The need to improve existing method of valuation for cultural heritage asset

Abstract eng:
Most services and values of heritage asset are not traded in the market. Thus, determination of its value requires economic valuation of non-market goods. There are two types of economic valuation namely stated preference (SP) method and revealed preference (RP) method. The SP dominates heritage asset valuation literature with contingent valuation method (CVM) being the most popular method. However, over the past two decades this method has received many criticisms regarding the bias in value estimation. This paper highlights the need to improve the methodological aspect of CVM method for cultural heritage asset.

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