Economic valuation of cultural institutions

Onsdag den 14. december på CBS, Frederiksberg, afholdes en konference, der præsenterer resultater fra forskningsprojektet: “The values of art and culture.”

Konferencen foregår primært på engelsk.

The purpose of the conference is to present and discuss some of the main results from the research project “The values of art and culture”. The purpose of the project is to apply and develop non-market valuation techniques to measure the use and non-use values of theatres and museums in Denmark.

The research project is funded by Augustinus Fonden.


Keynote is Luis César Herrero, who is professor of applied economics at University of Valladolid. 

On the basis that value of culture mainly means emotion, beauty or symbolism, Luis César Herrero will present how economists are seeking to measure this multidimensional concept. The most refined meaning, closely aligned with economic analysis, is the concept of willingness to pay, as it refers to the intensity degree of individuals’ preferences for the consumption or existence of a cultural good, in other words, demand. Next, we can introduce the concept of efficiency or efficacy, which concerns good practices in the use and management of resources, because if there is one thing economists can say with conviction, it is that nothing is free, not even culture. Finally, we incorporate the dimension of well-being, understood in terms of quality of life or happiness, and where culture obviously contributes in a fundamental way. 

Based on three dimensions: economic value, efficiency and well-being, the theoretical framework is developed. The main methodological approaches and techniques used by economists to measure these concepts are also presented, as well as different related empirical applications to different cultural goods and contexts.



10:00-10:05 Welcome by Professor Trine Bille

10:05-11:00 Keynote: Measuring the value of culture / Professor Luis César Herrero, University of Valladolid, Spain

COFFEE BREAK 11:00 – 11:15

11:15-12:15 Introduktion og overblik over projektet / Professor Trine Bille (In Danish) Teatrenes og museernes økonomiske værdi og betydning for den danske befolkning

12:15-13:00 Refleksioner fra kultursektoren (In Danish)


  • Frank Rechendorff Møller, Adm. Direktør, Augustinus Fonden
  • Mette Houlberg Rung, PhD, Forsker/Kulturformidler, SMK 
  • Peter Mark Lundberg, Direktør, Dansk Teater
  • Peter Thor Andersen, Direktør, Øhavsmuseet
  • Søren Friis Møller, PhD, Underviser, Applaus

LUNCH 13:00-13:30


13:30-13:45 WTP for cultural public goods: Preference heterogeneity and the embedding effect. The case of local and national museums / Andrea Baldin

13:45-14:00 Disentangling use and non-use value for cultural institutions / Sebastian Honoré

14:00-14:15 The benefits and attractiveness of local theatres: Comedy or Shakespeare – does it matter? / Trine Bille

14:15-14:30 Questions and discussion

COFFEE BREAK 14:30 – 14:45

14:45-15:00 Not just for pleasure? / Sebastian Honoré

15:00-15:15 The lost value for users of theatres and museums during the Covid-19 pandemic: A life satisfaction approach / Andrea Baldin

15:15-15:30 Reliability of international benefit transfer in cultural economics: non-market valuation of theatre in Denmark and Poland / Andrea Baldin

15:30-15:45 Questions and discussion

15:45-16:00 Reflections on the research project / Professor Luis César Herrero

Thank you and closing of conference / Trine Bille

DRINKS and SNACKS 16:00 – 17:00


Everybody is welcome to participate, but registration is necessary.

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