Research on Willingness-to-Pay for the Protection of Cultural Heritage (the case of Bulgarian monasteries)
AbstractThe 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.
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Bibliographic InfoArticle provided by Bulgarian Academy of Sciences - Economic Research Institute in its journal Economic Thought.
Volume (Year): (2005)
Issue (Month): 2 ()
Find related papers by JEL classification:
- A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
- O17 - Economic Development, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
- P25 - Economic Systems - - Socialist Systems 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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- Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74, pages 132.
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