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 ...
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