Value and Culture

Corey Allan, Arthur Grimes and Suzi Kerr

No 291383, Motu Working Papers from Motu Economic and Public Policy Research

Abstract: This paper seeks to clarify the understanding of value in the cultural context, using economics concepts. We develop an economic framework for thinking about value in the cultural context and discuss how well various valuation techniques are able to account for such values. We also discuss why actual outcomes for the production of cultural and heritage services may differ from what would be considered ‘optimal’ in the economic context. The aim is to outline a framework which can assist policy makers in the cultural sector to intervene more cost-effectively and be more conscious of trade-offs amongst different cultural values.

Keywords: Public; Economics (search for similar items in EconPapers)
Pages: 51
Date: 2013-09
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Persistent link: https://EconPapers.repec.org/RePEc:ags:motuwp:291383

DOI: 10.22004/ag.econ.291383

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