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Determining the Value of Cultural Goods: How Much (or How Little) Does Contingent Valuation Tell Us?

  • David Throsby

Contingent valuation methods (CVM) are now well established as a means of measuring the nonmarket demand for cultural goods and services. When combined with valuations provided through market processes (where relevant), an overall assessment of the economic value of cultural commodities can be obtained. Within a neoclassical framework, such assessments are thought to provide a complete picture of the value of cultural goods. But are there aspects of the value of cultural goods which are not fully captured, or not captured at all, within such a model? This paper argues that CVM provides an incomplete view of the nonmarket value of cultural goods, and that alternative measures need to be developed to provide a fuller account. Copyright Kluwer Academic Publishers 2003

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File URL: http://hdl.handle.net/10.1023/A:1026353905772
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Article provided by Springer in its journal Journal of Cultural Economics.

Volume (Year): 27 (2003)
Issue (Month): 3 (November)
Pages: 275-285

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Handle: RePEc:kap:jculte:v:27:y:2003:i:3:p:275-285
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  1. Susana Mourato & Andreas Kontoleon & Alexi Danchev, 2002. "Preserving Cultural Heritage in Transition Economies: A Contingent Valuation Study of Bulgarian Monasteries," Chapters, in: Valuing Cultural Heritage, chapter 6 Edward Elgar.
  2. Throsby,David, 2000. "Economics and Culture," Cambridge Books, Cambridge University Press, number 9780521584067.
  3. 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.
  4. Marilena Pollicino & David Maddison, 2001. "Valuing the Benefits of Cleaning Lincoln Cathedral," Journal of Cultural Economics, Springer, vol. 25(2), pages 131-148, May.
  5. Franco Papandrea, 1999. "Willingness to Pay for Domestic Television Programming," Journal of Cultural Economics, Springer, vol. 23(3), pages 147-164, August.
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