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

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.