WTP values of KRW 1,000 (USD 0.71) and KRW 2,000 (USD 1.42), respectively, with an average WTP of KRW 4,242 (USD 3.01).\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e\u003cem\u003ePrimary Survey Questions\u003c/em\u003e\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThe main survey was conducted online over a 45-day period.\u0026nbsp;Based on the results of the preliminary survey, the primary survey\u0026nbsp;Questionnaire (A) began with an initial bid\u0026nbsp;amount of KRW 2,000 (USD 1.42). Respondents who indicated a willingness to pay this amount were then presented with a second bid of KRW 3,000 (USD 2.13). Conversely, respondents who were unwilling to pay the initial amount were presented with half of the initial bid, KRW 1,000 (USD 0.71). Questionnaire (B) also started with an initial bid amount of KRW 5,000 (USD 3.55), but respondents who expressed a willingness to pay were then offered KRW 6,000 (USD 4.26), while those who were unwilling to pay were offered KRW 4,000 (USD 2.84).\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eAccordingly, the response ranges for Questionnaire (A) were designed as follows: A \u0026lt; KRW 1,000 (USD 0.71); KRW 1,000 (USD 0.71)\u0026nbsp;≦\u0026nbsp;A \u0026lt; KRW 2,000 (USD 1.42); KRW 2,000 (USD 1.42)\u0026nbsp;≦\u0026nbsp;A \u0026lt; KRW 3,000 (USD 2.13); and A\u0026nbsp;≧\u0026nbsp;KRW 3,000 (USD 2.13). The ranges for Questionnaire (B) were designed as follows: B\u0026nbsp;≦\u0026nbsp;KRW 4,000 (USD 2.84); KRW 4,000 (USD 2.84)\u0026nbsp;≦\u0026nbsp;B \u0026lt; KRW 5,000 (USD 3.55); KRW 5,000 (USD 3.55)\u0026nbsp;≦\u0026nbsp;B \u0026lt; KRW 6,000 (USD 4.26); and B\u0026nbsp;≧\u0026nbsp;KRW 6,000 (USD 4.26).\u0026nbsp;The scenarios, as described above, were administered to two separate groups, and the analyzed bid amounts for WTP are presented in Table 2.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e…………\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable\u003c/strong\u003e \u003cstrong\u003e2\u003c/strong\u003e.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e…………\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eIn addition to questions about WTP, participants were asked up to six questions about the tangible benefits of the SIM based on their responses. These included ascertaining whether the participant would\u0026nbsp;be willing to make a financial contribution for the successful hosting of the marathon, how much or little they would be willing to contribute, and the main reason they would be willing/unwilling to pay an income tax contribution.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eData Analysis\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eA convenience sampling method, a form of non-probability sampling, was employed. The results from a total of 1,250 questionnaires were analyzed using SPSS 26.0. A logit model was used for estimation, incorporating variables whose significance had been previously verified in studies.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e\u003cem\u003eWTP Analysis Model and Estimation Method\u003c/em\u003e\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eIn this study, selecting “Yes” in response to the proposed amount indicated a willingness to pay (WTP) for that amount, implying that the SIM provided utility to respondents. This is expressed by the indirect utility function: \u003cem\u003ev\u003c/em\u003e1(1,\u003cem\u003eI\u003c/em\u003e−\u003cem\u003eB\u003c/em\u003e;\u003cem\u003eω\u003c/em\u003e)+\u003cem\u003eε\u003c/em\u003e1≥\u003cem\u003ev\u003c/em\u003e0(0,\u003cem\u003eI\u003c/em\u003e;\u003cem\u003eω\u003c/em\u003e)+\u003cem\u003eε\u003c/em\u003e0 (1) \u0026nbsp;\u003c/p\u003e\n\u003cp\u003eHere, \u003cem\u003eI\u003c/em\u003e represents the respondent's income, \u003cem\u003eB\u003c/em\u003e is the offered bid amount, \u003cem\u003eS\u003c/em\u003e is the respondent's socio-economic variables, and \u003cem\u003eϵ\u003c/em\u003e is a random variable that is independently and identically distributed with a mean of 0. In this context, 1 signifies the willingness to accept and pay the offered bid \u003cem\u003eB\u003c/em\u003e, while 0 signifies rejection of the offered bid \u003cem\u003eB\u003c/em\u003e.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eThe following equation gives the probability that the respondent will pay the amount B: \u003cem\u003eP1=Fε(Δv)=v(1,I−B;ω)−v(0,I;ω).\u003c/em\u003e(2)\u003c/p\u003e\n\u003cp\u003eThe estimation of the probability model \u003cem\u003eB\u0026nbsp;\u003c/em\u003ecan be represented using a logit model as shown: \u003cem\u003eP1=Fε(Δv)=(1+e−aΘ)−1\u0026nbsp;\u003c/em\u003e(3)\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eIn the equation, \u003cem\u003eFη\u003c/em\u003e(·)refers to the cumulative density function (CDF). \u003cem\u003eBp\u003c/em\u003e represents the bid amount, \u003cem\u003eN\u003c/em\u003e is the frequency of use, \u003cem\u003eSa\u0026nbsp;\u003c/em\u003eis satisfaction, \u003cem\u003eRv\u0026nbsp;\u003c/em\u003eis revisit intention, \u003cem\u003eRe\u003c/em\u003e is recommendation intention, \u003cem\u003eAg\u003c/em\u003e is age, \u003cem\u003eG\u003c/em\u003e is gender, \u003cem\u003eM\u003c/em\u003e is marital status, \u003cem\u003eFn\u003c/em\u003e is the number of children, \u003cem\u003eRs\u003c/em\u003e is residence, \u003cem\u003eSt\u003c/em\u003e is educational attainment, \u003cem\u003eJ\u003c/em\u003e is employment status, \u003cem\u003eI\u003c/em\u003e and is the monthly average household income: \u003cem\u003eΔv=f(B0,N,Sa,Ru,Re,Ag,G,M,Fn,Ro,St,J,I)\u0026nbsp;\u003c/em\u003e(4)\u003c/p\u003e\n\u003cp\u003eThe logit model estimates the impact of each explanatory variable on the probability of accepting the proposed WTP bid. Maximum likelihood estimation is employed to obtain parameter estimates, enabling inference regarding which factors most significantly influence individuals' willingness to support the SIM as a public service.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e\u003cem\u003eVariables Used in the Model\u003c/em\u003e\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThe variables used in estimating the demand model in this study were derived from those previously validated in earlier research (Betz et al., 2003; Carson \u0026amp; Hanemann, 2005; Guerrini et al., 2018; Steigenberger et al., 2022; Wiser, 2007).\u0026nbsp;Table 3 presents\u0026nbsp;the independent variables used in the study, which are classified into four categories. First, variables related to respondents’ usage patterns include participation frequency, interest in health, awareness and perception, membership in sports clubs, and the perceived necessity of public services (Betz et al., 2003; Carson \u0026amp; Hanemann, 2005). Second, variables related to satisfaction after participation include satisfaction with the infrastructure (Betz et al., 2003). Third, variables related to the bid amount are included. Fourth, socio-demographic variables include age, gender, residential area, educational background, occupation, and monthly income (Carson \u0026amp; Hanemann, 2005; Steigenberger et al., 2022; Wiser, 2007). Bid amount, participation frequency, age, number of children, education level, and monthly income are measured on a ratio scale. Interest in health, interest in marathon participation, health benefits of marathon participation, and satisfaction with the infrastructure are measured on a 5-point Likert scale.All other variables are treated as dummy variables.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e…………\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable\u003c/strong\u003e \u003cstrong\u003e3\u003c/strong\u003e.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e…………\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e\u003cem\u003eEstimation of Non-Market Value\u003c/em\u003e\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThe non-market value estimated using the Contingent Valuation Method (CVM) in this study was Hicks' Compensation Variation (CV). The economic benefit corresponding to CV is measured by integrating the estimated function. First, the mean willingness to pay can be estimated by calculating the cumulative probability distribution from 0 to infinity\u0026nbsp;(∞)\u0026nbsp;(Kerr, 2000). Second, the integration range can be set from the median bid amount to infinity\u0026nbsp;(∞). Third, the truncated mean can be used by setting the integration range from 0 to the maximum bid amount and excluding the area beyond that point (Boyle \u0026amp; Bishop, 1988).\u003c/p\u003e\n\u003cp\u003eThe choice of integration range has a significant influence on the estimation of total economic value in CVM. This finding has been theoretically established by Hanemann (1984) and subsequently confirmed in other studies. Comparative studies of various WTP statistics (e.g., mean, median, and truncated mean) and integration range settings, such as those by Borzykowski et al. (2017) and Whitehead et al. (2024), have repeatedly demonstrated that ‘integration from 0 to infinity\u0026nbsp;(∞)’\u0026nbsp;yields the most accurate estimates. Based on this evidence, this study applies and compares all three methods proposed by Hanemann (1984).\u003c/p\u003e"},{"header":"Results","content":"\u003cp\u003e\u003cstrong\u003eResults of the Contingent Valuation Model Estimation\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eIn this study, the logit model, estimated using Maximum Likelihood Estimation (MLE), was employed as the demand model for non-market valuation. To verify the goodness-of-fit of the logit model, we examined the pseudo-R-squared statistics\u0026nbsp;(Cox \u0026amp; Snell\u003cem\u003e\u0026nbsp;R\u003csup\u003e2\u003c/sup\u003e,\u0026nbsp;\u003c/em\u003eNagelkerke\u003cem\u003e\u0026nbsp;R\u003csup\u003e2\u003c/sup\u003e\u003c/em\u003e), the results of the Hosmer and Lemeshow test, and the predicted correct percentage (or predictive accuracy). The Hosmer and Lemeshow test indicated no significant difference between the predicted and observed values, and the predictive accuracy was found to be 86.51%, suggesting that the model fit was adequate\u0026nbsp;(Table 4).\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e…………\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable\u003c/strong\u003e \u003cstrong\u003e4\u003c/strong\u003e.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e…………\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eExamining the model estimation results based on the Wald statistics, it was found that the bid amount, interest in marathon, satisfaction with infrastructure, event perception, occupation, and gender significantly influenced WTP(Table 5). In contrast, interest in health, club membership, event participation, health benefits from marathons, event awareness, education, income, age, and residential area did not significantly affect WTP and were thus excluded from the final model. Additionally, the bid amount was statistically significant at the 99% confidence level and had a negative effect on WTP. This indicates that as the bid amount increases, respondents’ WTP decreases, and conversely, as the bid amount decreases, WTP increases.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eFurthermore, variables with coefficient estimates significant at the 99.9% confidence level included interest in marathons and occupation, both of which showed a positive effect on WTP. This suggests that respondents with a higher level of interest in marathons were more willing to pay than those with lower levels of interest in marathons. Variables significant at the 99% confidence level included satisfaction with infrastructure, event perception, and gender. Infrastructure satisfaction and event perception were found to positively (+) influence WTP, indicating that greater interest in the marathon and more positive perceptions of its infrastructure and the event lead to a higher WTP.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e…………\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable\u003c/strong\u003e \u003cstrong\u003e5\u003c/strong\u003e\u0026nbsp;\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e…………\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eEstimation Results of the SIM’s Non-Market Value\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eTo estimate the non-market value of the target event, this study applied all three WTP estimation methods proposed by Hanemann (1984). Among the statistically significant variables influencing Willingness to Pay (WTP), the bid amount, interest in marathon, satisfaction with infrastructure, and event perception were retained in the final model.All variables in the final model, except for the bid amount, were treated as constants. As shown in Table 6, based on bid amount, interest in marathon, satisfaction with infrastructure, and event perception, the per capita mean WTP was estimated at KRW 15,781.51 (USD 11.34), the median WTP at KRW 14,394.95 (USD 10.35), and the truncated WTP at KRW 4,747.86 (USD 3.41). The average of these three values was calculated to be KRW 8,754.38 (USD 6.29) per person.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e…………\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable\u003c/strong\u003e \u003cstrong\u003e6\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e…………\u003c/strong\u003e\u003c/p\u003e"},{"header":"Discussion","content":"\u003cp\u003eThe SIM transcends the scope of a mere private sports event, functioning as a public service that creates multifaceted social benefits, including large-scale civic participation, health promotion, urban governance collaboration, enhancement of the city\u0026rsquo;s global image, tourism revitalization, and integration across generations and social classes. In this regard, this study applied the CVM, following the latest academic trends, to estimate the potential economic value of the public sports service provided by the SIM.\u003c/p\u003e \u003cdiv id=\"Sec33\" class=\"Section2\"\u003e \u003ch2\u003eEconomic Valuation of SIM Using CVM\u003c/h2\u003e \u003cp\u003eA review of previous studies on CVM shows that the design of the survey must be highly meticulous, and decisions on the survey population, WTP estimation methods, and payment vehicles must be made with great caution (Venkatachalam, \u003cspan citationid=\"CR56\" class=\"CitationRef\"\u003e2004\u003c/span\u003e; Vo et al., \u003cspan citationid=\"CR57\" class=\"CitationRef\"\u003e2021\u003c/span\u003e). Steigenberger et al. (\u003cspan citationid=\"CR34\" class=\"CitationRef\"\u003e2022\u003c/span\u003e), who systematically examined the health sector, suggested that the difference between actual and hypothetical WTP, survey environment, and the choice of elicitation method are major factors causing variation in results. Therefore, rigorous adherence to methodological procedures and careful consideration of key methodological variables are essential in CVM-based valuation, as they are crucial to enhancing the reliability of result interpretation and policy application. This consistent finding in previous research highlights the importance of logical procedures and methodological caution when applying CVM. Accordingly, this study precisely selected a survey population aligned with the research objective and presented detailed, realistic scenarios, including the characteristics, scope, and expected effects of the event, to help respondents imagine real-world conditions. Furthermore, the double-bounded dichotomous choice method was adopted, and the starting point, range, and steps of the bid amount were logically and realistically determined to ensure the robustness of the results.\u003c/p\u003e \u003cp\u003eThe empirical analysis revealed that bid amount, marathon interest, infrastructure satisfaction, event perception, occupation, and gender significantly affected respondents\u0026rsquo; WTP. The bid amount had a statistically significant negative effect at the 1% level, confirming previous research findings that respondents\u0026rsquo; actual WTP decreases as the bid amount increases (de Boer et al., \u003cspan citationid=\"CR20\" class=\"CitationRef\"\u003e2019\u003c/span\u003e; Odihi, 2021). Conversely, marathon interest, infrastructure satisfaction, and event perception had significant positive effects on WTP, indicating that respondents with more favorable perceptions of the event and related infrastructure placed a higher value on the non-market benefits. Applying Hanemann\u0026rsquo;s (\u003cspan citationid=\"CR29\" class=\"CitationRef\"\u003e1984\u003c/span\u003e) model, the estimated per capita WTP figures were KRW 15,781 (USD 11.34) for the mean, KRW 14,394 (USD 10.35) for the median, and KRW 4,747 (USD 3.41) for the truncated WTP. The average of these three values was KRW 8,754 (USD 6.29). These findings reaffirm the usefulness of CVM as an effective tool for comprehensively capturing both use and non-use values for policy application. By calculating multiple WTP measures and presenting their average, this study enhances the accuracy of non-market value estimation, providing policymakers with more realistic information for informed decision-making.\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec34\" class=\"Section2\"\u003e \u003ch2\u003eDeterminants of Willingness-to-Pay\u003c/h2\u003e \u003cp\u003eAnalysis of the CVM results for the SIM revealed that the bid amount, number of participations, health interest, and perception of necessity significantly influenced WTP, as indicated by the Wald statistic. In particular, the number of participations, health interest, and perceived necessity had significant positive effects on demand, suggesting that respondents\u0026rsquo; positive perceptions and participation levels are key explanatory variables for evaluating use and non-use values. Both the event participation frequency and the number of visits to tourist sites showed a positive (+) effect on WTP, which aligns with findings from prior research (Abuamoud, \u003cspan citationid=\"CR1\" class=\"CitationRef\"\u003e2025\u003c/span\u003e; Ondieki et al., \u003cspan citationid=\"CR52\" class=\"CitationRef\"\u003e2023\u003c/span\u003e; Steigenberger et al., \u003cspan citationid=\"CR34\" class=\"CitationRef\"\u003e2022\u003c/span\u003e). Similarly, higher health interest was associated with greater WTP, reflecting the findings of previous studies. For example, McKenzie (\u003cspan citationid=\"CR47\" class=\"CitationRef\"\u003e2023\u003c/span\u003e) demonstrated that individuals with a greater interest in films exhibited higher WTP for film festivals, aligning with the findings of this study.\u003c/p\u003e \u003cp\u003eFinally, respondents with a higher perception of the necessity of the project showed higher WTP. This finding is consistent with the results of previous studies, such as Helinski et al. (\u003cspan citationid=\"CR31\" class=\"CitationRef\"\u003e2025\u003c/span\u003e), which demonstrated that a stronger perception of necessity positively influences both WTP and purchase intention. For example, in eco-friendly public transportation projects, citizens who perceive the initiative as necessary for addressing urban traffic and environmental issues show higher WTP for monthly subscriptions or additional fees. Likewise, Tyrv\u0026auml;inen and Karjaluoto (\u003cspan citationid=\"CR55\" class=\"CitationRef\"\u003e2024\u003c/span\u003e) found that emphasizing the social necessity of remote healthcare apps for reducing regional medical disparities significantly increases users\u0026rsquo; WTP for monthly subscriptions. These results suggest that perceived necessity, which is closely linked to individuals\u0026rsquo; and society\u0026rsquo;s sense of efficacy and identity, has a direct and positive effect on WTP and purchase intention. Therefore, it should be considered a key design factor when developing policy projects.\u003c/p\u003e \u003cp\u003eThe SIM is an internationally prestigious event, having received the World Athletics Heritage Plaque in May 2019. Together with the Boston Marathon, it is one of only two events worldwide to hold both the Platinum Label and Heritage Plaque certifications. According to the 2025 Brand Finance report, the SIM ranked 37th among the world\u0026rsquo;s top 50 marathons in terms of economic impact, generating an estimated USD 27\u0026nbsp;million in economic benefits for the host city (Brand Finance \u003cspan citationid=\"CR10\" class=\"CitationRef\"\u003e2025\u003c/span\u003e). This outcome is attributed to runners\u0026rsquo; strong commitment to well-being, the growing popularity of running, its domestic and international appeal, an innovative spirit that embraces new technologies, and dedication to sustainability, all of which have contributed to significant economic spillover effects.\u003c/p\u003e \u003c/div\u003e\n\u003ch3\u003eStrategic Implications and Policy Applications\u003c/h3\u003e\n\u003cp\u003eThe economic valuation results from this study not only quantify the current public value of the SIM but also provide strategic guidance for its future development. Recent best practices from leading international marathons show a paradigm shift toward socially cohesive, environmentally oriented events that aim to foster community solidarity and contribute to local\u003c/p\u003e \u003cp\u003edevelopment. Unlike traditional elite-focused marathons centered solely on personal record achievement, these events are evolving into inclusive, festival-style races where diverse social groups and age demographics can participate together. This international trend provides a critical context for the SIM's future trajectory. The SIM should evolve beyond a performance-centered sports event into a public sports platform that guarantees inclusive participation for people with\u003c/p\u003e \u003cp\u003edisabilities, the elderly, and youth, thereby expanding its social value as a public program for promoting citizen health.\u003c/p\u003e \u003cp\u003eMoreover, by leveraging the global spread of K-culture ((Korean pop music, K-dramas, cinema, and beauty products) and the innovative image of Smart City Seoul, the event can enhance its unique identity and contribute to strengthening Seoul's global brand value as a future-oriented civic festival. Importantly, this strategic evolution aligns precisely with the key WTP determinants identified in this study; namely, perception of necessity, health interest, and participation frequency. By enhancing the SIM's inclusivity and social cohesion, the perceived necessity among citizens will increase, thereby amplifying the event's non-market value. The study demonstrates that respondents with a higher perception of necessity showed significantly greater WTP, suggesting that a more inclusive and socially conscious event design can directly translate into increased citizen valuation.\u003c/p\u003e \u003cp\u003eMore broadly, this study provides empirical evidence that sports events, as public services, can generate significant economic value through the systematic measurement of use and non-use values. The estimated WTP figures in this research encompass not only direct participation benefits but also the intangible social benefits, such as community solidarity, health promotion, and social integration, that are typically overlooked in conventional economic analyses. This comprehensive valuation approach offers policymakers concrete, quantified data necessary for informed decision-making regarding event sustainability, resource allocation, and policy prioritization.\u003c/p\u003e \u003cp\u003eFurthermore, the non-market valuation methodology demonstrated in this study can establish a foundation for ongoing policy evaluation. By establishing baseline WTP measurements, policy interventions aimed at enhancing inclusivity and social cohesion can be systematically evaluated through subsequent WTP assessments, creating a feedback mechanism for monitoring policy effectiveness. As the substantial social and economic effects of public sports events are now presented in objective figures rather than qualitative claims, stakeholder participation and intersectoral cooperation are expected to increase significantly.\u003c/p\u003e \u003cp\u003eUltimately, this study demonstrates that non-market value measurement, when rigorously applied through CVM, can make a meaningful and quantifiable contribution to enhancing rationality and policy efficiency in public sports management and urban governance. The methodological approach and empirical findings presented herein provide a replicable framework for evaluating other public events and services, thereby advancing evidence-based\u003c/p\u003e \u003cp\u003epolicymaking in the broader public sector.\u003c/p\u003e \u003cp\u003eThis study provides empirical evidence that sports events, as public services, can generate significant economic value, offering policymakers practical data for informed decision-making. The estimated WTP figures encompass not only use values but also non-use values, thereby reflecting the overall social benefits more comprehensively. Based on these non-market valuation results, a feedback system can be established to regularly evaluate policy outcomes after project implementation. Furthermore, as notable social and economic effects are presented in objective figures, the participation and cooperation of various sectors are expected to be promoted in the future. Ultimately, this study suggests that non-market value measurement can make a meaningful contribution to enhancing rationality and policy efficiency in various public domains, including policy evaluation, project management, and infrastructure investment decision-making.\u003c/p\u003e\n\u003ch3\u003eLimitations and Future Research\u003c/h3\u003e\n\u003cp\u003eThis study, while providing valuable insights into the economic valuation of public sports events, acknowledges two significant limitations that warrant careful consideration when interpreting the empirical findings. First, like all CVM studies, this research relies on hypothetical WTP scenarios rather than actual market transactions. Respondents may overstate their WTP due to altruistic motivations and social desirability bias, potentially resulting in an upward bias in the estimates. Therefore, policymakers utilizing these findings for decision-making should adopt a conservative approach, treating these values as maximum thresholds rather than point estimates of actual behavior. Second, the representativeness of the study sample presents a notable limitation. Although the sample was stratified by age and income to ensure demographic diversity, respondents were exclusively drawn from Seoul residents with varying degrees of familiarity with the SIM. This sampling design introduces selection bias, as individuals already interested in the event are likely to be overrepresented in the sample. Consequently, the study captures the preferences of Seoul's resident population rather than the broader Korean population, limiting the generalizability of the findings to national or international contexts. The empirical results presented herein reflect the valuations of a geographically concentrated population with relatively high exposure to the SIM. Therefore, they may not accurately represent the preferences of citizens from regions with lower event accessibility or familiarity.\u003c/p\u003e \u003cp\u003eWhile the survey and CVM analyses offered objective indicators for policy evaluation, further research is needed to identify actionable directions for improving policies related to the SIM as a public sports service. Future studies should incorporate in-depth interviews with policymakers and participants to examine operational challenges, institutional barriers, and user needs, thereby enabling more comprehensive and practical policy recommendations.\u003c/p\u003e"},{"header":"Conclusion","content":"\u003cp\u003eThe SIM transcends the realm of a simple private sports event, serving as a public service that generates multifaceted social value, including large-scale civic participation, public health promotion, collaboration with urban governance, enhancement of the global city image, tourism revitalization, and intergenerational and cross-class integration. This study evaluated the public service role of the SIM by applying the Contingent Valuation Method (CVM) to quantitatively estimate its potential economic value, providing an empirical foundation for policy implementation. Recently, studies evaluating the economic value of urban sports events, such as the SIM, have garnered attention as exemplary cases of empirical research, both in terms of academic significance and policy relevance. Particularly, CVM is established as a representative non-market valuation method that can objectively assess the socio-economic impact of large-scale public sports events based on scientific evidence, thereby contributing empirical data for effective policy-making and event management.\u003c/p\u003e \u003cp\u003eSeveral limitations of this study should be acknowledged. First, the study variables were derived from a review of prior research and specified as factors influencing non-market value estimation and willingness to pay in public policy using the double-bounded dichotomous choice contingent valuation method. In particular, a preliminary pilot survey was conducted to determine the bid levels for the main survey, in an effort to minimize starting‑point bias and other survey artefacts. To estimate the economic value of a public good, it is necessary to specify a demand model within a hypothetical market for non‑market valuation; in this study, a logit model was employed for this purpose. The explanatory variables included in the model were selected from previous studies in which their statistical significance had been empirically demonstrated. Although relatively few variables were statistically significant at the 5% level, it should be noted that this reflects a more conservative criterion than the 10% significance level commonly adopted in earlier CVM studies. Despite these limitations, the present analysis underscores the importance of rigorous CVM survey design, the reliability of empirical estimation, and the substantive implications of equitable value measurement. Moreover, by converting the multi-layered social value of the Seoul International Marathon into monetary terms, the study provides a valuable empirical and academic basis that can be utilised by policy practitioners.\u003c/p\u003e \u003cp\u003eWhile this research analyzed data through a questionnaire survey and CVM to derive objective indicators for policy evaluation, it did not directly address what concrete policy improvements are required to enhance the effectiveness and implementability of the Seoul International Marathon as a public sports service. Future studies should therefore complement the current findings by conducting in-depth interviews with policy stakeholders and participants identify operational challenges, institutional barriers, and the lived experiences and policy needs of users at a more granular level.\u003c/p\u003e "},{"header":"Declarations","content":"\u003cdiv id=\"Sec38\" class=\"Section2\"\u003e \u003ch2\u003eEthics approval\u003c/h2\u003e \u003cp\u003e This study was conducted in accordance with the ethical standards of the institutional research committee and with internationally recognized guidelines, including the Declaration of Helsinki. Ethics approval was obtained from the Ethics Committee of Duk-sung Women\u0026rsquo;s University (IRB No. 2025-012-029-B; approval period: 1 May 2025\u0026ndash;1 May 2026). This approval covered all procedures, including participant recruitment, online data collection, and data analysis.\u003c/p\u003e \u003c/div\u003e\u003cp\u003e \u003ch2\u003eInformed consent\u003c/h2\u003e \u003cp\u003eAll participants were presented with an online information sheet explaining the purpose of the study, the voluntary nature of participation, and the measures taken to ensure confidentiality and anonymity. Electronic informed consent to participate in the study and to allow the use of anonymized data for research and publication purposes was obtained from all participants prior to completion of the online survey. Participants were informed that they could discontinue the survey at any time without any negative consequences.\u003c/p\u003e \u003c/p\u003e\u003cp\u003e \u003ch2\u003eCompeting interests\u003c/h2\u003e \u003cp\u003eThe authors declare that they have no competing interests and received no external funding for this study.\u003c/p\u003e \u003c/p\u003e\u003ch2\u003eAuthor Contribution\u003c/h2\u003e\u003cp\u003eSHS conceived and designed the study and collected the data.JES analyzed and compiled the data and wrote the entire manuscript, including tables and figures. TB critically reviewed and revised the manuscript written by JES.\u003c/p\u003e\u003ch2\u003eData Availability\u003c/h2\u003e\u003cp\u003eData availabilityAll anonymized data and study materials generated and analyzed during the current study will be made publicly available in an online repository upon publication of this article. Details of the repository and access link will be provided in the Data Availability section of the published version.\u003c/p\u003e"},{"header":"References","content":"\u003col\u003e\u003cli\u003e\u003cspan\u003eAbuamoud IN (2025) Assessing Tourists' Willingness to Pay for Sustainable Tourism in Petra, a Contingent Valuation Study. Nat Environ Pollution Technol 24:211\u0026ndash;222\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eAlberini A, Cooper J (2000) Applications of the contingent valuation method in developing countries. Food and Agriculture Organization, Rome\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eAtkinson G, Mourato S, Szymanski S, Ozdemiroglu E (2008) Are We Willing to Pay Enough to \u0026lsquo;Back the Bid: Valuing the Intangible Impacts of London\u0026rsquo;s Bid to Host the 2012 Summer Olympic Games. 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Value health Reg issues 24:240\u0026ndash;246\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eWhitehead JC, Haab T, Lewis L, Richardson L, Schuhmann P (2024) A Meta-Analysis of Single-Bound Contingent Valuation: Willingness to Pay Estimates. Determinants of Reliability and Split-Sample Hypothesis Tests\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eWiser RH (2007) Using contingent valuation to explore willingness to pay for renewable energy: a comparison of collective and voluntary payment vehicles. Ecol Econ 62(3\u0026ndash;4):419\u0026ndash;432\u003c/span\u003e\u003c/li\u003e\u003c/ol\u003e"},{"header":"Tables","content":"\u003cp\u003eTables are available in the Supplementary Files section.\u003c/p\u003e"}],"fulltextSource":"","fullText":"","funders":[],"hasAdminPriorityOnWorkflow":false,"hasManuscriptDocX":true,"hasOptedInToPreprint":true,"hasPassedJournalQc":"","hasAnyPriority":false,"hideJournal":true,"highlight":"","institution":"","isAcceptedByJournal":false,"isAuthorSuppliedPdf":false,"isDeskRejected":"","isHiddenFromSearch":false,"isInQc":false,"isInWorkflow":false,"isPdf":false,"isPdfUpToDate":true,"isWithdrawnOrRetracted":false,"journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true},"keywords":"Seoul International Marathon, Contingent Valuation Method, Willingness to Pay, Public Sports Service","lastPublishedDoi":"10.21203/rs.3.rs-8746817/v1","lastPublishedDoiUrl":"https://doi.org/10.21203/rs.3.rs-8746817/v1","license":{"name":"CC BY 4.0","url":"https://creativecommons.org/licenses/by/4.0/"},"manuscriptAbstract":"\u003cp\u003eThis 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.\u003c/p\u003e","manuscriptTitle":"An Economic Valuation Study of the Seoul International Marathon","msid":"","msnumber":"","nonDraftVersions":[{"code":1,"date":"2026-03-02 22:16:51","doi":"10.21203/rs.3.rs-8746817/v1","editorialEvents":[{"type":"communityComments","content":0}],"status":"published","journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true}}],"origin":"","ownerIdentity":"08228529-4f1a-49d0-bc9c-af2b693d3096","owner":[],"postedDate":"March 2nd, 2026","published":true,"recentEditorialEvents":[],"rejectedJournal":[],"revision":"","amendment":"","status":"posted","subjectAreas":[{"id":63498579,"name":"Business and commerce/Economics"},{"id":63498580,"name":"Social science/Economics"},{"id":63498581,"name":"Earth and environmental sciences/Environmental social sciences"}],"tags":[],"updatedAt":"2026-04-27T08:40:08+00:00","versionOfRecord":[],"versionCreatedAt":"2026-03-02 22:16:51","video":"","vorDoi":"","vorDoiUrl":"","workflowStages":[]},"version":"v1","identity":"rs-8746817","journalConfig":"researchsquare"},"__N_SSP":true},"page":"/article/[identity]/[[...version]]","query":{"redirect":"/article/rs-8746817","identity":"rs-8746817","version":["v1"]},"buildId":"XKTyCvWXoU3ODBz1xrDgd","isFallback":false,"isExperimentalCompile":false,"dynamicIds":[84888],"gssp":true,"scriptLoader":[]}