Measuring the extent to which Londoners are willing to pay for public art in their city

Marine Tanguy and Vishal Kumar

Technological Forecasting and Social Change, 2019, vol. 142, issue C, 301-311

Abstract: Contemporary research into future cities tends to focus on technology, architecture and infrastructure. However, this study highlights the importance of public art projects for our future cities. Very little empirical evidence and academic studies exist to determine whether or not public art is core to the life and demand of citizens. Using a hybrid contingent valuation (CV) and wellbeing valuation (WV) survey approach (Bakhshi et al., 2015), we collected data at two public art initiatives organised by MTArt Agency. 60% of our sample audience were willing to pay at least £5 for the implementation of more public art in their local area, with 84% willing to pay at least £2, and 84% of our sample said regular public art initiatives would increase their wellbeing. A binary logistic regression model was then used to measure the extent to which Londoners are willing to pay for public art and which factors influenced their decision. This paper evaluates the potential financial support and desire from citizens towards public art in their cities. We find evidence to suggest that Londoners are willing to pay for more public art in their local area and discover a range of explanatory variables which influenced their decisions. We hope to add to the existing academic research by demonstrating a core need from the audience towards public art, particularly, a willingness to pay for public art projects to become an integral part of their city experience. It is important to understand the economic value of public art initiatives within smart cities context because it will allow policy makers, urban planners and developers to implement such initiatives in the future. With this innovative multi-disciplinary approach, we hope to enable arts projects to engage wider demographics, obtain stronger financial support and become a more meaningful integration into our urban realm.

Keywords: Smart city; Public art; Contingent valuation; Willingness to pay; Logistic regression; Visual narrative (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:eee:tefoso:v:142:y:2019:i:c:p:301-311

DOI: 10.1016/j.techfore.2018.11.016

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