IDEAS home Printed from https://ideas.repec.org/a/spr/rrorus/v10y2020i4d10.1134_s2079970520040164.html
   My bibliography  Save this article

Application of Cost-Benefit Analysis to Evaluate the Efficiency of Cultural Heritage Preservation Projects in Historic Towns of Russia

Author

Listed:
  • L. E. Limonov

    (National Research University Higher School of Economics
    ICSER Leontief Center)

  • M. V. Nesena

    (National Research University Higher School of Economics
    ICSER Leontief Center)

  • A. A. Semenov

    (St. Petersburg Foundation for Investment Construction Projects)

Abstract

— The article is dedicated to the problems of justifying public investment in projects aimed at Russian cultural heritage preservation. The case study considered in the article is the project “Preservation and Development of Small Historic Towns and Settlements” (Project). The preparation of this Project involved evaluation of its economic net present value. The results of the evaluation were used to justify the feasibility of public funding of the Project. Performing an economic cost-benefit analysis required conducting surveys of different target groups of potential users of the Project’s results regarding their willingness to pay for the proposed improvements. The surveys were conducted using contingent valuation methods in two historic towns: Rostov and Chistopol. The article discusses the methodological aspects of evaluating the efficiency of public investment in Russia and other countries and presents the results of the conducted surveys and the performed calculations of the Project efficiency indicators. The calculations show that the Project is justified at the federal level from the society’s perspective, as it has a positive economic net present value and an economic internal rate of return that exceeds the social discount rate.

Suggested Citation

  • L. E. Limonov & M. V. Nesena & A. A. Semenov, 2020. "Application of Cost-Benefit Analysis to Evaluate the Efficiency of Cultural Heritage Preservation Projects in Historic Towns of Russia," Regional Research of Russia, Springer, vol. 10(4), pages 530-537, October.
    • Handle: RePEc:spr:rrorus:v:10:y:2020:i:4:d:10.1134_s2079970520040164
    DOI: 10.1134/S2079970520040164
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1134/S2079970520040164
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.
    File URL: https://libkey.io/10.1134/S2079970520040164?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Trine Hansen, 1997. "The Willingness-to-Pay for the Royal Theatre in Copenhagen as a Public Good," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 21(1), pages 1-28, March.
    2. David Throsby, 2003. "Determining the Value of Cultural Goods: How Much (or How Little) Does Contingent Valuation Tell Us?," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 27(3), pages 275-285, November.
    3. Ståle Navrud & Richard C. Ready (ed.), 2002. "Valuing Cultural Heritage," Books, Edward Elgar Publishing, number 1759.
    4. Edward L. Glaeser & Charles Redlick, 2008. "Social Capital and Urban Growth," NBER Working Papers 14374, National Bureau of Economic Research, Inc.
    5. Anne-Kathrin Last, 2007. "The Monetary Value of Cultural Goods: A Contingent Valuation Study of the Municipal Supply of Cultural Goods in Lueneburg, Germany," Working Paper Series in Economics 63, University of Lüneburg, Institute of Economics.
    6. Guido Licciardi & Rana Amirtahmasebi, 2012. "The Economics of Uniqueness : Investing in Historic City Cores and Cultural Heritage Assets for Sustainable Development," World Bank Publications - Books, The World Bank Group, number 12286, December.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Marco Rossitti & Alessandra Oppio & Francesca Torrieri, 2021. "The Financial Sustainability of Cultural Heritage Reuse Projects: An Integrated Approach for the Historical Rural Landscape," Sustainability, MDPI, vol. 13(23), pages 1-22, November.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Armbrecht, John, 2014. "Use value of cultural experiences: A comparison of contingent valuation and travel cost," Tourism Management, Elsevier, vol. 42(C), pages 141-148.
    2. Andy Choi & Franco Papandrea & Jeff Bennett, 2007. "Assessing cultural values: developing an attitudinal scale," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 31(4), pages 311-335, December.
    3. Mark Morrison & Christine M Hill, 2017. "Understanding the Non-Market Value and Equity Implications of the Walsh Bay Arts Precinct Redevelopment," The Economic Record, The Economic Society of Australia, vol. 93(301), pages 302-313, June.
    4. Douglas Noonan, 2003. "Contingent Valuation and Cultural Resources: A Meta-Analytic Review of the Literature," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 27(3), pages 159-176, November.
    5. van der Ploeg, Frederick, 2006. "The Making of Cultural Policy: A European Perspective," Handbook of the Economics of Art and Culture, in: V.A. Ginsburgh & D. Throsby (ed.), Handbook of the Economics of Art and Culture, edition 1, volume 1, chapter 34, pages 1183-1221, Elsevier.
    6. Carlos Jurado-Rivas & Marcelino Sánchez-Rivero, 2019. "Willingness to Pay for More Sustainable Tourism Destinations in World Heritage Cities: The Case of Caceres, Spain," Sustainability, MDPI, vol. 11(21), pages 1-21, October.
    7. Anne-Kathrin Last, 2007. "The Monetary Value of Cultural Goods: A Contingent Valuation Study of the Municipal Supply of Cultural Goods in Lueneburg, Germany," Working Paper Series in Economics 63, University of Lüneburg, Institute of Economics.
    8. Bruno S. Frey, "undated". "What Values Should Count in the Arts? The Tension between Economic Effects and Cultural Value," IEW - Working Papers 253, Institute for Empirical Research in Economics - University of Zurich.
    9. Jaap Boter & Jan Rouwendal & Michel Wedel, 2005. "Employing Travel Time to Compare the Value of Competing Cultural Organizations," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 29(1), pages 19-33, February.
    10. Liam Delaney & Francis O’Toole, 2004. "Irish Public Service Broadcasting - A Contingent Valuation Analysis," The Economic and Social Review, Economic and Social Studies, vol. 35(3), pages 321-350.
    11. Andy Choi, 2009. "Willingness to pay: how stable are the estimates?," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 33(4), pages 301-310, November.
    12. Aleksandra Wiśniewska & Wiktor Budziński & Mikołaj Czajkowski, 2020. "An economic valuation of access to cultural institutions: museums, theatres, and cinemas," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 44(4), pages 563-587, December.
    13. Boter, Jaap & Rouwendal, Jan & Wedel, Michel, 2004. "Employing Travel Costs to Compare the Use Value of Competing Cultural Organizations," Serie Research Memoranda 0011, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
    14. Katharina E. Hofer, 2019. "Estimating preferences for the performing arts from referendum votes," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 43(3), pages 397-419, September.
    15. Andersson, Tommy D. & Lundberg, Erik, 2013. "Commensurability and sustainability: Triple impact assessments of a tourism event," Tourism Management, Elsevier, vol. 37(C), pages 99-109.
    16. Bronwyn Coate & Robert Hoffmann, 2022. "The behavioural economics of culture," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 46(1), pages 3-26, March.
    17. Anne-Kathrin LAST, 2008. "The Monetary Value of Cultural Goods: A Contingent Valuation Study of the Municipal Supply of Cultural Goods in Lueneburg, Germany," EcoMod2008 23800074, EcoMod.
    18. José Sanz & Luis Herrero & Ana Bedate, 2003. "Contingent Valuation and Semiparametric Methods: A Case Study of the National Museum of Sculpture in Valladolid, Spain," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 27(3), pages 241-257, November.
    19. Aabo, Svanhild, 2005. "Valuing the benefits of public libraries," Information Economics and Policy, Elsevier, vol. 17(2), pages 175-198, March.
    20. Alberini, Anna & Longo, Alberto, 2007. "Valuing the Cultural Monuments of Armenia: Bayesian Updating of Prior Beliefs in Contingent Valuation," Sustainability Indicators and Environmental Valuation Working Papers 9337, Fondazione Eni Enrico Mattei (FEEM).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:rrorus:v:10:y:2020:i:4:d:10.1134_s2079970520040164. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.