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Pricing Cultural Heritage

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  • Susana Mourato
  • Ece Ozdemiroglu
  • Tannis Hett
  • Giles Atkinson

Abstract

A growing determinant of leisure travel decisions has been the demand for cultural destinations. This has presented complex challenges with regards to the correct management of major cultural resources. Management options can be assessed in terms of three criteria of performance: access, financial sustainability and environmental sustainability. This paper shows that a promising means of reconciling these desirable objectives is to harness the potential of economic pricing strategies (such as entry charges), where data on willingness to pay for visits are based on non-market valuation methods. A real-life illustration is provided by examining the case of the Machu Picchu Historic Sanctuary in Peru. It is shown that this approach can usefully inform expected changes in the entry fee level and structure not just of Machu Picchu but cultural destinations and resources more generally.

Suggested Citation

  • Susana Mourato & Ece Ozdemiroglu & Tannis Hett & Giles Atkinson, 2004. "Pricing Cultural Heritage," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 5(3), pages 95-113, July.
  • Handle: RePEc:wej:wldecn:182
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    Cited by:

    1. 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 L√ľneburg, Institute of Economics.
    2. Tran Huu Tuan, 2007. "Valuing the Economic Benefits of Preserving Cultural Heritage: The My Son Sanctuary World Heritage Site in Vietnam," EEPSEA Research Report rr2007072, Economy and Environment Program for Southeast Asia (EEPSEA), revised Jul 2007.
    3. Anna Alberini & Alberto Longo, 2006. "Combining the travel cost and contingent behavior methods to value cultural heritage sites: Evidence from Armenia," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 30(4), pages 287-304, December.
    4. K.G. Willis, 2002. "Research Note: Iterative Bid Design in Contingent Valuation and the Estimation of the Revenue Maximising Price for a Cultural Good," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 26(4), pages 307-324, November.

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