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

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  • 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
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    References listed on IDEAS

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    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

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