Contingent Valuation Method: Valuing Cultural Heritage
Cultural heritage is not easy to be valued in a market because it is a very unique product which gives a community (ies), nation(s) an identity and a sense of belonging. Debate on the valuation of cultural heritage surrounds despite growing attention by economists and policy makers. The attention...
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| Main Authors: | , , , |
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| Format: | Conference or Workshop Item |
| Published: |
2011
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| Subjects: | |
| Online Access: | http://library.oum.edu.my/repository/714/2/Contingent_chiam.pdf http://library.oum.edu.my/repository/714/ |
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| Institution: | Open University Malaysia |
| Summary: | Cultural heritage is not easy to be valued in a market because it is a very unique product which gives a
community (ies), nation(s) an identity and a sense of belonging. Debate on the valuation of cultural
heritage surrounds despite growing attention by economists and policy makers. The attention on the
estimation of economic values for cultural goods and services has been great by economics throughout
the past two decades (Choi, et al., 2009; Kaminski, McLoughlin, & Sodagar, 2007; Navrud & Ready,
2002, Noonan, 2003; Venkatachalam, 2004). The two stated preference methods which are commonly
used in valuing non-use goods; i.e. contingent valuation method and choice modelling. Each of these two
valuation method has its own strengths and weaknesses and may even complement each other
depending on the parameters of the study. However, according to Kaminski et al., 2007; Noonan, 2003,
the usage of choice modelling to estimate cultural values has been limited due to the growing usage of
contingent valuation. Therefore, this paper will discuss contingent valuation method in valuing amenities
and aim to contribute the knowledge on contingent valuation method for nonmarket goods. (Abstract by author) |
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