This study presents an application of the contingent valuation method for valuing medal winning success on a transnational basis to test whether more medals won equates to more utility. To achieve this aim, a research project was set up in five countries: Belgium, Finland, Japan, the Netherlands, and the United Kingdom. Respondents were asked to state their willingness to pay (WTP) to avoid a hypothetical scenario in which a large-scale reduction in government funding for elite sport was implemented after the Rio 2016 Olympics resulting in a 50% reduction in medals won at the Tokyo 2020 Olympics. Our empirical results show that WTP for avoiding reduced medal winning performance differs significantly between countries with the more successful countries reporting higher WTP values than the relatively less successful countries. This finding indicates that more medals won appears to be linked with more utility. The validity tests on the regression models were generally consistent with the theoretical expectations.Implications are discussed in terms of how governments can promote elite sport development while being conscious of the public's acceptability of such investment.
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