Contingent Valuation Method: Valuing Cultural Heritage
Cultural heritage is not easy to be valued in a market because it is a very unique product which gives a community (ies), nation(s) an identity and a sense of belonging. Debate on the valuation of cultural heritage surrounds despite growing attention by economists and policy makers. The attention...
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2011
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| Online Access: | https://library.oum.edu.my/repository/714/2/Contingent_chiam.pdf https://library.oum.edu.my/repository/714/ |
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| author | Chiam Chooi Chiam, A.R. Khalid, Y. Rusli, R. Alias, |
| author_facet | Chiam Chooi Chiam, A.R. Khalid, Y. Rusli, R. Alias, |
| author_sort | Chiam Chooi Chiam, |
| building | OUM Library |
| collection | Institutional Repository |
| content_provider | Open University Malaysia |
| content_source | OUM Knowledge Repository |
| continent | Asia |
| country | Malaysia |
| description | Cultural heritage is not easy to be valued in a market because it is a very unique product which gives a
community (ies), nation(s) an identity and a sense of belonging. Debate on the valuation of cultural
heritage surrounds despite growing attention by economists and policy makers. The attention on the
estimation of economic values for cultural goods and services has been great by economics throughout
the past two decades (Choi, et al., 2009; Kaminski, McLoughlin, & Sodagar, 2007; Navrud & Ready,
2002, Noonan, 2003; Venkatachalam, 2004). The two stated preference methods which are commonly
used in valuing non-use goods; i.e. contingent valuation method and choice modelling. Each of these two
valuation method has its own strengths and weaknesses and may even complement each other
depending on the parameters of the study. However, according to Kaminski et al., 2007; Noonan, 2003,
the usage of choice modelling to estimate cultural values has been limited due to the growing usage of
contingent valuation. Therefore, this paper will discuss contingent valuation method in valuing amenities
and aim to contribute the knowledge on contingent valuation method for nonmarket goods. (Abstract by author) |
| format | Conference or Workshop Item |
| id | my.oum.714 |
| institution | Open University Malaysia |
| publishDate | 2011 |
| record_format | eprints |
| spelling | my.oum.7142013-05-06T14:06:18Z Contingent Valuation Method: Valuing Cultural Heritage Chiam Chooi Chiam, A.R. Khalid, Y. Rusli, R. Alias, HM Sociology Cultural heritage is not easy to be valued in a market because it is a very unique product which gives a community (ies), nation(s) an identity and a sense of belonging. Debate on the valuation of cultural heritage surrounds despite growing attention by economists and policy makers. The attention on the estimation of economic values for cultural goods and services has been great by economics throughout the past two decades (Choi, et al., 2009; Kaminski, McLoughlin, & Sodagar, 2007; Navrud & Ready, 2002, Noonan, 2003; Venkatachalam, 2004). The two stated preference methods which are commonly used in valuing non-use goods; i.e. contingent valuation method and choice modelling. Each of these two valuation method has its own strengths and weaknesses and may even complement each other depending on the parameters of the study. However, according to Kaminski et al., 2007; Noonan, 2003, the usage of choice modelling to estimate cultural values has been limited due to the growing usage of contingent valuation. Therefore, this paper will discuss contingent valuation method in valuing amenities and aim to contribute the knowledge on contingent valuation method for nonmarket goods. (Abstract by author) 2011 Conference or Workshop Item PeerReviewed text https://library.oum.edu.my/repository/714/2/Contingent_chiam.pdf Chiam Chooi Chiam, and A.R. Khalid, and Y. Rusli, and R. Alias, (2011) Contingent Valuation Method: Valuing Cultural Heritage. In: Singapore Economic Review Conference (SERC) 2011, 4-6 August 2011, Singapore. https://library.oum.edu.my/repository/714/ |
| spellingShingle | HM Sociology Chiam Chooi Chiam, A.R. Khalid, Y. Rusli, R. Alias, Contingent Valuation Method: Valuing Cultural Heritage |
| title | Contingent Valuation Method: Valuing Cultural Heritage |
| title_full | Contingent Valuation Method: Valuing Cultural Heritage |
| title_fullStr | Contingent Valuation Method: Valuing Cultural Heritage |
| title_full_unstemmed | Contingent Valuation Method: Valuing Cultural Heritage |
| title_short | Contingent Valuation Method: Valuing Cultural Heritage |
| title_sort | contingent valuation method: valuing cultural heritage |
| topic | HM Sociology |
| url | https://library.oum.edu.my/repository/714/2/Contingent_chiam.pdf https://library.oum.edu.my/repository/714/ |
| url_provider | http://library.oum.edu.my/repository/ |