ABSTRACT
The objective of this chapter is to review major constructs used to put a value on cultural activities in terms of use value and non-use value and discuss how these concepts, models and methods can be used in an event context. It introduces the concept of value, including use value, option value and non-use value, and describes methods to measure these values. The fundamental economic principle of comparing output to input, or value produced compared to cost of utilised resources, presents challenges for many activities financed by public authorities. The concepts use value and non-use value are part of a cost-benefit framework which must be viewed as a holistic perspective. Cost-benefit analysis (CBA) aims to assess all major impacts for all members of a society. The chapter ends with a conceptualisation of relevant concepts for event research, as well as suggested methods for their measurement and recommendations for future research.
