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Application of Cost-Benefit Analysis to Evaluate the Efficiency of Cultural Heritage Preservation Projects in Historic Towns of Russia

Author

Listed:
  • L. E. Limonov

    (National Research University Higher School of Economics
    ICSER Leontief Center)

  • M. V. Nesena

    (National Research University Higher School of Economics
    ICSER Leontief Center)

  • A. A. Semenov

    (St. Petersburg Foundation for Investment Construction Projects)

Abstract

— The article is dedicated to the problems of justifying public investment in projects aimed at Russian cultural heritage preservation. The case study considered in the article is the project “Preservation and Development of Small Historic Towns and Settlements” (Project). The preparation of this Project involved evaluation of its economic net present value. The results of the evaluation were used to justify the feasibility of public funding of the Project. Performing an economic cost-benefit analysis required conducting surveys of different target groups of potential users of the Project’s results regarding their willingness to pay for the proposed improvements. The surveys were conducted using contingent valuation methods in two historic towns: Rostov and Chistopol. The article discusses the methodological aspects of evaluating the efficiency of public investment in Russia and other countries and presents the results of the conducted surveys and the performed calculations of the Project efficiency indicators. The calculations show that the Project is justified at the federal level from the society’s perspective, as it has a positive economic net present value and an economic internal rate of return that exceeds the social discount rate.

Suggested Citation

  • L. E. Limonov & M. V. Nesena & A. A. Semenov, 2020. "Application of Cost-Benefit Analysis to Evaluate the Efficiency of Cultural Heritage Preservation Projects in Historic Towns of Russia," Regional Research of Russia, Springer, vol. 10(4), pages 530-537, October.
    • Handle: RePEc:spr:rrorus:v:10:y:2020:i:4:d:10.1134_s2079970520040164
    DOI: 10.1134/S2079970520040164
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    References listed on IDEAS

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    1. Trine Hansen, 1997. "The Willingness-to-Pay for the Royal Theatre in Copenhagen as a Public Good," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 21(1), pages 1-28, March.
    2. Edward L. Glaeser & Charles Redlick, 2008. "Social Capital and Urban Growth," NBER Working Papers 14374, National Bureau of Economic Research, Inc.
    3. Anne-Kathrin Last, 2007. "The Monetary Value of Cultural Goods: A Contingent Valuation Study of the Municipal Supply of Cultural Goods in Lueneburg, Germany," Working Paper Series in Economics 63, University of Lüneburg, Institute of Economics.
    4. Guido Licciardi & Rana Amirtahmasebi, 2012. "The Economics of Uniqueness : Investing in Historic City Cores and Cultural Heritage Assets for Sustainable Development," World Bank Publications - Books, The World Bank Group, number 12286.
    5. David Throsby, 2003. "Determining the Value of Cultural Goods: How Much (or How Little) Does Contingent Valuation Tell Us?," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 27(3), pages 275-285, November.
    6. Ståle Navrud & Richard C. Ready (ed.), 2002. "Valuing Cultural Heritage," Books, Edward Elgar Publishing, number 1759.
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    Cited by:

    1. Marco Rossitti & Alessandra Oppio & Francesca Torrieri, 2021. "The Financial Sustainability of Cultural Heritage Reuse Projects: An Integrated Approach for the Historical Rural Landscape," Sustainability, MDPI, vol. 13(23), pages 1-22, November.

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