Contingent Valuation and Semiparametric Methods: A Case Study of the National Museum of Sculpture in Valladolid, Spain

Abstract

Research on cultural economics is very interested in the economic valuation of non-market goods, particularly in the field ofcultural heritage where contingent valuation techniques are currently being used with both parametric and non-parametric statistical methods to estimate the willingness to pay for cultural goods. In the literature analysed, the number of studies using semiparametric methods, however, is very limited. Our analysis is intended to help fill this gap by offering a parametric, non-parametric and semiparametric economic valuation of the National Museum of Sculpture (Museo Nacional de Escultura), located in Valladolid, Spain. In addition, we also gain insight on a controversial issue affecting most European museums, particularly those located in Latin countries: the role voluntary donations might play in the funding of public museums. Copyright Kluwer Academic Publishers 2003