Estimating the effects of different admission fees on revenues for a mega-event using a contingent valuation method

Estimates of the effect of different admission fees on revenues for the Expo 2012 Yeosu mega-event are provided. A national survey was conducted for the Korean population. The results indicate that the revenue-maximizing admission fee is approximately KRW 27,000, with an estimated 14.6 million visitors and KRW 388.3 billion for the best-guess scenario. With an eight million visitor capacity constraint, the admission fee should be KRW 39,000. Implications of admission pricing strategies are provided in the conclusion.