Determining the value of cultural goods

How much (or how little) does contingent valuation tell us?

David Throsby*

*Corresponding author for this work

Research output: Contribution to journalArticle

151 Citations (Scopus)

Abstract

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.

Original languageEnglish
Pages (from-to)275-285
Number of pages11
JournalJournal of Cultural Economics
Volume27
Issue number3-4
DOIs
Publication statusPublished - 2003

Keywords

  • Contingent valuation
  • Cultural goods
  • Cultural value
  • Economic value

Fingerprint Dive into the research topics of 'Determining the value of cultural goods: How much (or how little) does contingent valuation tell us?'. Together they form a unique fingerprint.

Cite this