Handbook of the Economics of Art and Culture

Chapter 7

The Use of Stated Preference Methods to Value Cultural Heritage

Kenneth G. Willis,    University of Newcastle, Newcastle upon Tyne, UK

Abstract

This chapter briefly defines cultural heritage, before considering the relative merits of stated preference methods in relation to revealed preference in deriving economic values for cultural goods. Section 7.2 outlines the distinction between contingent valuation (CV) and discrete choice experiment (CE) methods, before outlining some applications of CV methods in estimating consumer surplus and maximum revenue for cultural goods. Section 7.3 outlines choice experiments, experimental design, and the random utility theory underlying CEs. Section 7.4 presents the standard conditional logit and multinomial ...