Valuing Cultural Heritage – Lessons Learned

Cultural heritage typically concerns public goods, and therefore non-market valuation techniques need to be applied to estimate the social benefits of these goods. While there have been several thousands of applications of these techniques to value changes in environmental quality and natural resour...

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Bibliographic Details
Main Author: Navrud, S
Format: Conference Proceeding
Language:English
Subjects:
Air pollution
Cost benefit analysis
Cultural heritage
Cultural resources
Decision analysis
Empirical analysis
Environmental changes
Environmental impact
Environmental policy
Environmental quality
Environmental valuation
Natural resources
Preservation
Restoration
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Summary:Cultural heritage typically concerns public goods, and therefore non-market valuation techniques need to be applied to estimate the social benefits of these goods. While there have been several thousands of applications of these techniques to value changes in environmental quality and natural resources, empirical applications of these techniques to cultural heritage are still scarce. The main lessons from a review of 27 valuation studies suggest that we experience the same problems and challenges as in the environmental valuation studies. Some of the studies were conducted to inform policy decisions, and have proved useful in cost-benefit analyses of restoration and preservation programs for cultural heritage, as well as infrastructure projects and air pollution policies with impacts on cultural heritage. The information generated by such studies can be a valuable complement to expert judgement. We would like to see new valuation studies designed to address specific policy problems, rather than provide general values for the goods.
ISSN:1746-4498
1743-3509
DOI:10.2495/STR050101