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Determinants of Historic and Cultural Landmark Designation: Why We Preserve What We Preserve

  • Noonan, Douglas S.

    ()

    (Georgia Tech)

  • Krupka, Douglas J.

    (University of Michigan)

There is much interest among cultural economists in assessing the effects of heritage preservation policies. There has been less interest in modeling the policy choices made in historic and cultural landmark preservation. This paper builds an economic model of a landmark designation that highlights the tensions between the interests of owners of cultural amenities and the interests of the neighboring community. We perform empirical tests by estimating a discrete choice model for landmark preservation using data from Chicago, combining the Chicago Historical Resources Survey of over 17,000 historic structures with property sales, Census, and other geographic data. The data allow us to explain why some properties were designated landmarks (or landmark districts) and others were not. The results identify the influence of property characteristics, local socio-economic factors, and measures of historic and cultural quality. The results emphasize the political economy of implementing preservation policies.

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Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 3777.

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Length: 41 pages
Date of creation: Oct 2008
Date of revision:
Handle: RePEc:iza:izadps:dp3777
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  1. Philippe Cyrenne & Robert Fenton & Joseph Warbanski, 2006. "Historic Buildings and Rehabilitation Expenditures: A Panel Data Approach," Journal of Real Estate Research, American Real Estate Society, vol. 28(4), pages 349-380.
  2. Andrew Metrick & Martin L. Weitzman, 1998. "Conflicts and Choices in Biodiversity Preservation," Journal of Economic Perspectives, American Economic Association, vol. 12(3), pages 21-34, Summer.
  3. Alberto Longo & Anna Alberini, 2006. "What are the effects of contamination risks on commercial and industrial properties? evidence from Baltimore, Maryland," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 49(5), pages 713-737.
  4. Coulson, N Edward & Leichenko, Robin M, 2001. "The Internal and External Impact of Historical Designation on Property Values," The Journal of Real Estate Finance and Economics, Springer, vol. 23(1), pages 113-24, July.
  5. N. Edward Coulson & Michael L. Lahr, 2005. "Gracing the Land of Elvis and Beale Street: Historic Designation and Property Values in Memphis," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 33(3), pages 487-507, 09.
  6. Douglas S. Noonan, 2007. "Finding an Impact of Preservation Policies: Price Effects of Historic Landmarks on Attached Homes in Chicago, 1990-1999," Economic Development Quarterly, , vol. 21(1), pages 17-33, February.
  7. Heilbrun,James & Gray,Charles M., 2001. "The Economics of Art and Culture," Cambridge Books, Cambridge University Press, number 9780521637121.
  8. John Whitehead & Suzanne Finney, 2003. "Willingness to Pay for Submerged Maritime Cultural Resources," Journal of Cultural Economics, Springer, vol. 27(3), pages 231-240, November.
  9. Gabriel M. Ahlfeldt & Wolfgang Maennig, 2010. "Substitutability and Complementarity of Urban Amenities: External Effects of Built Heritage in Berlin," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 38(2), pages 285-323.
  10. Geoffrey K. Turnbull, 2002. "Land Development under the Threat of Taking," Southern Economic Journal, Southern Economic Association, vol. 69(2), pages 290-308, October.
  11. 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, vol. 30(4), pages 287-304, December.
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