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This study aims to estimate visitors’ consumption benefits using the double-bounded
dichotomous choice contingent valuation method. The results of this study show that
the per capita consumption benefit of the F1 Korea Grand Prix, a study context used in
this study, were approximately US$307 and then, the total aggregated economic value
generated by the event was US$49,262,301 in 2011. These results indicate that visitors
of the F1 Korea Grand Prix perceive huge economic benefits from their visitation and
activities during the event. In addition, the results show that prior visit experience and
a sport identification are significantly associated with visitors’ perceived consumption
benefits while other variables (e.g. age, gender, nationality, automotive club
membership) are not. Several theoretical, practical, and methodological implications
of this study are discussed. | 
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