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Evaluating Cultural Property: The Economic Approach

Published online by Cambridge University Press:  04 June 2007

Bruno S. Frey
Bruno S. Frey
Affiliation:
Institute for Empirical Economic Research; University of Zürich. I am grateful to Isabelle Vautravers-Busenhart and Felix Oberholzer-Gee for their helpful comments. Financial support by the Swiss National Fund, Project No. 12–42480.94, is gratefully acknowledged.
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Abstract

The preservation of cultural heritage is costly and one has to decide if and which items of cultural heritage are worth preserving. A method for determining the value of cultural heritage is therefore needed. In economics, several evaluation procedures are applied. This article briefly comments on impact studies and willingness- to-pay studies (hedonic market approach and the travel cost approach) and then focuses on contingent valuation surveys. The application of contingent valuation on the arts and related problems are discussed. Finally, the article combines the evaluation methods with democratic decisions by referenda. Switzerland presents an example of referenda held on art policy.

Type
Articles
Information
International Journal of Cultural Property , Volume 6 , Issue 2 , July 1997 , pp. 231 - 246
Copyright
Copyright © International Cultural Property Society 1997

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