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Research on Willingness-to-Pay for the Protection of Cultural Heritage (the case of Bulgarian monasteries)

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  • Alexy Danchev

Abstract

The paper represents the basic results of the analysis of Willingness-To-Pay (WTP) for protection of Bulgarian monasteries as a part of the cultural heritage. The basic model for analysis of the problem is constructed on estimating general economic value and its attributes. Tobit model is used as the data are censored. The expected biases are analyzed too with indication of the possible reasons. The results indicate that despite the chronically low income the Bulgarian citizens value the importance of the monasteries as public goods. This WTP is sufficiently high to be accepted as indicative for the economic relevance of providing conservation works for protection of the monasteries.

Suggested Citation

  • Alexy Danchev, 2005. "Research on Willingness-to-Pay for the Protection of Cultural Heritage (the case of Bulgarian monasteries)," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 46-62.
    • Handle: RePEc:bas:econth:y:2005:i:2:p:46-62
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    References listed on IDEAS

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    1. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74(2), pages 132-132.
    2. Ståle Navrud & Richard C. Ready (ed.), 2002. "Valuing Cultural Heritage," Books, Edward Elgar Publishing, number 1759.
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    More about this item

    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
    • P25 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Urban, Rural, and Regional Economics
    • R50 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - General

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