The economic impact of UNESCO World Heritage: Evidence from Italy

Enrico Bertacchini, Federico Revelli and Roberto Zotti

Regional Science and Urban Economics, 2024, vol. 105, issue C

Abstract: This paper investigates the impact of the UNESCO World Heritage List (WHL) inscription on income and property values in Italian municipalities with heritage sites inscribed during the past two decades. To address the selection bias and identify the causal impact of inscription, we focus on municipalities having sites included in the national ‘tentative list’ (i.e., a list of candidates for subsequent nomination) and exploit the plausibly exogenous timing of inscription conditional upon being on the list. The evidence from a heterogeneity-robust event study analysis suggests that WHL listing has a significant impact on income and property prices in urban areas. Possible underlying mechanisms are discussed.

Keywords: UNESCO World Heritage List; Economic impact; Real estate market; Tourism (search for similar items in EconPapers)
JEL-codes: H24 H71 H73 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:regeco:v:105:y:2024:i:c:s0166046224000206

DOI: 10.1016/j.regsciurbeco.2024.103996

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