Inhabitants’ willingness to pay for cultural heritage: a case study in Valdivia, Chile, using contingent valuation
AbstractWe 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.
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Bibliographic InfoArticle provided by Universidad del CEMA in its journal Journal of Applied Economics.
Volume (Year): XV (2012)
Issue (Month): (November)
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contingent valuation; historical heritage; probit bivariate; socioeconomic segmentation; cultural capital;
Find related papers by 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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