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Research Themes
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Determining the Value of Cultural Goods: How much (or how little) does contingent valuation tell us?
"What does (Contingent valuation methods) CVM tell us about the value of cultural goods and services, and what does it leave out?"
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Studies & Reports 17 of 23
"It is important at the outset to remember that CVM is predicated on a model of an economy comprised of individual decision makers who behave rationally in striving to maximise their own utility in the face of known constraints. It is assumed that preference systems between goods are well behaved, that individuals are the best judges of their own welfare, that each individual carries equal weight in the aggregation of preferences, and that the social welfare function contains no arguments other than the welfare of the individuals of which society is composed. In this model the distinction between private goods, over which property rights can be asserted, and public goods (or external effects) where property rights are ill-defined or non-existent, is fundamental, as is the assertion that exchanging rights through market processes is the appropriate way to lead towards a welfare-maximising allocation of resources."
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