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The valuation of historical sites: a case study of Valdivia, Chile


  • Andrea Baez Montenegro
  • Mario Niklitschek Huaquin
  • Luis Herrero Prieto


The economic valuation of cultural heritage is an area of increasing interest and an important research topic in the emerging field of cultural economics. Many services and values associated with cultural heritage are not traded in markets, and their estimation requires methods developed for the valuation of non-market goods, such as those used in environmental economics. This paper applies the contingent valuation method with double dichotomous choice to estimate the value of historical sites in the city of Valdivia, Chile. The valuation exercise was implemented by designing a hypothetical guided walking tour to a cluster of historical sites in the city centre, and surveying tourists visiting the city during the summer of 2004. Parametric and non-parametric statistical methods were used to estimate the survival distribution and the mean and median estimates of the willingness-to-pay (WTP). The study emphasizes the importance of explicitly treating heterogeneous preferences and the sensitivity of the survival distribution to the estimation methods used.

Suggested Citation

  • Andrea Baez Montenegro & Mario Niklitschek Huaquin & Luis Herrero Prieto, 2009. "The valuation of historical sites: a case study of Valdivia, Chile," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 52(1), pages 97-109.
  • Handle: RePEc:taf:jenpmg:v:52:y:2009:i:1:p:97-109
    DOI: 10.1080/09640560802504696

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

    Cited by:

    1. Amitrajeet A Batabyal & Hamid Beladi, 2010. "A stochastic model of the provision of guided tours to tourists," Economics Bulletin, AccessEcon, vol. 30(1), pages 577-586.
    2. repec:ebl:ecbull:v:30:y:2010:i:1:p:577-586 is not listed on IDEAS
    3. Douglas S. Noonan, 2013. "Market effects of historic preservation," Chapters,in: Handbook on the Economics of Cultural Heritage, chapter 17, pages i-i Edward Elgar Publishing.
    4. Halkos, George, 2012. "The use of contingent valuation in assessing marine and coastal ecosystems’ water quality: A review," MPRA Paper 42183, University Library of Munich, Germany.
    5. repec:eee:touman:v:32:y:2011:i:5:p:1047-1049 is not listed on IDEAS
    6. repec:eee:touman:v:34:y:2013:i:c:p:221-230 is not listed on IDEAS


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