An integrated model for evaluating investments in cultural heritage tourism in the Dominican Republic

Onil Banerjee, Martin Henseler, Hélène Maisonnave, Lulit Mitik Beyene and Mercedes Velasco
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Lulit Mitik Beyene: Institute for Economic and Social Development Research (IESD Research), Ethiopia; Partnership for Economic Policy (PEP)
Mercedes Velasco: Inter-American Development Bank, USA

Tourism Economics, 2017, vol. 23, issue 8, 1568-1580

Abstract: In the Dominican Republic, tourism represents a significant share of growth domestic product. Improving and increasing cultural heritage tourism opportunities offer potential for tourism product diversification which can expand the visitor base, increase tourism expenditure, and ultimately contribute to enhanced economic growth and development for tourism dependent economies. This study presents an integrated economic bottom-up model for tourism investment analysis. The framework links simulation models and valuation approaches from different economic research fields including economy-wide modelling, time series modelling, stated preference approaches, and net present value analysis. Applied to the analysis of an investment for enhancing cultural heritage tourism in the Colonial City of Santo Domingo, the integrated model generates valuable insights on the transmission pathways through which investment in cultural heritage tourism can accelerate economic growth, generate employment, and raise incomes. The framework presented here can be developed and applied to other country contexts where decision makers have similar interests in investing and diversifying the tourism opportunities available to visitors.

Keywords: bottom-up approach; cost–benefit analysis; cultural heritage tourism; Dominican Republic; dynamic computable general equilibrium model; integrated model; investment valuation (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:sae:toueco:v:23:y:2017:i:8:p:1568-1580

DOI: 10.1177/1354816617713229

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