The Monetary Value of Cultural Goods: A Contingent Valuation Study of the Municipal Supply of Cultural Goods in Lueneburg, Germany
AbstractThis paper aims to determine if the contingent valuation method (CVM) can provide valid results useful in policy-making. This will be investigated by using a CV study that captures the willingness to pay (WTP) for the municipal cultural supply in Lueneburg, Germany. In contrast to previous CV studies that included a wide range of descriptive statistics, the empirical analysis of the current study focuses on multivariate analysis to explore the factors associated with the WTP. The results reflect current hypotheses in cultural economics. Thus, higher education levels and higher income are positively correlated with higher WTP. While the results indicate a highly significant impact of non use values on the WTP for cultural goods across the different regression models, the findings for some variables differ considerably in magnitude across different regression models.
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Bibliographic InfoPaper provided by University of Lüneburg, Institute of Economics in its series Working Paper Series in Economics with number 63.
Length: 26 pages
Date of creation: Oct 2007
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Cultural Goods; Contingent Valuation; Willingness to Pay;
Find related papers by JEL classification:
- H44 - Public Economics - - Publicly Provided Goods - - - Publicly Provided Goods: Mixed Markets
- Z10 - Other Special Topics - - Cultural Economics - - - General
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