Valuing the cultural monuments of Armenia: Bayesian updating of prior beliefs in contingent valuation
AbstractThe most appropriate way to measure the social benefits of conserving built cultural heritage sites is to ask the beneficiaries of conservation interventions how much they would be willing to pay for them. We use contingent valuation—a survey-based approach that elicits willingness to pay (WTP) directly from individuals—to estimate the benefits of a nationwide conservation of built cultural heritage sites in Armenia. The survey was administered to Armenian nationals living in Armenia, and obtained extensive information about the respondents’ perceptions of the current state of conservation of monuments in Armenia, described the current situation, presented a hypothetical conservation program, elicited WTP for it, and queried individuals about what they thought would happen to monument sites in the absence of the government conservation program. We posit that respondents combined the information about the fate of monuments provided by the questionnaire with their prior beliefs, and that WTP for the good, or program, is likely to be affected by these updated beliefs. We propose a Bayesian updating model of prior beliefs, and empirically implement it with the data from our survey. We found that uncertainty about what would happen to monuments in the absence of the program results in lower WTP amounts.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Pion Ltd, London in its journal Environment and Planning A.
Volume (Year): 41 (2009)
Issue (Month): 2 (February)
Contact details of provider:
Web page: http://www.pion.co.uk
Other versions of this item:
- Anna Alberini & Alberto Longo, 2007. "Valuing the Cultural Monuments of Armenia: Bayesian Updating of Prior Beliefs in Contingent Valuation," Working Papers 2007.36, Fondazione Eni Enrico Mattei.
- Z10 - Other Special Topics - - Cultural Economics - - - General
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Bhattacharya, Soma & Alberini, Anna & Cropper, Maureen L., 2006.
"The value of mortality risk reductions in Delhi, India,"
Policy Research Working Paper Series
3995, The World Bank.
- Soma Bhattacharya & Anna Alberini & Maureen Cropper, 2007. "The value of mortality risk reductions in Delhi, India," Journal of Risk and Uncertainty, Springer, vol. 34(1), pages 21-47, February.
- Alberini, Anna & Bhattacharya, Soma & Cropper, Maureen L., 2006. "The Value of Mortality Risk Reductions in Delhi, India," Working paper 209, Regulation2point0.
- Douglas Noonan, 2003. "Contingent Valuation and Cultural Resources: A Meta-Analytic Review of the Literature," Journal of Cultural Economics, Springer, vol. 27(3), pages 159-176, November.
- Viscusi, W. Kip, 1985. "A Bayesian perspective on biases in risk perception," Economics Letters, Elsevier, vol. 17(1-2), pages 59-62.
- Ajzen, Icek & Brown, Thomas C. & Rosenthal, Lori H., 1996. "Information Bias in Contingent Valuation: Effects of Personal Relevance, Quality of Information, and Motivational Orientation," Journal of Environmental Economics and Management, Elsevier, vol. 30(1), pages 43-57, January.
- David Throsby, 2003. "Determining the Value of Cultural Goods: How Much (or How Little) Does Contingent Valuation Tell Us?," Journal of Cultural Economics, Springer, vol. 27(3), pages 275-285, November.
- Viscusi, W Kip, 1989. " Prospective Reference Theory: Toward an Explanation of the Paradoxes," Journal of Risk and Uncertainty, Springer, vol. 2(3), pages 235-63, September.
- Jennifer Tkac, 1998. "The Effects of Information on Willingness-to-Pay Values of Endangered Species," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 80(5), pages 1214-1220.
- Viscusi, W Kip & O'Connor, Charles J, 1984. "Adaptive Responses to Chemical Labeling: Are Workers Bayesian Decision Makers?," American Economic Review, American Economic Association, vol. 74(5), pages 942-56, December.
- Mirko Moro & Karen Mayor & Seán Lyons & Richard S J Tol, 2013.
"Does the housing market reflect cultural heritage? A case study of Greater Dublin,"
Environment and Planning A,
Pion Ltd, London, vol. 45(12), pages 2884-2903, December.
- Moro, Mirko & Mayor, Karen & Lyons, Seán & Tol, Richard S. J., 2011. "Does the housing market reflect cultural heritage? A case study of Greater Dublin," Papers WP386, Economic and Social Research Institute (ESRI).
- Lyons, Sean & Mayor, Karen & Moro, Mirko & Tol, Richard S J, 2011. "Does the housing market reflect cultural heritage? A case study of Greater Dublin," Stirling Economics Discussion Papers 2011-07, University of Stirling, Division of Economics.
- Andrea M. Leiter & Gerald J. Pruckner, .
"Proportionality of willingness to pay to small changes in risk - The impact of attitudinal factors in scope tests,"
2007-30, Faculty of Economics and Statistics, University of Innsbruck.
- Andrea Leiter & Gerald Pruckner, 2009. "Proportionality of Willingness to Pay to Small Changes in Risk: The Impact of Attitudinal Factors in Scope Tests," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 42(2), pages 169-186, February.
- repec:cgt:wpaper:2014-01 is not listed on IDEAS
- Liao, Shu-Yi & Tseng, Wei-Chun & Chen, Chi-Chung, 2010. "Eliciting public preference for nuclear energy against the backdrop of global warming," Energy Policy, Elsevier, vol. 38(11), pages 7054-7069, November.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Neil Hammond).
If references are entirely missing, you can add them using this form.