• International Area Studies Review
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• v.17 no.4
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• pp.133-153
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• 2013

This study was to estimate the economic value of Gaecheon Arts Festival in Jinju, Korea. To measure the value of the festival, improved travel cost measurement that applied new weight concept from the Travel Cost Measurement(TCM) proposed by Peares(1972) was used. The total value was evaluated to approximately 2,270.057 billion KRW. The result showed that travel cost items affecting on economic value of the festival were transportation, food and beverage, shopping, accommodation, amusement and entrance fee in order. The effect of accommodation due to the visitors' surplus was small, due to day trip participation trend??. Because accommodation, shopping and entrance fee, therefore, directly affect the regional economy, it is necessary for festival planning party to develop the program for tourist accommodation and so forth. Finally, this study will contribute to the development of local festivals through the more objective, clear comparison and measurement of economic value between local festivals using improved travel cost estimation method.