Employing Travel Costs to Compare the Use Value of Competing Cultural Organizations
AbstractSince recently, a number of studies have applied non-market valuation techniques to measure the value of cultural goods. All studies are single case applications and rely mostly on stated preferences, such as contingent valuation techniques. We compare the relative value of multiple, competing goods and show how revealed preferences, in particular travel costs, may be used for this. In addition, we account for heterogeneity. Using a unique transaction database with the visiting behavior of 80,821 Museum Cardholders to 108 Dutch museums, we propose a latent class application of a logit model to account for the different distances of museums to the population and for differences in willingness-to-travel.
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Bibliographic InfoPaper provided by VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics in its series Serie Research Memoranda with number 0011.
Date of creation: 2004
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museums; non-market valuation; revealed preferences; travel cost method;
Find related papers by JEL classification:
- D46 - Microeconomics - - Market Structure and Pricing - - - Value Theory
This paper has been announced in the following NEP Reports:
- NEP-ALL-2005-06-27 (All new papers)
- NEP-BEC-2005-06-27 (Business Economics)
- NEP-CUL-2005-06-27 (Cultural Economics)
- NEP-DCM-2005-06-27 (Discrete Choice Models)
- NEP-ENV-2005-06-27 (Environmental Economics)
- NEP-URE-2005-06-27 (Urban & Real Estate Economics)
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