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option value


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Option Value. Since this option value does not take the form of effective demand, it cannot be expressed on the market. The option value may, however, become visible in private donations and in the membership of supporting associations of private cultural institutions. The option value may even be negative, e.g. when the intervention interferes with a more highly valued alternative of the same sphere (e.g. appearance as film actor instead of theatre actor). It was, instead, necessary to consider such aspects as bequest, prestige and option values in order to provide a satisfactory explanation for this particular public expenditure of the art.

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