Accounting for what we treasure: economic valuation of public heritage

Research output: Chapter in Book/Report/Conference proceedingChapter in a book

Abstract

Recent attempts to include and assess public heritage in the accounts of governments and charities are controversial. There are many kinds of value, not merely financial, and various measurement bases. The chapter examines why and how we account, (if at all), for heritage assets bringing out the surrounding controversy. Is public heritage an asset that should be included in the reported wealth of public bodies and nations? The economic valuation methods, revealed preferences and stated preferences, are also investigated and considered in relation to the decisions to be made on public heritage. Although the conceptual and practical problems surrounding valuation and reporting of public heritage are immense, pragmatic solutions should be sought. Multidisciplinary approaches are necessary to make informed decisions on management, financing and the allocation of resources for public heritage.


Key words
Heritage assets, accounting recognition, economic valuation, revealed preferences, stated preferences, public heritage accounting.
Original languageEnglish
Title of host publicationThe Oxford Handbook of Public Heritage Theory and Practice
EditorsAngela Labrador, Neil Asher Silberman
PublisherOxford University Press
Chapter13
Number of pages16
EditionFirst
Publication statusPublished - 11 Apr 2018

Bibliographical note

Published first online DOI: 10.1093/oxfordhb/9780190676315.013.13
and later as a hardback book.

Keywords

  • Heritage assets, accounting recognition, economic valuation, revealed preferences, stated preferences, public heritage accounting.

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  • Cite this

    Ellwood, S. (2018). Accounting for what we treasure: economic valuation of public heritage. In A. Labrador, & N. A. Silberman (Eds.), The Oxford Handbook of Public Heritage Theory and Practice (First ed.). Oxford University Press.