What I hope to do instead is to place the technique of contingent valuation in a large context that deals with the question of valuation more broadly.
Although CVM has been widely used for valuing non-market goods its application to the measurement of cultural goods has been limited.
How much are people willing to pay to maintain shipwrecks in their pristine state?
Efforts to cut funding to the National Endowment for the Arts and declining budgets for state arts agencies have raised questions about how much individuals value the arts. This paper applies the contingent valuation method to assess this value, using surveys of random households and of arts patrons in Kentucky.
Can Contingent Valuation results substitute market results in the field of cultural policy? My answer is a clear "no". No, the data generated by contingent valuation surveys on the amount of dollars which citizens are willing to pay for cultural goods cannot be used to improve public policy.