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Inhabitants' Willingness to Pay for Cultural Heritage: A Case Study in Valdivia, Chile, Using Contingent Valuation

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  • Andrea Báez-Montenegro
  • Ana María Bedate
  • Luis César Herrero
  • Jose Ángel Sanz

Abstract

We estimate the economic value of the urban cultural heritage of Valdivia, Chile, an emblematic historical city that comprises an ensemble of disperse cultural heritage elements. To derive its economic value we use the preferences stated by residents. The contingent valuation method with parametrical estimation (probit bivariate models) is applied, consisting of a survey employing double-bounded questions. The paper contributes to broadening the spectrum of case studies in this line of research in developing countries. It also seeks to determine which socioeconomic and demographical factors of interviewees prove significant when estimating willingness to pay (WTP). WTP is significant, although it reveals a slight drop as the degree of certainty of actually making a payment, in accordance with the hypothetical valuations that are stated, increases. WTP is positively related to educational qualifications and cultural habits, but there seem to be no major differences in terms of urban distribution.

Suggested Citation

  • Andrea Báez-Montenegro & Ana María Bedate & Luis César Herrero & Jose Ángel Sanz, 2012. "Inhabitants' Willingness to Pay for Cultural Heritage: A Case Study in Valdivia, Chile, Using Contingent Valuation," Journal of Applied Economics, Taylor & Francis Journals, vol. 15(2), pages 235-258, November.
    • Handle: RePEc:taf:recsxx:v:15:y:2012:i:2:p:235-258
    DOI: 10.1016/S1514-0326(12)60011-7
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    Cited by:

    1. Salvador Saz-Salazar & Ana Navarrete-Tudela & José Ramón Alcalá-Mellado & Daniel Carlos Saz-Salazar, 2019. "On the Use of Life Satisfaction Data for Valuing Cultural Goods: A First Attempt and a Comparison with the Contingent Valuation Method," Journal of Happiness Studies, Springer, vol. 20(1), pages 119-140, January.
    2. Wiśniewska Aleksandra, 2019. "Quality attributes in the non-market stated-preference based valuation of cultural goods," Central European Economic Journal, Sciendo, vol. 6(53), pages 132-150, January.
    3. Isabel Mendes, 2015. "Tackling the Multidimensional Characteristics of Archaeological Heritage with Preference Based Approaches," International Journal of Finance, Insurance and Risk Management, International Journal of Finance, Insurance and Risk Management, vol. 5(4), pages 995-995.
    4. Diana Romero‐Espinosa & Mauricio Sarrias & Ricardo Daziano, 2021. "Are preferences for city attributes heterogeneous? An assessment using a discrete choice experiment," Papers in Regional Science, Wiley Blackwell, vol. 100(1), pages 251-272, February.
    5. Xaysompheng Sengkhamyong & Helmut Yabar & Takeshi Mizunoya, 2022. "Assessing Household Willingness to Pay for the Conservation of the Phou Chom Voy Protected Area in Lao PDR," Sustainability, MDPI, vol. 14(18), pages 1-20, September.
    6. Suziana Hassan & Søren Bøye Olsen & Bo Jellesmark Thorsen, 2018. "Appropriate Payment Vehicles in Stated Preference Studies in Developing Economies," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 71(4), pages 1053-1075, December.
    7. Aleksandra Wiśniewska, 2019. "‘Quality food’ for cultural policies. Quality attributes in the non-market stated-preference based valuation of cultural goods," Working Papers 2019-03, Faculty of Economic Sciences, University of Warsaw.
    8. Eugene Ezebilo, 2016. "Willingness to Pay for Maintenance of a Nature Conservation Area: A Case of Mount Wilhelm, Papua New Guinea," Asian Social Science, Canadian Center of Science and Education, vol. 12(9), pages 149-149, September.
    9. Isabel Mendes, 2016. "Assessing the Values of Archaeological Heritage," Working Papers Department of Economics 2016/02, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    10. George Halkos & Panagiotis Stavros Aslanidis & Angelos Plataniotis & Phoebe Koundouri, 2024. "Evaluating the Tangible and Intangible Parameters of Cultural Heritage: An Economic Meta-Analysis in a Global Context," DEOS Working Papers 2413, Athens University of Economics and Business.
    11. Wright, William C.C. & Eppink, Florian V., 2016. "Drivers of heritage value: A meta-analysis of monetary valuation studies of cultural heritage," Ecological Economics, Elsevier, vol. 130(C), pages 277-284.

    More about this item

    JEL classification:

    • R53 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Public Facility Location Analysis; Public Investment and Capital Stock
    • Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature
    • C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General
    • H41 - Public Economics - - Publicly Provided Goods - - - Public Goods

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