Journal ArticleDOI
Determining the Value of Cultural Goods: How Much (or How Little) Does Contingent Valuation Tell Us?
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The authors argue 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 of the cultural goods' value.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. of Sydney which sought to measure the community's willingness to pay (WTP) for the perceived public-good benefits of the arts. Around 825 respondents were questioned about the nature and extent of the nonmarket benefits they enjoyed from the existence of the subsidised arts in Australia - literature, visual arts, music, theatre, dance, etc. - and they were asked to nominate the dollar amounts they would be willing to pay out of their taxes to support the arts, under conditions of both liability and nonliability for actual payment. With appropriate caveats, we concluded from our research that aggregate WTP for the public-good benefits of the arts in Australia at that time exceeded the then-prevailing tax-price of cultural subsidy. What did we think we were measuring in this study and what did we actually measure? As far as the arts were concerned, our work was predicated on two princi- pal motivations, one theoretical and one practical. The theoretical drive came from a desire to test the longstanding proposition that the arts were a case of market failure. This hypothesis, first articulated in the 1960s (Baumol and Bowen, 1966; Peacock, 1969) and elaborated at length in our own book of 1979 (Throsby andread more
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Entertainment Industry Economics: A Guide for Financial Analysis
TL;DR: In this paper, the authors present a review of media-dependent entertainment, focusing on the following: 1. Media-Dependent Entertainment: 2. Movie macroeconomics 3. Making and marketing movies 4. Financial accounting in movies and television 5. Music 6. Broadcasting 7. Cable 8. Publishing and New Media 9. Live Entertainment: 10. Gaming and wagering 11. Sports 12. Performing arts and culture 13. Amusement/theme parks 14. Epilogue.
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Commensurability and sustainability: Triple impact assessments of a tourism event
Tommy Andersson,Erik Lundberg +1 more
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How Art and Culture Happen in New York
TL;DR: In this article, the authors examine the mechanisms that structure and drive the cultural economy and suggest possible avenues for cultural economic development and policymaking based on these mechanisms, focusing on the ways cultural producers obtain jobs, advance their careers, gain value for their goods and services, and interact with each other.
Measuring the value of culture: a report to the Department for Culture Media and Sport
TL;DR: The cultural sector faces the conundrum of proving its value in a way that can be understood by decision-makers as discussed by the authors, and it will not be enough for arts and culture to resort to claiming to be a unique or special case compared with other government sectors.
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Evaluating intangible cultural heritage: The case of cultural festivals
TL;DR: In this article, the authors propose a methodological proposal for evaluating cultural festivals, adopting a threefold analytical approach: calculating the value allocated by individuals, estimating economic impact, and gauging the efficiency of the managing institutions.
References
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Journal ArticleDOI
The Pure Theory of Public Expenditure
TL;DR: In this paper, the authors propose a method to use the information of the user's interaction with the service provider in order to improve the quality of the service provided to the user.
Book
Using surveys to value public goods : the contingent valuation method
TL;DR: Mitchell and Carson as discussed by the authors argue that at this time the contingent valuation (CV) method offers the most promising approach for determining public willingness to pay for many public goods, an approach likely to succeed, if used carefully, where other methods may fail.
Book
Economics and Culture
TL;DR: In this article, the authors discuss the economic aspects of cultural heritage and the economics of creativity in the context of cultural capital and sustainability, and propose a taxonomy of cultural industries.
BookDOI
Contingent valuation : a critical assessment
TL;DR: In this article, the authors present an overview and outlook on the contingent valuation measurement of non-use values, and discuss economic and legal problems using contingent valuation-based measures of nonuse value.