Cultural Capital Services Valuation Study (ESCoE TR-24)


Cultural Capital Services Valuation Study (ESCoE TR-24)

By Ricky Lawton,

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The aim of this study is to pilot an approach to estimate the value of a cultural asset, and where possible to disaggregate the services derived from it, in a way which can inform the potential for inclusion of such assets in the national accounts. The challenge is that many such assets have non-market aspects such as symbolic or cultural and heritage value, as well as generating income, for example, from visitors’ fees. A companion paper (Bakhshi, Coyle & Lawton 2023) discusses the theoretical issues. This study tests a potential methodology and explores whether the results triangulate with other data, using the example of Blenheim Palace and Gardens.

NB: This is a revised version of the original published report.