Mousumi Dutta (Dept. of Economics, Bethune College) Sarmila Banerjee (Dept. of Economics, Calcutta University) Zakir Husain (Dept. of Economics, Rabindra Bharati University)
Abstract
The ‘Expert Committee on Built Heritage’ marks an important step as the first official acknowledgement of the need to preserve heritage buildings and sites in Calcutta. However, it neglects the question of economic viability of preservation programmes. One reason for this is incomplete markets resulting in an underestimation of the benefits of conserving a site. This paper argues that the Contingent Valuation method based on hypothetical markets can be used to supplement actual market based analysis. This has been demonstrated in a survey of four heritage sites of Calcutta. Based on TOBIT models the factors determining the WTP for the sites have been identified, and used to estimate the Total Economic Value of the sites.
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Article provided by Department of Economics, Delhi School of Economics in its journal Indian Economic Review.
Volume (Year): 40 (2005) Issue (Month): 2 (December) Pages: 221-243 Download reference. The following formats are available: HTML
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Find related papers by JEL classification: Z10 - Other Special Topics - - Cultural Economics - - - General C24 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Truncated and Censored Models R10 - Urban, Rural, and Regional Economics - - General Regional Economics - - - General