Measuring the Value of Culture : Methods and Examples in Cultural Economics

Acknowledgement Of The Value Of Culture And Cultural Goods Is Increasing Worldwide. So Too Is Interest In Finding Methods To Quantify This Value So That Governments And Private Sponsors Can Make Efficient Funding Decisions. Measuring The Value Of Culture Documents Methods That Can Be Used To Put A Price On The Arts And Cultural Goods, Including Theatre, Heritage, Cultural Events (like Arts Festivals), Museums, Archaeological Sites And Libraries. The Methods Discussed Include Economic Impact Studies, Which Use Market Data, As Well As Non-market Valuation Techniques, Like Willingness To Pay Studies, And The Newer Choice Experiments. In Addition, Advances In More Qualitative Valuation Methods Are Considered. The Book Aims To Give Practitioners A Practical Guide To Conducting Such Valuation Studies, While Also Providing Potential Funders With A Means Of Interpreting The Results. The Theoretical Background Of The Various Methods, Their Potential Problems And The Kind Of Information They Can Provide Is Also Discussed.--book Jacket. 1. The Arts, Economics And Valuation -- 2. Using Economic Impact Studies To Value The Arts -- 3. Calculating Economic Impact -- 4. The Contingent Valuation Method -- 5. Using Willingness To Pay Studies To Value Cultural Goods -- 6. The Choice Experiment Method And Use -- 7. Conclusions. Jeanette D. Snowball. Includes Bibliographical References And Index. Interest in, and acknowledgement of, the value of culture and cultural goods is increasing world-wide. So too is interest in valuing the arts so that efficient funding decisions can be made by government and private sponsors.'Measuring the Value of Culture'documents the use of methods used to put a price on cultural goods, including theatre, heritage, cultural events like arts festivals, museums, archaelogical sites and libraries. The methods discussed include economic impact studies, which use market data, as well as non-market valuation techniques like willingness to pay methods and the newer choice experiments. In addition, advances in more qualitative valuation methods are considered. The book aims to give practitioners a practical guide to conducting such valuation studies, while also providing potential funders with a means of evaluating the results. The theoretical background of the various methods, their potential problems and the kind of information they can provide is also discussed. This book documents the use of methods that put a value on cultural goods, including theater, cultural events, museums, archeological sites, and libraries. The author sets forth the advantages and disadvantages of each method using case studies to illustrate how they work. Moreover, the theoretical background of the methods and the kind of information they can provide are discussed. Both market and non-market valuation techniques are covered. Front Matter....Pages i-xi Introduction....Pages 1-5 The Arts, Economics and Valuation....Pages 7-32 Using Economic Impact Studies to Value the Arts....Pages 33-46 Calculating Economic Impact....Pages 47-76 The Contingent Valuation Method....Pages 77-130 Using Willingness to Pay Studies to Value Cultural Goods....Pages 131-175 The Choice Experiment Method and Use....Pages 177-215 Conclusions....Pages 217-226 Back Matter....Pages 227-230