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The Value of Priceless: A Hedonic Approach at Valuing Ireland's Archaeological Heritage

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  • Ronan Lyons

Abstract

Fiscal policy and the allocation of public resources is often done on purely a cost basis, rather than a cost-benefit basis, with the implicit assumption being the calculation of benefits is not possible. At the same time, there is growing recognition among social scientists that house prices can be used to develop estimates of the value of access to a range of location-specific amenities, including national cultural heritage.This research uses a large and detailed dataset covering the Irish residential property market over the period 2006-2012 to investigate whether six categories of national monument in Ireland, from castles and country houses to holy wells and stone monuments, are reflected in house prices. Both price and rent effects are estimated, while income elasticities are also explored. Lastly, as the dataset covers both boom and bust periods, the stability of the valuations is also explored.

Suggested Citation

  • Ronan Lyons, 2013. "The Value of Priceless: A Hedonic Approach at Valuing Ireland's Archaeological Heritage," ERES eres2013_238, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2013_238
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    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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