IDEAS home Printed from https://ideas.repec.org/a/hpe/journl/y2011v196i1p37-63.html
   My bibliography  Save this article

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 / Review of Public Economics, IEF, vol. 196(1), pages 37-63, january.
    • Handle: RePEc:hpe:journl:y:2011:v:196:i:1:p:37-63
    as

    Download full text from publisher

    File URL: https://www.ief.es/comun/Descarga.cshtml?ruta=~/docs/destacados/publicaciones/revistas/hpe/196_Art2.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Dick Stanley & Judy Rogers & Sandra Smeltzer & Luc Perron, 2000. "Win, Place or Show: Gauging the Economic Success of the Renoir and Barnes Art Exhibits," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 24(3), pages 243-255, August.
    2. Douglas M. Larson, 1993. "Joint Recreation Choices and Implied Values of Time," Land Economics, University of Wisconsin Press, vol. 69(3), pages 270-286.
    3. Prabha Prayaga & John Rolfe & Jack Sinden, 2006. "A Travel Cost Analysis of the Value of Special Events: Gemfest in Central Queensland," Tourism Economics, , vol. 12(3), pages 403-420, September.
    4. Daniel Hellerstein, 1995. "Welfare Estimation Using Aggregate and Individual-Observation Models: A Comparison Using Monte Carlo Techniques," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 77(3), pages 620-630.
    5. Loa Buchli & Massimo Filippini & Silvia Banfi, 2003. "Estimating the benefits of low flow alleviation in rivers: the case of the Ticino River," Applied Economics, Taylor & Francis Journals, vol. 35(5), pages 585-590.
    6. Juan Prieto-Rodríguez & Víctor Fernández-Blanco, 2006. "Optimal pricing and grant policies for museums," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 30(3), pages 169-181, December.
    7. Victor Ginsburgh & David Throsby, 2006. "Handbook of the economics of art and culture," ULB Institutional Repository 2013/1673, ULB -- Universite Libre de Bruxelles.
    8. Alan Randall, 1994. "Difficulty with the Travel Cost Method," Land Economics, University of Wisconsin Press, vol. 70(1), pages 88-96.
    9. Throsby, David, 1994. "The Production and Consumption of the Arts: A View of Cultural Economics," Journal of Economic Literature, American Economic Association, vol. 32(1), pages 1-29, March.
    10. IIde Rizzo & Ruth Towse (ed.), 2002. "The Economics of Heritage," Books, Edward Elgar Publishing, number 2770.
    11. P. Poor & Jamie Smith, 2004. "Travel Cost Analysis of a Cultural Heritage Site: The Case of Historic St. Mary's City of Maryland," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 28(3), pages 217-229, August.
    12. Nancy E. Bockstael & Ivar E. Strand & W. Michael Hanemann, 1987. "Time and the Recreational Demand Model," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 69(2), pages 293-302.
    13. William J. Vaughan & Clifford S. Russell & Michael Hazilla, 1982. "A Note on the Use of Travel Cost Models with Unequal Zonal Populations: Comment," Land Economics, University of Wisconsin Press, vol. 58(3), pages 400-407.
    14. Louis Lévy-Garboua & Claude Montmarquette, 2002. "The Demand for the Arts," CIRANO Working Papers 2002s-10, CIRANO.
    15. Frey, Bruno S. & Meier, Stephan, 2006. "The Economics of Museums," Handbook of the Economics of Art and Culture, in: V.A. Ginsburgh & D. Throsby (ed.), Handbook of the Economics of Art and Culture, edition 1, volume 1, chapter 29, pages 1017-1047, Elsevier.
    16. Jeanette D. Snowball, 2008. "Measuring the Value of Culture," Springer Books, Springer, number 978-3-540-74360-6, July.
    17. Victor Ginsburgh & Pierre-Michel Menger, 1996. "Economics of the arts: selected essays," ULB Institutional Repository 2013/1655, ULB -- Universite Libre de Bruxelles.
    18. Forrest, David & Grime, Keith & Woods, Robert, 2000. "Is It Worth Subsidising Regional Repertory Theatre?," Oxford Economic Papers, Oxford University Press, vol. 52(2), pages 381-397, April.
    19. Frank A. Ward & Diana Beal, 2000. "Valuing Nature with Travel Cost Models," Books, Edward Elgar Publishing, number 1768.
    20. Willig, Robert D, 1976. "Consumer's Surplus without Apology," American Economic Review, American Economic Association, vol. 66(4), pages 589-597, September.
    21. Michael D. Bowes & John B. Loomis, 1980. "A Note on the Use of Travel Cost Models with Unequal Zonal Populations," Land Economics, University of Wisconsin Press, vol. 56(4), pages 465-470.
    22. Teofilo Ozuna & Lonnie L. Jones & Oral Capps, 1993. "Functional Form and Welfare Measures in Truncated Recreation Demand Models," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 75(4), pages 1030-1035.
    23. Wiktor L. Adamowicz & Jerald J. Fletcher & Theodore Graham-Tomasi, 1989. "Functional Form and the Statistical Properties of Welfare Measures," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 71(2), pages 414-421.
    24. Ståle Navrud & Richard C. Ready (ed.), 2002. "Valuing Cultural Heritage," Books, Edward Elgar Publishing, number 1759.
    25. Jaap Boter & Jan Rouwendal & Michel Wedel, 2005. "Employing Travel Time to Compare the Value of Competing Cultural Organizations," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 29(1), pages 19-33, February.
    26. Cook, Averil, 2000. ""Estimation Community Values of Lakes: A Study of Lake Mokoan in Victoria, Australia": A Comment," Economic Analysis and Policy, Elsevier, vol. 30(1), pages 99-102, March.
    27. Anna Alberini & Alberto Longo, 2006. "Combining the travel cost and contingent behavior methods to value cultural heritage sites: Evidence from Armenia," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 30(4), pages 287-304, December.
    28. Sarah Skinner, 2006. "Estimating the real growth effects of blockbuster art exhibits: A time series approach," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 30(2), pages 109-125, September.
    29. Seaman, Bruce A, 2006. "Empirical Studies of Demand for the Performing Arts," Handbook of the Economics of Art and Culture, in: V.A. Ginsburgh & D. Throsby (ed.), Handbook of the Economics of Art and Culture, edition 1, volume 1, chapter 14, pages 415-472, Elsevier.
    30. K. G. Willis & G. D. Garrod, 1991. "An Individual Travel‐Cost Method Of Evaluating Forest Recreation," Journal of Agricultural Economics, Wiley Blackwell, vol. 42(1), pages 33-42, January.
    31. Peacock, Alan T, 1969. "Welfare Economics and Public Subsidies to the Arts," The Manchester School of Economic & Social Studies, University of Manchester, vol. 37(4), pages 323-335, December.
    32. Frank J. Cesario, 1976. "Value of Time in Recreation Benefit Studies," Land Economics, University of Wisconsin Press, vol. 52(1), pages 32-41.
    33. Jens B. Christensen & Colin Price, 1982. "A Note on the Use of Travel Cost Models with Unequal Zonal Populations: Comment," Land Economics, University of Wisconsin Press, vol. 58(3), pages 395-399.
    34. Michael D. Bowes & John B. Loomis, 1982. "A Note on the Use of Travel Cost Models with Unequal Zonal Populations: Reply," Land Economics, University of Wisconsin Press, vol. 58(3), pages 408-410.
    Full references (including those not matched with items on IDEAS)

    Citations

    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. 218 – Valuing environmental intangibles, part 1: The options
      by David Pannell in Pannell Discussions on 2012-06-26 17:07:12

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. de Frutos, Pablo & Rodríguez-Prado, Beatriz & Latorre, Joaquín & Martínez-Peña, Fernando, 2019. "Environmental valuation and management of wild edible mushroom picking in Spain," Forest Policy and Economics, Elsevier, vol. 100(C), pages 177-187.
    2. 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.
    3. Torre, Andrew & Scarborough, Helen, 2017. "Reconsidering the estimation of the economic impact of cultural tourism," Tourism Management, Elsevier, vol. 59(C), pages 621-629.
    4. 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.
    5. Atalel Wubalem & Teshale Woldeamanuel & Zerihun Nigussie, 2023. "Economic Valuation of Lake Tana: A Recreational Use Value Estimation through the Travel Cost Method," Sustainability, MDPI, vol. 15(8), pages 1-20, April.
    6. Brida, Juan Gabriel & Meleddu, Marta & Tokarchuk, Oksana, 2017. "Use value of cultural events: The case of the Christmas markets," Tourism Management, Elsevier, vol. 59(C), pages 67-75.
    7. Ali Chakir & Irfan Muhammad, 2021. "Estimating the recreational value for the sustainability of Hingol National Park in Pakistan," Environmental & Socio-economic Studies, Sciendo, vol. 9(2), pages 52-62, June.
    8. de Frutos, Pablo & Rodriguez-Prado, Beatriz & Latorre, Joaquín & Martinez-Peña, Fernando, 2019. "A Gravity Model to Explain Flows of Wild Edible Mushroom Picking. A Panel Data Analysis," Ecological Economics, Elsevier, vol. 156(C), pages 164-173.
    9. Maria Giovanna Brandano & Marta Meleddu, 2021. "Together or not? Spill-over effects of cultural goods displacement," Tourism Economics, , vol. 27(6), pages 1202-1220, September.
    10. A. E. Scorcu & R. Zanola, 2018. "The drowned and the saved: the determinants of success in the Italian temporary art and cultural exhibitions market," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 42(2), pages 201-211, May.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. K. Willis & J. Snowball & C. Wymer & José Grisolía, 2012. "A count data travel cost model of theatre demand using aggregate theatre booking data," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 36(2), pages 91-112, May.
    2. Michael Getzner, 2020. "Spatially Disaggregated Cultural Consumption: Empirical Evidence of Cultural Sustainability from Austria," Sustainability, MDPI, vol. 12(23), pages 1-19, December.
    3. P. Poor & Jamie Smith, 2004. "Travel Cost Analysis of a Cultural Heritage Site: The Case of Historic St. Mary's City of Maryland," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 28(3), pages 217-229, August.
    4. Mirko Moro & Karen Mayor & Seán Lyons & Richard S J Tol, 2013. "Does the Housing Market Reflect Cultural Heritage? A Case Study of Greater Dublin," Environment and Planning A, , vol. 45(12), pages 2884-2903, December.
    5. de Frutos, Pablo & Rodríguez-Prado, Beatriz & Latorre, Joaquín & Martínez-Peña, Fernando, 2019. "Environmental valuation and management of wild edible mushroom picking in Spain," Forest Policy and Economics, Elsevier, vol. 100(C), pages 177-187.
    6. Lew, Daniel K., 1998. "Some Implications Of The Two-Constraint Joint Recreational Choice Demand Model," 1998 Annual meeting, August 2-5, Salt Lake City, UT 20937, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    7. Aleksandra Wiśniewska & Wiktor Budziński & Mikołaj Czajkowski, 2018. "Publicly funded cultural institutions – a comparative economic valuation study," Working Papers 2018-22, Faculty of Economic Sciences, University of Warsaw.
    8. Armbrecht, John, 2014. "Use value of cultural experiences: A comparison of contingent valuation and travel cost," Tourism Management, Elsevier, vol. 42(C), pages 141-148.
    9. Lazrak, F. & Nijkamp, P. & Rietveld, P. & Rouwendal, J., 2009. "Cultural heritage and creative cities: an economic evaluation perspective," Serie Research Memoranda 0036, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
    10. Woodall, Stacie & Wandschneider, Philip R. & Foltz, John C. & Taylor, R. Garth, 2002. "Valuing Idaho Wineries With A Travel Cost Model," 2002 Annual Meeting, July 28-31, 2002, Long Beach, California 36613, Western Agricultural Economics Association.
    11. Aleksandra Wiśniewska & Wiktor Budziński & Mikołaj Czajkowski, 2020. "An economic valuation of access to cultural institutions: museums, theatres, and cinemas," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 44(4), pages 563-587, December.
    12. Bowker, James Michael & Starbuck, C. Meghan & English, Donald B.K. & Bergstrom, John C. & Rosenberger, Randall S. & McCollum, Daniel W., 2009. "Estimating the Net Economic Value of National Forest Recreation: An Application of the National Visitor Use Monitoring Database," Faculty Series 59603, University of Georgia, Department of Agricultural and Applied Economics.
    13. Bruce A Seaman, 2011. "Economic Impact of the Arts," Chapters, in: Ruth Towse (ed.), A Handbook of Cultural Economics, Second Edition, chapter 28, Edward Elgar Publishing.
    14. Isabel Mendes & Isabel Proença, 2009. "Measuring the Social Recreation Per-Day Net Benefit of Wildlife Amenities of a National Park: A Count-Data Travel Cost Approach," Working Papers Department of Economics 2009/35, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    15. McKean, John R. & Johnson, Donn M. & Taylor, R. Garth, 2001. "The Value Of Sport Fishing In The Snake River Basin Of Central Idaho," 2001 Annual Meeting, July 8-11, 2001, Logan, Utah 36190, Western Agricultural Economics Association.
    16. Torre, Andrew & Scarborough, Helen, 2017. "Reconsidering the estimation of the economic impact of cultural tourism," Tourism Management, Elsevier, vol. 59(C), pages 621-629.
    17. Frey, Bruno S. & Meier, Stephan, 2006. "The Economics of Museums," Handbook of the Economics of Art and Culture, in: V.A. Ginsburgh & D. Throsby (ed.), Handbook of the Economics of Art and Culture, edition 1, volume 1, chapter 29, pages 1017-1047, Elsevier.
    18. Luis César Herrero & José ángel Sanz & María Devesa, 2011. "Measuring the Economic Value and Social Viability of a Cultural Festival as a Tourism Prototype," Tourism Economics, , vol. 17(3), pages 639-653, June.
    19. Ian J. Bateman & Guy D. Garrod & Julii S. Brainard & Andrew A. Lovett, 1996. "Measurement Issues In The Travel Cost Method: A Geographical Information Systems Approach," Journal of Agricultural Economics, Wiley Blackwell, vol. 47(1‐4), pages 191-205, January.
    20. Mikołaj Czajkowski & Marek Giergiczny & Jakub Kronenberg & Jeffrey Englin, 2019. "The Individual Travel Cost Method with Consumer-Specific Values of Travel Time Savings," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 74(3), pages 961-984, November.

    More about this item

    Keywords

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

    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

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hpe:journl:y:2011:v:196:i:1:p:37-63. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Miguel Gómez de Antonio (email available below). General contact details of provider: https://edirc.repec.org/data/iefgves.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.