Application of the travel cost method to estimate the economic value of cultural goodsBlockbuster art exhibitions

  1. Vicente Hernández, Eva
  2. Frutos Madrazo, Pablo de
Revista:
Hacienda Pública Española / Review of Public Economics

ISSN: 0210-1173

Año de publicación: 2011

Número: 196

Páginas: 37-64

Tipo: Artículo

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Otras publicaciones en: Hacienda Pública Española / Review of Public Economics

Resumen

In recent years a growing number of studies have started to apply non-market valuation methods to estimate the economic value of cultural goods. The majority of these studies use stated preference techniques, such as the contingent valuation method. This study discusses the application of the travel cost method to estimate the economic value of a specific type of cultural good: special exhibitions. The empirical work focuses on the touring exhibition the �Ages of Mankind�, one of the first and most representative examples of a blockbuster art exhibition in Spain. This is the first time, as far as we know, that this method has been applied to a large temporary exhibition and is one of the few applications of this method in the valuation of cultural goods.

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