ABSTRACT
Economic valuation of an event boils down to the evaluation of changes in the welfare of everyone who is directly or indirectly affected. Hence, the purpose of this chapter is to introduce methods for estimating values of events and how these can be used for comparing the socio-economic values of events. The chapter shows how the method of stated choice can be applied to value welfare effects of events, including a short introduction to measuring subjective well-being (SWB). The concept of SWB and its average in the population is increasingly being seen as a relevant proxy for welfare and welfare change. To illustrate how benefits from a music festival can be valued in practice, the chapter uses the non-market valuation technique of choice experiment (CE) to obtain an average estimate of consumer surplus (CS) for the Peace and Love music festival in Sweden.
