THE ECONOMIC VALUE OF THE EXTERNALITIES ASSOCIATED WITH CULTURAL GOODS

Timo Tohmo
Additional contact information
Timo Tohmo: School of Business and Economics, University of Jyväskylä, Finland

Journal of Enterprising Culture (JEC), 2001, vol. 09, issue 02, 237-252

Abstract: This study examined the economic value of the externalities associated with cultural goods. The purpose of this study is to clarify the willingness to pay to maintain the Central Finland museum of the ones which had filled a 18 year of Jyväskylä inhabitants and of factors which affect a payment willingness. From dichotomous choice valuation (DC-method) data we have estimated the cumulative probability density function (cdf). From estimated cdf we can calculate welfare measures such as median of the estimated distribution of CV. The study found firstly that the surplus of the consumer is thus 1.17 MFIM measured on the basis of the median value. In the respondents' opinion the value of the Central Finland museum is at least as big as the amount of taxes directed to it presently. DC-method can be used as a help for the decision-making when making decisions to how much and in what targets the financial support should be divided. Secondly different factors among the high bids (Bid>78fim) and among low bids (Bid≤78fim) are explaining the respondents willingness to pay to maintain the Central Finland museum. Among the high bids (Bid>78fim) such factors as paying too little for Central Finland museum, intends to visit the Central Finland museum and use of other cultural services (dancing exhibitions) were more frequently cited as underlying motives for high payment willingness. Among low bids (Bid≤78fim) motivating influences were more often times that respondents has visited in the Central Finland museum.

Date: 2001
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.worldscientific.com/doi/abs/10.1142/S0218495801000134
Access to full text is restricted to subscribers

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wsi:jecxxx:v:09:y:2001:i:02:n:s0218495801000134

Ordering information: This journal article can be ordered from

DOI: 10.1142/S0218495801000134

Access Statistics for this article

Journal of Enterprising Culture (JEC) is currently edited by Teck-Meng Tan

More articles in Journal of Enterprising Culture (JEC) from World Scientific Publishing Co. Pte. Ltd.
Bibliographic data for series maintained by Tai Tone Lim ().