Economic valuation of cultural heritage for policy purposes. Insights from the CAVEAT Project and DCMS Framework

Patrizia Riganti

Economia della Cultura, 2024, issue 2-3, 347-360

Abstract: This article discusses the experience of the CAVEAT project, funded by the recendy launched AHRC-DCMS programme to contribute to the development of the Department for Culture, Media, and Sport's (DCMS) Culture and Heritage Capital Framework. CAVEAT explores how existing valuation techniques can be triangulated to assess the value of a complex historic asset, such as a historic high street, to improve decision makers' confidence when using such results in Social Cost-Benefit Analysis. The project triangulates some of the key economic valuation methods to articulate the value of the historic high streets of Poole and Lincoln. The paper focuses on the methodological challenges linked with such triangulation and provides insights into the economic and social dimensions of heritage.

Keywords: cultural capital; economic values; valuation methods (search for similar items in EconPapers)
Date: 2024
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