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Economic valuation of cultural heritage sites: A choice modeling approach

Author

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  • Choi, Andy S.
  • Ritchie, Brent W.
  • Papandrea, Franco
  • Bennett, Jeff

Abstract

Despite growing attention by researchers and policy makers on the economic value of cultural heritage sites, debate surrounds the use of adequate methods. Although choice modeling techniques have been applied widely in the environmental economics field, their application in tourism and cultural economics has been much more limited. This paper contributes to the knowledge on the economic valuation of cultural heritage sites through a national choice modeling study of Old Parliament House, Australia. The study sought to value marginal changes in several attributes of this site and revealed that only some of them are valued positively: extending the period of temporary exhibitions, hosting various events, and having ‘shop and café’ and ‘fine dining’. Advantages of using a mixed logit model are provided and managerial and policy implications are discussed.

Suggested Citation

  • Choi, Andy S. & Ritchie, Brent W. & Papandrea, Franco & Bennett, Jeff, 2010. "Economic valuation of cultural heritage sites: A choice modeling approach," Tourism Management, Elsevier, vol. 31(2), pages 213-220.
    • Handle: RePEc:eee:touman:v:31:y:2010:i:2:p:213-220
    DOI: 10.1016/j.tourman.2009.02.014
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    More about this item

    Keywords

    Choice modeling; Cultural heritage site; Nonmarket valuation; Mixed logit;
    All these keywords.

    JEL classification:

    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation

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