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Determining the Value of Cultural Goods: How Much (or How Little) Does Contingent Valuation Tell Us?

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Author Info

  • David Throsby

Abstract

Contingent valuation methods (CVM) are now well established as a means of measuring the nonmarket demand for cultural goods and services. When combined with valuations provided through market processes (where relevant), an overall assessment of the economic value of cultural commodities can be obtained. Within a neoclassical framework, such assessments are thought to provide a complete picture of the value of cultural goods. But are there aspects of the value of cultural goods which are not fully captured, or not captured at all, within such a model? This paper argues that CVM provides an incomplete view of the nonmarket value of cultural goods, and that alternative measures need to be developed to provide a fuller account. Copyright Kluwer Academic Publishers 2003

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Bibliographic Info

Article provided by Springer in its journal Journal of Cultural Economics.

Volume (Year): 27 (2003)
Issue (Month): 3 (November)
Pages: 275-285

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Handle: RePEc:kap:jculte:v:27:y:2003:i:3:p:275-285

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Web page: http://www.springerlink.com/link.asp?id=100284

Related research

Keywords: contingent valuation; cultural goods; cultural value; economic value;

References

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  1. Throsby,David, 2000. "Economics and Culture," Cambridge Books, Cambridge University Press, number 9780521586399, April.
  2. Carson, Richard T. & Hanemann, W. Michael, 2006. "Contingent Valuation," Handbook of Environmental Economics, in: K. G. Mäler & J. R. Vincent (ed.), Handbook of Environmental Economics, edition 1, volume 2, chapter 17, pages 821-936 Elsevier.
  3. Franco Papandrea, 1999. "Willingness to Pay for Domestic Television Programming," Journal of Cultural Economics, Springer, vol. 23(3), pages 147-164, August.
  4. Marilena Pollicino & David Maddison, 2001. "Valuing the Benefits of Cleaning Lincoln Cathedral," Journal of Cultural Economics, Springer, vol. 25(2), pages 131-148, May.
  5. Nijkamp, P., 1989. "Quantity and quality : evaluation indicators for our cultural-architectural heritage," Serie Research Memoranda 0046, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
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Citations

RePEc Biblio mentions

As found on the RePEc Biblio, the curated bibliography for Economics:
  1. > Industrial Organization > Industry studies > Sports, recreation and tourism > Arts
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Cited by:
  1. Stefan, Mann, 2012. "Does brain research provide a case for the transfer of public monies to the arts?," MPRA Paper 39410, University Library of Munich, Germany.
  2. Andy Choi, 2009. "Willingness to pay: how stable are the estimates?," Journal of Cultural Economics, Springer, vol. 33(4), pages 301-310, November.
  3. Aabo, Svanhild, 2005. "Valuing the benefits of public libraries," Information Economics and Policy, Elsevier, vol. 17(2), pages 175-198, March.
  4. Anna Alberini & Alberto Longo, 2007. "Valuing the Cultural Monuments of Armenia: Bayesian Updating of Prior Beliefs in Contingent Valuation," Working Papers 2007.36, Fondazione Eni Enrico Mattei.
  5. Marco Guerzoni & Massimiliano Nuccio, 2014. "Music consumption at the dawn of the music industry: the rise of a cultural fad," Journal of Cultural Economics, Springer, vol. 38(2), pages 145-171, May.
  6. Matetskaya, M., 2012. "Concept of Cultural Branches in Research: Summary of Basic Approaches and Valuation Methods," Journal of the New Economic Association, New Economic Association, vol. 14(2), pages 128-131.
  7. Guerzoni, Marco & Nuccio, Massimiliano, 2012. "Music consumption at the dawn of the music industry: the rise of a cultural fad," Department of Economics and Statistics Cognetti de Martiis LEI & BRICK - Laboratory of Economics of Innovation "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio 201217, University of Turin.
  8. Anna Alberini & Alberto Longo & Patrizia Riganti, 2006. "Using Surveys to Compare the Public’s and Decisionmakers’ Preferences for Urban Regeneration: The Venice Arsenale," Working Papers 2006.137, Fondazione Eni Enrico Mattei.
  9. Boter, Jaap & Rouwendal, Jan & Wedel, Michel, 2004. "Employing Travel Costs to Compare the Use Value of Competing Cultural Organizations," Serie Research Memoranda 0011, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
  10. Svoboda, Frantisek, 2011. "In search of value: Vienna School of Art History, Austrian value theory and the others," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 40(4), pages 428-435, August.
  11. Stefano Balbi & Carlo Giupponi & Roland Olschewski & Vahid Mojtahed, 2013. "The economics of hydro-meteorological disasters: approaching the estimation of the total costs," Working Papers 2013-12, BC3.
  12. Nandini Srivastava & Stephen Satchell, 2012. "Are There Bubbles in the Art Market? The Detection of Bubbles when Fair Value is Unobservable," Birkbeck Working Papers in Economics and Finance 1209, Birkbeck, Department of Economics, Mathematics & Statistics.
  13. repec:pra:mprapa:39404 is not listed on IDEAS
  14. Ali Douai, 2009. "Value Theory in Ecological Economics: The Contribution of a Political Economy of Wealth," Environmental Values, White Horse Press, vol. 18(3), pages 257-284, August.
  15. Andy Choi & Franco Papandrea & Jeff Bennett, 2007. "Assessing cultural values: developing an attitudinal scale," Journal of Cultural Economics, Springer, vol. 31(4), pages 311-335, December.
  16. Patrizia Riganti & Anna Alberini & Alberto Longo, 2005. "Public Preferences for Land uses’ changes - valuing urban regeneration projects at the Venice Arsenale," ERSA conference papers ersa05p756, European Regional Science Association.

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