Capturing heritage value through innovative mechanisms

Cultural heritage (CH) is a public good which is not traded in the market, thus market fails to indicate the true value of the CH, giving the impression that CH has zero or minimal economic value. Furthermore, the public good nature of CH has made the consumption of most CH to be FOC or at the min...

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Main Authors:	Ahmad Shuib, Nithanan Koshy Mathew
Format:	Article
Language:	English
Published:	Institut Alam dan Tamadun Melayu, Universiti Kebangsaan Malaysia 2016
Online Access:	http://journalarticle.ukm.my/10935/ http://journalarticle.ukm.my/10935/ http://journalarticle.ukm.my/10935/1/IMAN-2016-04SI1-06.pdf

id	ukm-10935
recordtype	eprints
spelling	ukm-109352017-11-13T08:48:08Z http://journalarticle.ukm.my/10935/ Capturing heritage value through innovative mechanisms Ahmad Shuib, Nithanan Koshy Mathew, Cultural heritage (CH) is a public good which is not traded in the market, thus market fails to indicate the true value of the CH, giving the impression that CH has zero or minimal economic value. Furthermore, the public good nature of CH has made the consumption of most CH to be FOC or at the minimum price; thus the revenues generated from consumption of CH is insufficient to maintain, what more to finance conservation of the CH. Without strong supports from government and public subsidy, the conservation of many important cultural assets are neglected or at best given lip service. People obtain significant benefits from CH in many forms, yet CH is threatened with degradation and destruction. Although several techniques to capture the economic value of the changes in CH, which are external to the market, have been developed but the validity and reliability of the values are often questioned. The present paper will discuss the use of the stated preference approach (CVM) to assess the economic value of CH and to deliberate on the issues and limitation of the approach. New innovative techniques are being further developed that take into account preferences for cultural assets that have wider ranging multifaceted concepts and different motivational concerns. Institut Alam dan Tamadun Melayu, Universiti Kebangsaan Malaysia 2016 Article PeerReviewed application/pdf en http://journalarticle.ukm.my/10935/1/IMAN-2016-04SI1-06.pdf Ahmad Shuib, and Nithanan Koshy Mathew, (2016) Capturing heritage value through innovative mechanisms. Jurnal Antarabangsa Alam dan Tamadun Melayu (Iman), 4 (SI) (1). pp. 55-61. ISSN 2289-1706 http://www.ukm.my/iman/en/volume-4-special-issue-no-1/
repository_type	Digital Repository
institution_category	Local University
institution	Universiti Kebangasaan Malaysia
building	UKM Institutional Repository
collection	Online Access
language	English
description	Cultural heritage (CH) is a public good which is not traded in the market, thus market fails to indicate the true value of the CH, giving the impression that CH has zero or minimal economic value. Furthermore, the public good nature of CH has made the consumption of most CH to be FOC or at the minimum price; thus the revenues generated from consumption of CH is insufficient to maintain, what more to finance conservation of the CH. Without strong supports from government and public subsidy, the conservation of many important cultural assets are neglected or at best given lip service. People obtain significant benefits from CH in many forms, yet CH is threatened with degradation and destruction. Although several techniques to capture the economic value of the changes in CH, which are external to the market, have been developed but the validity and reliability of the values are often questioned. The present paper will discuss the use of the stated preference approach (CVM) to assess the economic value of CH and to deliberate on the issues and limitation of the approach. New innovative techniques are being further developed that take into account preferences for cultural assets that have wider ranging multifaceted concepts and different motivational concerns.
format	Article
author	Ahmad Shuib, Nithanan Koshy Mathew,
spellingShingle	Ahmad Shuib, Nithanan Koshy Mathew, Capturing heritage value through innovative mechanisms
author_facet	Ahmad Shuib, Nithanan Koshy Mathew,
author_sort	Ahmad Shuib,
title	Capturing heritage value through innovative mechanisms
title_short	Capturing heritage value through innovative mechanisms
title_full	Capturing heritage value through innovative mechanisms
title_fullStr	Capturing heritage value through innovative mechanisms
title_full_unstemmed	Capturing heritage value through innovative mechanisms
title_sort	capturing heritage value through innovative mechanisms
publisher	Institut Alam dan Tamadun Melayu, Universiti Kebangsaan Malaysia
publishDate	2016
url	http://journalarticle.ukm.my/10935/ http://journalarticle.ukm.my/10935/ http://journalarticle.ukm.my/10935/1/IMAN-2016-04SI1-06.pdf
first_indexed	2023-09-18T19:58:52Z
last_indexed	2023-09-18T19:58:52Z
_version_	1777406713686654976

Capturing heritage value through innovative mechanisms

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