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

Acknowledgement of the value of culture and cultural goods is increasing world-wide. So too is interest in finding methods to quantify this value so that governments and private sponsors can make efficient funding decisions. "Measuring the Value of Culture" documents methods that can be used to put a price on the arts and cultural goods, including theatre, heritage, cultural events (like arts festivals), museums, archaeological 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 studies, 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 interpreting the results. The theoretical background of the various methods, their potential problems and the kind of information they can provide is also discussed.