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The valuation of historical sites: a case study of Valdivia, Chile

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  • Andrea Baez Montenegro
  • Mario Niklitschek Huaquin
  • Luis Herrero Prieto

Abstract

The economic valuation of cultural heritage is an area of increasing interest and an important research topic in the emerging field of cultural economics. Many services and values associated with cultural heritage are not traded in markets, and their estimation requires methods developed for the valuation of non-market goods, such as those used in environmental economics. This paper applies the contingent valuation method with double dichotomous choice to estimate the value of historical sites in the city of Valdivia, Chile. The valuation exercise was implemented by designing a hypothetical guided walking tour to a cluster of historical sites in the city centre, and surveying tourists visiting the city during the summer of 2004. Parametric and non-parametric statistical methods were used to estimate the survival distribution and the mean and median estimates of the willingness-to-pay (WTP). The study emphasizes the importance of explicitly treating heterogeneous preferences and the sensitivity of the survival distribution to the estimation methods used.

Suggested Citation

  • Andrea Baez Montenegro & Mario Niklitschek Huaquin & Luis Herrero Prieto, 2009. "The valuation of historical sites: a case study of Valdivia, Chile," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 52(1), pages 97-109.
    • Handle: RePEc:taf:jenpmg:v:52:y:2009:i:1:p:97-109
    DOI: 10.1080/09640560802504696
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    References listed on IDEAS

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    1. IIde Rizzo & Ruth Towse (ed.), 2002. "The Economics of Heritage," Books, Edward Elgar Publishing, number 2770.
    2. H. Spencer Banzhaf & Dallas Burtraw & David Evans & Alan Krupnick, 2006. "Valuation of Natural Resource Improvements in the Adirondacks," Land Economics, University of Wisconsin Press, vol. 82(3), pages 445-464.
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    Cited by:

    1. Halkos, George, 2012. "The use of contingent valuation in assessing marine and coastal ecosystems’ water quality: A review," MPRA Paper 42183, University Library of Munich, Germany.
    2. Amitrajeet A Batabyal & Hamid Beladi, 2010. "A stochastic model of the provision of guided tours to tourists," Economics Bulletin, AccessEcon, vol. 30(1), pages 577-586.
    3. Batabyal, Amitrajeet A. & Beladi, Hamid, 2011. "An alternate approach to modeling the slack season provision of guided tours to tourists," Tourism Management, Elsevier, vol. 32(5), pages 1047-1049.
    4. Luis César Herrero & José ángel Sanz & María Devesa, 2011. "Measuring the Economic Value and Social Viability of a Cultural Festival as a Tourism Prototype," Tourism Economics, , vol. 17(3), pages 639-653, June.
    5. repec:ebl:ecbull:v:30:y:2010:i:1:p:577-586 is not listed on IDEAS
    6. Spencer, Daniel M. & Nsiah, Christian, 2013. "The economic consequences of community support for tourism: A case study of a heritage fish hatchery," Tourism Management, Elsevier, vol. 34(C), pages 221-230.
    7. Douglas S. Noonan, 2013. "Market effects of historic preservation," Chapters, in: Ilde Rizzo & Anna Mignosa (ed.), Handbook on the Economics of Cultural Heritage, chapter 17, pages i-i, Edward Elgar Publishing.

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