Abstract: Crude cost-benefit analysis is often a poor guide to solving issues of the environment but also those of culture. Both can have economic as well as intrinsic value that is commonly recognized, if not valued. For methodologically similar problems such as these, cost-benefit analysis must be complemented by new analytical instruments. Beyond the criterion of use value, used for private goods, Serageldin highlights the relevance of nonextractive value, including existence value, e.g., the value of a cultural site goes beyond the amount that the site is able to generate in terms of tourist dollars. Unique sites have value for the world at large, not just for residents and visitors. Serageldin suggests that private–public partnerships to ensure the revitalization of priceless sites such as old cities would be an effective policy option, offering to illustrate the examples of the historical districts of Hafsia, Tunis, and Fez, Morocco.

Keywords: contingent valuation, cost-benefit analysis, culture, global public goods, nonextractive value, private–public partnerships, use value, valuation of public goods,