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The Monetary Value of Cultural Goods: A Contingent Valuation Study of the Municipal Supply of Cultural Goods in Lueneburg, Germany

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  • Anne-Kathrin Last

    ()
    (Leuphana Universität Lüneburg)

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    Abstract

    This 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 Info

    Paper provided by University of Lüneburg, Institute of Economics in its series Working Paper Series in Economics with number 63.

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    Length: 26 pages
    Date of creation: Oct 2007
    Date of revision:
    Handle: RePEc:lue:wpaper:63

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    Web page: http://leuphana.de/institute/ivwl.html

    Related research

    Keywords: Cultural Goods; Contingent Valuation; Willingness to Pay;

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    1. Jaap Boter & Jan Rouwendal & Michel Wedel, 2005. "Employing Travel Time to Compare the Value of Competing Cultural Organizations," Journal of Cultural Economics, Springer, vol. 29(1), pages 19-33, February.
    2. Bruno S. Frey & Simon Luechinger & Alois Stutzer, 2004. "Valuing Public Goods: The Life Satisfaction Approach," CESifo Working Paper Series 1158, CESifo Group Munich.
    3. Franco Papandrea, 1999. "Willingness to Pay for Domestic Television Programming," Journal of Cultural Economics, Springer, vol. 23(3), pages 147-164, August.
    4. Walter Santagata & Giovanni Signorello, 2000. "Contingent Valuation of a Cultural Public Good and Policy Design: The Case of ``Napoli Musei Aperti''," Journal of Cultural Economics, Springer, vol. 24(3), pages 181-204, August.
    5. Susana Mourato & Ece Ozdemiroglu & Tannis Hett & Giles Atkinson, 2004. "Pricing Cultural Heritage," World Economics, World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 5(3), pages 95-113, July.
    6. Tim J. Coelli & J. Lloyd‐Smith & D. Morrison & J. Thomas, 1991. "Hedonic Pricing For A Cost Benefit Analysis Of A Public Water Supply Scheme," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 35(1), pages 1-20, 04.
    7. 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.
    8. Welsch, Heinz, 2007. "Environmental welfare analysis: A life satisfaction approach," Ecological Economics, Elsevier, vol. 62(3-4), pages 544-551, May.
    9. Isabel Vanslembrouck & Guido Huylenbroeck & J. Meensel, 2005. "Impact of Agriculture on Rural Tourism: A Hedonic Pricing Approach," Journal of Agricultural Economics, Wiley Blackwell, vol. 56(1), pages 17-30.
    10. Trine Hansen, 1997. "The Willingness-to-Pay for the Royal Theatre in Copenhagen as a Public Good," Journal of Cultural Economics, Springer, vol. 21(1), pages 1-28, March.
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