Contingent valuation
This might prove to be a useful method for the cultural sector, if it is possible for people to estimate the ‘worth’ of such intangible benefits. This method relies heavily on interview and if asking a person to estimate worth in monetary terms will require well developed and detailed questions to avoid gaining meaningless or invalid answers. It is likely that to run a contingent valuation will require external expertise and may be costly.
See Case study 3.5: The value of the British Library in Delivering Impact with Digital Resources.
See also: Tessler, A. (2013) Economic Valuation of the British Library. Available at: https://www.oxfordeconomics.com/my-oxford/projects/245662