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Application of the travel cost method to estimate the economic value of cultural goods: Blockbuster art exhibitions

Author

Listed:
  • Eva Vicente

    (University of Valladolid)

  • Pablo de Frutos

    (University of Valladolid)

Abstract

In recent years a growing number of studies have started to apply non-market valuation methods to estimate the economic value of cultural goods. The majority of these studies use stated preference techniques, such as the contingent valuation method. This study discusses the application of the travel cost method to estimate the economic value of a specific type of cultural good: special exhibitions. The empirical work focuses on the touring exhibition the ‘Ages of Mankind’, one of the first and most representative examples of a blockbuster art exhibition in Spain. This is the first time, as far as we know, that this method has been applied to a large temporary exhibition and is one of the few applications of this method in the valuation of cultural goods.

Suggested Citation

  • Eva Vicente & Pablo de Frutos, 2011. "Application of the travel cost method to estimate the economic value of cultural goods: Blockbuster art exhibitions," Hacienda Pública Española, IEF, vol. 196(1), pages 37-63, january.
  • Handle: RePEc:hpe:journl:y:2011:v:196:i:1:p:37-63
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    References listed on IDEAS

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    1. 218 – Valuing environmental intangibles, part 1: The options
      by David Pannell in Pannell Discussions on 2012-06-26 17:07:12

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    Cited by:

    1. Ramiro Flores Xolocotzi, 2014. "El valor económico del uso recreativo que presta el Parque Ambiental Bicentenario en Metepec Estado de México (México)," Economia y Sociedad., Universidad Michoacana de San Nicolas de Hidalgo, Facultad de Economia, issue 30, pages 15-31, Enero-Jun.
    2. John C. Whitehead & Douglas Simpson Noonan & Elizabeth Marquardt, 2014. "Criterion and predictive validity of revealed and stated preference data: the case of “Mountain Home Music†concert demand," Economics and Business Letters, Oviedo University Press, vol. 3(2), pages 87-95.
    3. repec:eee:touman:v:59:y:2017:i:c:p:67-75 is not listed on IDEAS

    More about this item

    Keywords

    Blockbuster arts exhibitions; non-market valuation; revealed preferences; travel cost method; cultural economics.;

    JEL classification:

    • H41 - Public Economics - - Publicly Provided Goods - - - Public Goods
    • D60 - Microeconomics - - Welfare Economics - - - General
    • Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature

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