Abstract and Keywords
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. This 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 the economic valuation methods 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.
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