“Value and culture : an economic framework” Ministry Of Culture And Heritage Research Paper

"...The City of Savannah includes the Savannah Historic Landmark District which includes many sites of historic importance, both regionally and nationally....
The study found that a house located within the historic district received a price premium of around 20%, compared to an otherwise similar house located outside the historic district. This is one example of hedonic pricing being applied to estimate the value of living within a heritage district. "

Value and culture : an economic framework (August 2013)-  http://www.mch.govt.nz/valueandculture


This paper seeks to clarify the understanding of value in the cultural context, using economics concepts. We develop an economic framework for thinking about value in the cultural context and discuss how well various valuation techniques are able to account for such values.

We also discuss why actual outcomes for the production of cultural and heritage services may differ from what would be considered ‘optimal’ in the economic context.

The aim is to outline a framework which can assist policy makers in the cultural sector to intervene more cost effectively and be more conscious of trade-offs amongst different cultural values.

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