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Economic Valuation of Cultural Heritage: Application of Travel Cost Method to the National Museum and Research Center of Altamira

Author

Listed:
  • Saúl Torres-Ortega

    (Environmental Hydraulics Institute, University of Cantabria, 39011 Santander, Spain)

  • Rubén Pérez-Álvarez

    (Cartographic Engineering and Mining Exploitation R+D+i Group, University of Cantabria, 39316 Torrelavega, Spain)

  • Pedro Díaz-Simal

    (Environmental Hydraulics Institute, University of Cantabria, 39011 Santander, Spain)

  • Julio Manuel De Luis-Ruiz

    (Cartographic Engineering and Mining Exploitation R+D+i Group, University of Cantabria, 39316 Torrelavega, Spain)

  • Felipe Piña-García

    (Cartographic Engineering and Mining Exploitation R+D+i Group, University of Cantabria, 39316 Torrelavega, Spain)

Abstract

The economic assessment of non-marketed resources (i.e., cultural heritage) can be developed with stated or revealed preference methods. Travel cost method (TCM) is based on the demand theory and assumes that the demand for a recreational site is inversely related to the travel costs that a certain visitor must face to enjoy it. Its application requires data about the tourist’s origin. This work aims to analyze the economic value of the National Museum and Research Center of Altamira, which was created to research, conserve, and broadcast the Cave of Altamira (UNESCO World Heritage Site since 1985). It includes an accurate replica known as the “Neocave”. Two different TCM approaches have been applied to obtain the demand curve of the museum, which is a powerful tool that helps to assess past and future investments. It has also provided the annual economic value estimate of the National Museum and Research Center of Altamira, which varies between 4.75 and 8.00 million € per year.

Suggested Citation

  • Saúl Torres-Ortega & Rubén Pérez-Álvarez & Pedro Díaz-Simal & Julio Manuel De Luis-Ruiz & Felipe Piña-García, 2018. "Economic Valuation of Cultural Heritage: Application of Travel Cost Method to the National Museum and Research Center of Altamira," Sustainability, MDPI, vol. 10(7), pages 1-13, July.
    • Handle: RePEc:gam:jsusta:v:10:y:2018:i:7:p:2550-:d:159094
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    References listed on IDEAS

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    Cited by:

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    3. Md. Karimul Islam & Fariha Farjana & Nishad Nasrin & Md. Shakil Ahmed, 2023. "The economic, social and environmental implications of heritage tourism: evidence from Bangladesh," SN Business & Economics, Springer, vol. 3(2), pages 1-21, February.
    4. Maria Giovanna Brandano & Marta Meleddu, 2021. "Together or not? Spill-over effects of cultural goods displacement," Tourism Economics, , vol. 27(6), pages 1202-1220, September.
    5. Fernando Vidal Gimenez & Claudio Ruiz Mas, 2020. "The Valuation of Recreational Use of Wetlands and the Impact of the Economic Crisis," IJERPH, MDPI, vol. 17(9), pages 1-16, May.
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    7. Jagoda Adamus, 2023. "How Much Are Public Spaces Worth? Non-Market Valuation Methods in Valuing Public Spaces," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 2, pages 66-89.
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