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Cultural Capital Services Valuation Study

Author

Listed:
  • Lawton, Ricky
  • Coyle, Diane
  • Bakhshi, Hasan

Abstract

The aim of this study is to pilot an approach to estimate the value of a cultural asset, and where possible to disaggregate the services derived from it, in a way which can inform the potential for inclusion of such assets in the national accounts. The challenge is that many such assets have non-market aspects such as symbolic or cultural and heritage value, as well as generating income, for example, from visitors’ fees. A companion paper (Bakhshi, Coyle & Lawton 2023) discusses the theoretical issues. This study tests a potential methodology and explores whether the results triangulate with other data, using the example of Blenheim Palace and Gardens.

Suggested Citation

  • Lawton, Ricky & Coyle, Diane & Bakhshi, Hasan, 2023. "Cultural Capital Services Valuation Study," Technical Reports escoe-tr-24, Economic Statistics Centre of Excellence.
    • Handle: RePEc:eoe:escoet:escoe-tr-24
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    File URL: https://www.repository-escoe.com/id/eprint/30/1/ESCoE%20TR%202023-24%20V2.pdf
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    More about this item

    Keywords

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    JEL classification:

    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • D62 - Microeconomics - - Welfare Economics - - - Externalities
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity

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