November, 2001
ABSTRACT
This paper employs the contingent valuation method to measure the nonmarket value of preservation of the Ste. Genevieve Academy, a quasi-public good. This study represents a new application of the contingent valuation method featuring a historical resource. As such, we explore the validity and reliability of this application of the method. Construct validity tests based on economic theory and the reliability test of internal consistency are conducted. We find evidence that the contingent valuation method can be a useful approach to measuring the nonmarket value of quasi-public goods such as historical resources. We also illustrate how the contingent valuation method can be used for policy analysis of preservation of historical sites.