TY - JOUR
T1 - Determining the value of cultural goods
T2 - How much (or how little) does contingent valuation tell us?
AU - Throsby, David
PY - 2003
Y1 - 2003
N2 - 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.
AB - 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.
KW - Contingent valuation
KW - Cultural goods
KW - Cultural value
KW - Economic value
UR - http://www.scopus.com/inward/record.url?scp=13444295918&partnerID=8YFLogxK
U2 - 10.1023/A:1026353905772
DO - 10.1023/A:1026353905772
M3 - Article
AN - SCOPUS:13444295918
VL - 27
SP - 275
EP - 285
JO - Journal of Cultural Economics
JF - Journal of Cultural Economics
SN - 0885-2545
IS - 3-4
ER -