4.10e How can economic valuation techniques (contingent valuation, hedonic pricing, wellbeing valuation, etc.) be improved, including bias mitigation and developments to attain methodological robustness and contextual sensitivity of benefit transfer?

Background

DCMS’s Culture and Heritage Capital programme has made significant advances in developing rigorous and robust methods for valuing the benefits of culture and heritage. This work provides a core methodological foundation for DCMS’s wider appraisal, evaluation and evidence development, and we welcome research that helps strengthen its practical application across different policy and place contexts. Further research is required to improve current valuation methods and develop and integrate new methodological approaches to measurement and monetisation. This includes how we can embrace developments in AI and big data to improve our analytical capabilities, and how to build capacity across the cultural sector to understand and implement our analysis more effectively.

Next steps

Get in touch with [email protected]

Related UKRI funded projects

  • Triangulation of values using different valuation methods - CAVEAT

    CAVEAT will identify and mitigate the caveats associated with current valuation methods when applied to culture and heritage capital to inform decision making. CAVEAT will explore how to best triangulate existing valuati...

    Funded by: AHRC

    Lead research organisation: University of Glasgow

    Why might this be relevant?

    The project addresses improving economic valuation techniques for culture and heritage assets through triangulation of different valuation methods.

  • The Economic Value of Cultural Institutions - a benefit transfer study

    Measuring the economic value of cultural sites and institutions poses challenges. Traditional economic impact studies have tended to value the market benefits of culture, such as the impacts on employment and gross value...

    Funded by: AHRC

    Lead research organisation: NESTA

    Why might this be relevant?

    The project focuses on estimating the economic value of cultural institutions using contingent valuation methodology, partially addressing the question.

  • Scoping Culture and Heritage Capital Research

    This project responds to the ambition set by the DCMS Culture and Heritage Capital (CHC) Programme to develop a systematic approach through which culture and heritage can be valued. Delivered by a multidisciplinary team ...

    Funded by: AHRC

    Lead research organisation: University of the Arts London

    Why might this be relevant?

    The project supports the development of a systematic approach for valuing culture and heritage assets, partially addressing the question.

  • Strand A; Developing a taxonomy for culture and heritage capital

    The main objective is to develop a taxonomy of culture and heritage capital (CHC) that articulates the multiple benefits and values generated by culture and heritage (C&H)in a way that enables us to give weight to C&...

    Funded by: AHRC

    Lead research organisation: Historic Buildings and Monuments Commission for England

  • Measuring Cultural Value (Phase 2)

    Essential context for the project is the view that, given the stringent economic climate, the cultural sector must lobby for public funding using the concepts and tools of economics or face dire consequences, a strategy ...

    Funded by: ESRC

    Lead research organisation: Brunel University London

  • Cultural Heritage, People and Place: Understanding value via a regional case study

    The Cultural Heritage, People and Place: Understanding value via a regional case study project addresses the AHRC DCMS call Research culture and heritage capital with an interdisciplinary team. It seeks to holistically a...

    Funded by: AHRC

    Lead research organisation: Manchester Metropolitan University

  • Understanding the Value of Outdoor Culture and Heritage Capital for Decision Makers

    The project addresses the practical problems of how to undertake robust social cost benefit analysis (CBA) for Culture and heritage capital (CHC) and how to apply and adapt accounting principles for sustainable managemen...

    Funded by: AHRC

    Lead research organisation: UNIVERSITY OF EXETER

  • Valuing the Historic Environment: Concepts, Instrumentalisations and Effects

    Our aim in applying for funding for this research network is to enable a new, cross disciplinary forum for the discussion of frameworks of value in relation to the preservation of historic environments. This will lead to...

    Funded by: EPSRC

    Lead research organisation: University of Leicester

  • Integrating Lifetimes in Heritage Capital

    ITHACA aims to articulate the economic value of caring for heritage. This project brings together an interdisciplinary team, including Associate Prof. Josep Grau-Bove (expert in damage prediction in heritage), Dr. Ricky ...

    Funded by: AHRC

    Lead research organisation: UNIVERSITY COLLEGE LONDON

  • Heritage Values Network - H@V

    The project will initiate a European, cross-disciplinary dialogue between heritage practitioners, researchers and policy makers on 'heritage values' through the conduct of three networking workshops in Eindhoven, Oslo an...

    Funded by: AHRC

    Lead research organisation: UNIVERSITY COLLEGE LONDON