| Affiliation: | (1) Department of Marketing, Faculty of Economics and Business Administration, Vrije Universiteit Amsterdam, De Boelelaan 1105, 1081 HV Amsterdam, The Netherlands;(2) Department of Spatial Economics, Faculty of Economics and Business Administration, Vrije Universiteit Amsterdam, The Netherlands;(3) Michigan Business School, University of Michigan, Ann Arbor, U.S.A. |
| Abstract: | A number of studies have applied non-market valuation techniques to measure the value of cultural goods. Virtually all of these studies are single case applications and rely mostly on stated preferences, such as contingent valuation techniques. We compare the relative value of multiple, competing goods and show how revealed preferences, in particular travel time, may be used for this. In addition, we account for heterogeneity. Using a unique transaction database with the visiting behavior of 80,821 Museum Cardholders to 108 Dutch museums, we propose a latent class application of a logit model to account for the different distances of museums to the population and for differences in willingness-to-travel. |
