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The Monetary Value of Cultural Goods: A Contingent Valuation Study of the Municipal Supply of Cultural Goods in Lueneburg, Germany

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  • Anne-Kathrin Last

    (Leuphana Universität Lüneburg)

Abstract

This paper aims to determine if the contingent valuation method (CVM) can provide valid results useful in policy-making. This will be investigated by using a CV study that captures the willingness to pay (WTP) for the municipal cultural supply in Lueneburg, Germany. In contrast to previous CV studies that included a wide range of descriptive statistics, the empirical analysis of the current study focuses on multivariate analysis to explore the factors associated with the WTP. The results reflect current hypotheses in cultural economics. Thus, higher education levels and higher income are positively correlated with higher WTP. While the results indicate a highly significant impact of non use values on the WTP for cultural goods across the different regression models, the findings for some variables differ considerably in magnitude across different regression models.

Suggested Citation

  • Anne-Kathrin Last, 2007. "The Monetary Value of Cultural Goods: A Contingent Valuation Study of the Municipal Supply of Cultural Goods in Lueneburg, Germany," Working Paper Series in Economics 63, University of Lüneburg, Institute of Economics.
    • Handle: RePEc:lue:wpaper:63
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    Cited by:

    1. L. E. Limonov & M. V. Nesena & A. A. Semenov, 2020. "Application of Cost-Benefit Analysis to Evaluate the Efficiency of Cultural Heritage Preservation Projects in Historic Towns of Russia," Regional Research of Russia, Springer, vol. 10(4), pages 530-537, October.
    2. Victor Champonnois & Olivier Chanel, 2016. "How useful are (Censored) Quantile Regressions for Contingent Valuation?," Working Papers 2016.12, FAERE - French Association of Environmental and Resource Economists.

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    More about this item

    Keywords

    Cultural Goods; Contingent Valuation; Willingness to Pay;
    All these keywords.

    JEL classification:

    • H44 - Public Economics - - Publicly Provided Goods - - - Publicly Provided Goods: Mixed Markets
    • Z10 - Other Special Topics - - Cultural Economics - - - General

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