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An integrated model for evaluating investments in cultural heritage tourism in the Dominican Republic

Author

Listed:
  • Onil Banerjee

    (Inter-American Development Bank, USA)

  • Martin Henseler

    (Le Havre University, France; Partnership for Economic Policy (PEP), Kenya)

  • Hélène Maisonnave

    (Le Havre University, France; Partnership for Economic Policy (PEP), Kenya)

  • Lulit Mitik Beyene

    (Institute for Economic and Social Development Research (IESD Research), Ethiopia; Partnership for Economic Policy (PEP))

  • Mercedes Velasco

    (Inter-American Development Bank, USA)

Abstract

In the Dominican Republic, tourism represents a significant share of growth domestic product. Improving and increasing cultural heritage tourism opportunities offer potential for tourism product diversification which can expand the visitor base, increase tourism expenditure, and ultimately contribute to enhanced economic growth and development for tourism dependent economies. This study presents an integrated economic bottom-up model for tourism investment analysis. The framework links simulation models and valuation approaches from different economic research fields including economy-wide modelling, time series modelling, stated preference approaches, and net present value analysis. Applied to the analysis of an investment for enhancing cultural heritage tourism in the Colonial City of Santo Domingo, the integrated model generates valuable insights on the transmission pathways through which investment in cultural heritage tourism can accelerate economic growth, generate employment, and raise incomes. The framework presented here can be developed and applied to other country contexts where decision makers have similar interests in investing and diversifying the tourism opportunities available to visitors.

Suggested Citation

  • Onil Banerjee & Martin Henseler & Hélène Maisonnave & Lulit Mitik Beyene & Mercedes Velasco, 2017. "An integrated model for evaluating investments in cultural heritage tourism in the Dominican Republic," Tourism Economics, , vol. 23(8), pages 1568-1580, December.
    • Handle: RePEc:sae:toueco:v:23:y:2017:i:8:p:1568-1580
    DOI: 10.1177/1354816617713229
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    References listed on IDEAS

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    1. Banerjee, Onil & Cicowiez, Martin & Gachot, Sebastien, 2015. "A Framework for Ex-Ante Economic Analysis of Tourism Investments: An Application to Haiti," IDB Publications (Working Papers) 7238, Inter-American Development Bank.
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    9. Clemente Polo Andrés & Elisabeth Valle Valle, 2007. "An Assessment of the Weight of Tourism in the Balearic Islands," CRE Working Papers (Documents de treball del CRE) 2007/04, Centre de Recerca Econòmica (UIB ·"Sa Nostra"), revised Jan 2007.
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    Cited by:

    1. Rolfe, John, 2019. "Simple economic frameworks to evaluate public investments in sporting events in regional Australia," Economic Analysis and Policy, Elsevier, vol. 63(C), pages 35-43.
    2. Rolfe, John & Flint, Nicole, 2018. "Assessing the economic benefits of a tourist access road: A case study in regional coastal Australia," Economic Analysis and Policy, Elsevier, vol. 58(C), pages 167-178.
    3. Mallick, Sanmoy & Mitra, Professor Debabrata & Ghosh, Dr Amlan, 2021. "Selection Of Tourist Destination For Investment Decision: A Holistic Model," MPRA Paper 115369, University Library of Munich, Germany, revised 03 Nov 2022.
    4. Hung-Ming Tu, 2022. "Confirmative biophilic framework for heritage management," PLOS ONE, Public Library of Science, vol. 17(3), pages 1-19, March.
    5. Zhixin Zeng & Xiaojun Wang, 2023. "Will World Cultural Heritage Sites Boost Economic Growth? Evidence from Chinese Cities," Sustainability, MDPI, vol. 15(10), pages 1-19, May.

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