Valuing damage and losses in cultural assets after a disaster: concept paper and research options

This paper is a first conceptual discussion and proposal to formalize the inclusion of the valuation of cultural assets after a disaster. Over the last recent years ECLAC has, in several instances, attempted at valuating cultural assets damage and losses as incurred in the wake of disasters. The paper discusses first the existing debate on the valuation of cultural goods and services, describes the characteristics of cultural assets and their market and non-market values. It proceeds then to describe some valuation methods that have been applied to cultural assets in other contexts, including the quasi-valuation method, and describes the process of damage assessment. It concludes by summarizing the possibility of applying one or several of these methods as part of the well established ECLAC disaster impact assessment methodology1 and advances some recommendations and areas for turture research. The paper also includes an example of application of contingent valuation method in a particular case (Fes Medina in Morocco).