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Journal of Cultural Economics

, Volume 27, Issue 3–4, pp 275–285 | Cite as

Determining the Value of Cultural Goods: How Much (or How Little) Does Contingent Valuation Tell Us?

  • David Throsby
Article

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.

contingent valuation cultural goods cultural value economic value 

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Copyright information

© Kluwer Academic Publishers 2003

Authors and Affiliations

  • David Throsby
    • 1
  1. 1.Department of EconomicsMacquarie UniversitySydneyAustralia

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