Cultural Capital Services Valuation Study

Ricky Lawton, Diane Coyle, Hasan Bakhshi and Jakob Schneebacher

Technical Reports from Economic Statistics Centre of Excellence

Abstract: The aim of this study is to pilot an approach to estimate the value of a cultural asset, and where possible to disaggregate the services derived from it, in a way which can inform the potential for inclusion of such assets in the national accounts. The challenge is that many such assets have non-market aspects such as symbolic or cultural and heritage value, as well as generating income, for example, from visitors’ fees. A companion paper (Bakhshi, Coyle & Lawton 2023) discusses the theoretical issues. This study tests a potential methodology and explores whether the results triangulate with other data, using the example of Blenheim Palace and Gardens.

Keywords: Cultural and Heritage Capital; Non-market valuation; Discrete Choice Modelling; Heritage Value; Travel Cost; Time Use (search for similar items in EconPapers)
JEL-codes: D12 D62 D91 E22 (search for similar items in EconPapers)
Date: 2023-11-14
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Persistent link: https://EconPapers.repec.org/RePEc:eoe:escoet:escoe-tr-24

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