Handbook of Cultural Economics, Third Edition
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Handbook of Cultural Economics, Third Edition

Edited by Ruth Towse and Trilce Navarrete Hernández

Cultural economics has become well established as a subject of interest for students and teachers of courses ranging from economics to arts administration as well as for policy-makers and practitioners in the creative industries. Digitisation has had a tremendous impact on many areas of the creative economy and the third edition of this popular book fully reflects it.
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Chapter 10: Contingent valuation

Tiziana Cuccia

Abstract

This chapter describes in detail the main characteristics of the contingent valuation (CV) method. This method aims to estimates the economic value of non-market goods in monetary terms. Contingent valuation is a stated preference (SP) method based on individual preferences declared in surveys where hypothetical market is mimicked. We consider the circumstances under which it can be preferable to other methods in the valuation of cultural assets. The main issues of the theoretical debate on the pros and cons of CV are summarized, and a short review of the main fields of application of CV studies on cultural heritage is reported. Moreover, we trace out the future of the research on CV, from theoretical and applied points of view. Finally, we discuss the cultural policy implications of recurring to CV and other SP models.

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