Research On The Value Of Museum Based On Contingent Valuation Method

Contingent Valuation Method is a survey-based method used firstly for placing monetary values on environmental resources that are not bought and sold in the marketplace. Recently, it is gaining recognition in economic analysis of cultural goods such as museums, heritage sites, and etc in the field of cultural economics. It is the only feasible method for including the non-use value into the aggregated economic values. This research which builds on the previous relevant studies in the West, discusses the two dimensions of art museum’s value-cultural value and economic value, and states that contingent valuation method values only economic value, which is related to people’s preference expressed in willingness to pay. There is also in-depth discussion about contents, technique, strength and weakness of contingent valuation, and steps to take that will lead to quality economic valuation of art museums. Moreover, this study includes a case study which is an application of contingent valuation method to a Chinese Non-profit NGO art museum. The collected data are analyzed using standard statistic methods. Finally, the limitation, recommendation for improvement and future areas of research are discussed.